European Central Bank (ECB)
ECB working paper posits improved volatility measure
Paper proposes new measure of volatility that provides information on whole market rather than single maturities; authors say results are simpler and more robust than existing models
Irish deputy lays out arguments for banking union and SSM
Gerlach says while monetary policy and bank supervisory bodies should be separate, siting them together can bring benefits
ECB's Benoit Cœuré calls for sweeping structural reform of eurozone economies
Cœuré says monetary policy 'no substitute' for structural shifts in the economy, in order to maintain Europe's social contract
Bundesbank deputy stresses need for SSM improvements
Sabine Lautenschläger says foundation of Europe’s single supervisory mechanism needs work; legal and governance structures unfinished at present
ECB’s Cœuré examines trend towards secured transactions
Benoît Cœuré highlights increasing proportion of secured money market transactions and greater use of central counterparties in Europe, but warns this can cause problems
Banking union no ‘magic answer’ to Europe’s woes, says BoE’s King
Bank of England governor says no sign of any significant progress in resolving the core issues afflicting the eurozone. But banking union may help in dealing with too-big-to-fail banks
Macro-prudential policy needs cross-border co-ordination, says ECB paper
Legal working paper says co-ordination is a ‘daunting challenge’ for central banks and other national authorities involved in macro-prudential oversight
Disparities emerge in euro counterfeit figures
Figures for euro counterfeits seized in 2012 show wide differences between countries, though not all central banks report totals; ECB unveils security features on new €5 note
Draghi denies calls for rate cut as ECB holds again
European Central Bank's governing council holds rate, as inflation and growth remain steady; Mario Draghi optimistic about growing financial market confidence
Fed’s Bullard blasts ‘fiscalisation’ of ECB
James Bullard defends central bank independence while criticising the European Central Bank for mixing monetary and fiscal policy in its outright monetary transactions
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff
Asmussen stresses importance of institutions for EMU
Member of the Executive Board Jörg Asmussen says genuine financial union and a stronger economic union are key priorities for 2013
Draghi says resolution framework is priority for 2013
ECB chief tells European Parliament single resolution mechanism and reforms to restore competitiveness are ‘key priorities’ for 2013; gives assurances monetary policy will not be impaired
CB.com poll reveals concerns over inflationary impact of QE
Majority of participants believe extraordinary monetary policy measures will cause central banks to overshoot inflation targets
Central banks extend swap arrangements
Bank of Canada, Bank of England, European Central Bank, Swiss National Bank and US Federal Reserve extend temporary US dollar and bilateral swap agreements
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
Experts advocate replacing OMTs with gold-backed bonds
Using gold as collateral for sovereign debt could circumvent concerns about fiscal transfers associated with ECB’s OMT programme, panellists say at World Gold Council briefing
EU leaders thrash out ECB bank supervision deal
European finance ministers reach agreement that gives the ECB supervisory powers over the largest banks; EBA rules adjusted to balance voting powers of states outside supervisory mechanism
Banking union divides Europe
The European Central Bank is set to gain responsibility for the supervision of the continent’s banks in a move unlikely to restore trust with an already sceptical German public
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
ECB in danger of being forged from fiscal fragility
Mario Draghi has made his mark at the helm of the European Central Bank. But Europe also needs a core set of values that must not be violated
Systemic risk in Europe heightened by Target trap
Huge Target liabilities may explain why Germany sanctioned proposals for ECB bond-buying and the formation of the ESM. But this will not solve Europe’s problems
Hungarian governor slams government’s economic policies
András Simor says economic recovery in Hungary will require fiscal discipline, higher bank lending and price stability – and the government is failing at all three
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target