European Central Bank (ECB)
ECB’s Constâncio downplays impact of single supervisory mechanism
Vítor Constâncio says banking supervision will not be significantly altered when ECB starts new supervisory role; attempts to allay fears over internal conflicts and role of national supervisors
ECB working paper examines causality in crises
A study published by the ECB investigates where causality lies between banking, debt and currency crises; also compares the duration of each
ECB paper claims credit rating agencies traded grades for custom
ECB study finds credit rating agencies provided more favourable ratings in return for continued custom; quality allegedly compromised by conflict of interest
EU leaders agree on new powers for ECB
European Central Bank to run single supervisory mechanism, but leaders fail to agree on when bailout funds can be directly injected into European banks
Stability the best foil for inequality, says ECB’s Cœuré
ECB executive board member considers the ability of monetary policy to tackle income inequality in Europe, saying stability is key to promote fairness
Robert Pringle’s Viewpoint: Fixing banks and regulation
Central bank balance sheets are ballooning due to the failure of banking systems and new rules are unlikely to address the issue. Only a full legal separation of banking activities will do.
Europeans round on IMF as rescue plan takes shape
European policy-makers take on critics at the IMF saying the Fund’s view that matters now are worse in Europe compared with six months ago is flawed; set out a roadmap to eurozone stability
Asmussen trumpets progress on European debt stabilisation
ECB board member Jörg Asmussen says eurozone’s progress on debt stabilisation is ahead of other developed economies, but more work needs to be done
IMF meeting set to reinforce global pessimism
Governments need to take urgent policy action to capitalise on the ‘breathing space’ created by central banks. But few attending the IMF meeting in Tokyo believe law-makers are fit for the task
ECB chief views speed of reform as critical for success
ECB chief Mario Draghi calls for the fast implementation of single supervisory mechanism despite many details remaining unclear; others say reform needs to be more ‘thought out’
Hungarian government abandons central bank transaction tax
Hungary’s minister for the national economy says transaction tax will not be applied to central bank following pressure from European authorities and the IMF
Draghi says no backstop after OMTs; praises Spanish progress
ECB president Mario Draghi discusses OMTs, and the success of reforms in Spain and Portugal as ECB holds rates at 0.75%
Bank of Greece abandons 9% core capital requirement
Central bank suspends plans to raise core Tier I capital ratio as banks struggle to raise equity and data show contraction in lending continues
ECB research finds European retail payment costs about 1% of GDP
Study measures costs of retail payments across a sample of European countries; finds costs of retail payments account for a significant proportion of GDP
ECB paper examines ability of central banks to tackle dual liquidity crises
ECB study investigates how different monetary regimes impact on the ability of central banks to contain dual liquidity crises; finds less interference equates to more action
New report calls for CCP resolution regime
Centre for the Study of Financial Innovation report recommends resolution regime for 'risky' central counterparty clearings
ECB's Cœuré investigates collateral scarcity
Benoît Cœuré discusses rise in demand for high-quality assets in the eurozone and says changes needed if shift is permanent
Former ECB board members say OMTs are outside central bank’s mandate
Otmar Issing and Jürgen Stark both criticise ECB bond purchase plans in separate interviews; Issing calls political union a ‘dangerous idea’
ECB’s Draghi defends OMTs to German audience
European Central Bank president Mario Draghi stresses bond purchase plans are within the central bank’s mandate; says there are signs reforms are working
Cyprus governor urges fast implementation of SSM
Panicos Demetriades says the adoption of the single supervisory mechanism in Europe is a ‘matter of urgency’; says banking union is particularly important for Cyprus
Finland board member discusses banking union challenges
Bank of Finland board member identifies benefits of a European banking union but emphasises the complexity of resultant political issues
ECB communicates ‘intensively’ on fiscal policy, says paper
Research report compares central banks' communication on fiscal policy; ECB the most active commentator
Europe must tackle financial fragmentation, says ECB’s Cœuré
Benoît Cœuré says banking union will stem financial fragmentation in European Monetary Union; integration will require flexibility in the short run
ESRB’s first ‘risk dashboard’ shows some positivity
European Systemic Risk Board releases first set of 43 indicators of risk for European countries; highlights some signs of improvement in financial markets