European Central Bank (ECB)
ECB paper models heterogeneous shock transmissions
Working paper examines macroeconomic and financial linkages between countries; finds significant but heterogeneous transmission of shocks
Iceland’s Guðmundsson identifies flaw in banking union plans
Már Guðmundsson warns lack of foreign currency lender-of-last-resort provisions is an important omission from economic and monetary union plans
ECB’s Cœuré wants structural co-ordination
Executive board member appeals for the cohesive implementation of Volcker, Vickers and Liikanen proposals
ECB’s Constâncio advocates sovereignty transfer
The vice-president says some aspects of decision-making should be moved from a national to a European level
Ireland’s Elderfield sees tension between micro and macro objectives
Deputy governor of the Central Bank of Ireland says micro-prudential emphasis on ‘more and faster’ capital requirements could fuel pro-cyclicality and harm debt sustainability
Robert Pringle’s Viewpoint: How governments are undermining world finance
Central bankers need to forcefully express their concerns about the unintended consequences of new regulatory policies
ECB’s supervisory board must oversee all banks, Draghi says
ECB president emphasises potential for smaller financial institutions to be systemically important
Mersch appointed to ECB amid continuing controversy
Appointment to ECB board finalised despite challenge over lack of female candidates; Sharon Bowles says democracy has been shown to be discarded when ‘its truths are inconvenient’
ECB’s Cœuré concerned about online card fraud
Benoît Cœuré says greater innovation is needed in the internet payments market
ECB paper highlights locational importance of asset bubbles
Working paper finds asset bubbles have differing effects on the economy depending on whether they are located with banks or ordinary savers, with implications for macro-prudential policy
ECB’s Cœuré backs European control of national budgets
European Central Bank board member says yielding budget control to central bodies would enable countries to ‘recover’ sovereignty
ECB’s Cœuré champions retail payments integration
Benoît Cœuré says the Single Euro Payments Area increases efficiency and lowers costs; wants governing council to have a ‘self-regulatory focus’
Bundesbank concerned by escalating stability risks
German central bank’s financial stability review warns of a build-up of risks with echoes of past crises, but says the German financial system has become more robust during the past five years
European fiscal stimulus assessed by Fed paper
Economic Recovery Plan had a sizeable but short-lived impact on GDP
Collateral eligibility policy is neglected, says BIS paper
As number of assets accepted as collateral by ECB grows, so does the credit risk faced by Europe’s central bank
Europe more fiscally balanced than US, Japan and UK, says Draghi
ECB president says euro area has made ‘amazing’ progress with fiscal consolidation
Greek mythology character to adorn new euro notes
New ‘Europa’ series of bank notes unveiled by ECB with five-euro note bearing the image of a Greek mythological princess first to be introduced in May 2013
Regulated banks take greater risks abroad, says ECB paper
ECB study finds banks subject to tight regulation for domestic activities respond by relaxing lending standards abroad
ECB ends second covered bond programme
European Central Bank ends covered bond programme after buying €16.4 billion out of a planned €40 billion of the securities issued by euro-area banks; plans to hold purchases to maturity
Constâncio: EU macro research needs greater engagement
The vice-president of the European Central Bank says macro-prudential research has yielded excellent empirical tools; needs greater support from academics and policy-makers
Banks’ net worth impacts cost of credit, says ECB paper
Research published by the ECB finds a drop in banks’ net worth increases the cost of credit for companies; model shows subsequent decline in GDP and inflation
Draghi wants European veto over national budgets
ECB president Mario Draghi says he supports German proposal that would centralise European sovereignty; believes divide with Bundesbank president can be overcome
RBNZ’s new governor rejects QE and capital controls
Reserve Bank of New Zealand’s Graeme Wheeler sees no need to introduce a ‘desperate’ measure such as quantitative easing in the country; rules out use of capital controls to limit kiwi dollar appreciation
Troika praises Ireland for ‘steadfast’ adherence to programme
Conclusion of eighth programme review says Ireland likely to meet deficit target this year; Portugal by contrast facing ‘strong headwinds’ to fiscal adjustment with 2012 targets beyond reach