European Central Bank (ECB)
ECB collateral move aims to cut ‘wrong-way risk' while boosting SME lending
Observers think incentivising of SME loan ABS could be precursor for an SME-targeted long-term refinancing operation
Robert Pringle's Viewpoint: Let the Fed lead
Implicit coordination of monetary policies under Fed leadership is better than none at all
ECB relaxes collateral rules to include more ABS
ECB changes rules on acceptable collateral to include asset-backed securities with two single A ratings; haircuts on ABS are also cut
European credit growth strongly related to net debt inflows, ECB paper finds
Analysis indicates there is a strong international dimension to the determination of national credit growth rates
Card fraudsters abandoning ‘safer' Europe for more vulnerable markets, says ECB
Payment fraud is declining steadily in Europe thanks to technology advances; numbers are 'small compared to other kinds of fraudulent activities', expert says
Richmond paper instructs ECB to buy government debt
Working paper argues the ECB already conducts fiscal policy through the allocation of its seigniorage revenues, and should ‘overcome’ its resistance to buying sovereign debt directly
ECB compares central bank collateral frameworks
Study by ECB contact group says differences in central bank, regulator and CCP collateral frameworks enhance resilience of financial market infrastructures
Eurozone countries still react differently to monetary policy, paper finds
Bank of Italy researchers find response has become more homogenous, but differences remain in the reaction of prices and unemployment
ECB's Constâncio welcomes SRM authority with no national veto
European Central Bank vice-president tells Singapore audience that banking union and European financial stability have important implications for the world economy
ECB's Cœuré welcomes commission proposal on Single Resolution Mechanism
Speaking in Paris, Cœuré says ‘strong central authority' needed as fundamental complement to the SSM
ECB monthly bulletin explains forward guidance
ECB's July bulletin sets out the thinking behind forward guidance, emphasising it is 'fully consistent with the ECB's mandate and monetary policy strategy'
Cœuré says ECB's non-standard monetary measures targeted at financial fragmentation
The ECB board member says unconventional policies were 'designed to tackle the peculiar euro area phenomenon of financial fragmentation'
European Commission releases 'radical' proposal to appoint itself resolution arbiter
Single Resolution Mechanism proposal would see the European Commission retain control over whether banks are resolved; argues this would be legal under current treaties, though doubts persist
ECB and Macedonian central bank complete co-operation programme
ECB's Jörg Asmussen says in Skopje that a strong EU has to be based on strong national institutions; report finds Macedonian central bank ‘equal or close to EU standards in many areas'
IMF's Lagarde supports negative rates in eurozone
IMF Article IV for the eurozone backs Draghi promise to keep rates low and says negative rates would support demand and ward off deflation; ECB chief concerned that financial transactions tax will hurt monetary policy efficacy
ECB researchers find evidence for ‘bank liquidity risk channel' for monetary policy
Non-standard policy at the ECB and the Fed has lowered bank funding volatility and increased the supply of loans, acting as an additional channel of monetary policy transmission
Cœuré says banking union vital to avoid a ‘lost decade' in Europe
Europe must act to break the sovereign-bank nexus and deal with zombie banks if it is to avoid a Japan-style decade of stagnant growth; backs ECB monetary policy to work toward this objective
Euro bank lending conditions were ‘softened’ ahead of crisis, ECB paper shows
Authors also found evidence of excessive risk-taking for mortgages loans
Eurozone’s unique policy framework creates communication confusion, ECB paper shows
Political communication has a quantifiable effect on sovereign bond spreads – at least in the short term, authors argue
ECB commits to keep interest rates down
Governing council says interest rate will remain at or below 0.5% for an ‘extended period of time’ despite previously refusing to pre-commit monetary policy
ECB paper aims to quantify effect of ‘inertia' in reserve currency use
Researchers say dollar's position as the dominant reserve currency is not insurmountable - but force of habit plays a significant role
Croatian membership boosts ECB capital
Croatia’s central bank has joined the European System of Central Banks (ESCB), with governor Boris Vujčić taking his place on the ECB’s general council
ECB paper considers how to conduct monetary policy without interest rates
Occasional paper studies development of Islamic finance in Europe, including the difficulties inherent in setting monetary policy given that sharia bans interest rates
Draghi calls for closer eurozone union ‘in all fields of economic policy'
Eurozone members need to sort out external imbalances and unemployment as well as acting together to secure banking union