European Central Bank (ECB)
Draghi opens door to QE as ECB holds
European Central Bank president Mario Draghi says governing council discussed asset purchases in latest meeting; votes to hold rate despite more disinflation
ECB’s Cœuré warns CCPs could become ‘too big to fail’
Benoît Cœuré says the systemic effects of central clearing are ‘undoubtedly positive’ on aggregate, but raises concerns over the concentration of risk in a few large global CCPs
ECB paper finds US resolution authority has not solved too-big-to-fail problem
Research uses creation of US Orderly Liquidation Authority as ‘quasi-natural experiment’, finding many banks are disciplined but the largest still do not believe the threat to be credible
Eurozone policy was ‘backward' in the financial crisis, says Draghi
The policy measures brought in by the ECB and other eurozone authorities in 2010–11 were right in isolation but introduced in the wrong sequence, Mario Draghi has said
Parliament eyes Riksbank's off-mark inflation forecasts
Report on Swedish central bank's performance in 2013 shows its inflation forecasts were off the mark; flawed forecasts have forced several central banks to upend policies in the past months
ECB flags pitfalls for new Estonian supervisory law
Legal opinion on draft law praises intentions but warns of a number of risks, including the potential to undermine the central bank’s independence
Troika warns Greek capital buffers may be insufficient
Troika's warning of ‘upside risks' if Greek banks are not ‘swiftly' recapitalised contrasts with optimistic statement put out by Bank of Greece on March 6
Europe's banking union gets single resolution mechanism
Compromise deal is reached over single resolution mechanism, which will have a fully mutualised resolution fund within eight years
ECB paper sees merits in fiscal activism at ZLB
Research calls for a policy-maker who cares more about stabilising inflation, relative to government spending, than the private sector when nominal interest rates are at zero lower bound
ECB reveals plans for supervisory board minutes
Danièle Nouy says the supervisory board will submit a record of proceedings to the European Parliament on a quarterly basis
Draghi calls for 'good' form of bank deleveraging
By encouraging creative destruction in the banking sector, the ECB facilitates creative destruction in the wider economy, Draghi tells Vienna crowd
Sovereign credit ratings have asymmetric impact, ECB paper finds
Working paper finds market volatility depends on whether the rating was an upgrade or a downgrade; identifies channels of contagion between countries
Cœuré delineates ‘the good the bad and the ugly’ of deleveraging
ECB executive board member says deleveraging is a double-edged sword and stresses the need for central banks to nudge financial institutions towards ‘good’ deleveraging
ECB technically prepared for negative deposit rates
The ECB has made the IT adjustments necessary to cut its deposit rate below zero, according to Bundesbank’s deputy head of markets, but the policy has its drawbacks
Praet says ECB minutes could spell end for forward guidance
Executive board member Peter Praet says publishing ‘accounts’ of governing council minutes might reduce the need for forward guidance
BoE to create new deputy role amid FX rigging controversy
Bank of England will create new deputy governor post to get a better grasp of financial market dynamics, Mark Carney said in hearing yesterday
ECB sets out second phase of asset quality review
The European Central Bank reveals the methodology of its asset quality review and provides guidance for national authorities tasked with executing the inspection
ECB paper studies imbalances in major eurozone countries
Use of a new multi-country model demonstrates stimulus effects on aggregate demand from changes in interest rates at ECB-level 'are present but not overly large'
Hämäläinen returns to ECB in latest SSM board appointments
Central bank fills three of its four slots for representatives on the SSM’s supervisory board, with former board member Hämäläinen joined by Canadian supervisor Julie Dickson, and the ECB's own Ignazio Angeloni
Banks switch strategies way ahead of new regulation, paper finds
ECB working paper studying a set of Finnish banks finds they anticipated Basel II by up to seven years, shifting their credit portfolios in preparation for the new regulatory environment
ECB holds rates on back of ‘positive’ data
Mario Draghi attributes ECB inaction to improvement in economic data; new staff forecasts show inflation climbing to 1.7% only in the last quarter of 2016
BoE must balance ‘paradox' of more eurozone integration, says Cunliffe
Deputy governor for financial stability says cost of dysfunctional single currency favours ‘inconvenient' eurozone integration
ECB ‘obliged' to introduce OMT to defend price stability, Draghi tells Bundesbank
ECB president Mario Draghi tells a Bundesbank symposium in Frankfurt that OMTs build on the doctrine adhered to by the German central bank for several decades
FX Invest Europe: Deutsche Bundesbank official praises Fed’s QE exit strategy
Christine Glockmann says other central bankers may copy Fed’s communication over QE tapering; says eurozone economic policy suffers from member states 'bickering'