European Central Bank (ECB)
ECB paper analyses factors driving portfolio flows
Working paper studies time-varying drivers of capital flows to emerging markets; finds investors are more sensitive to local factors during market stress, while extreme stress can cause a panic
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
Former Cypriot governor says OMTs will not suffice
Athanasios Orphanides says ECB's bond purchase programme will not achieve long-term financial stability; says a political problem requires a political solution
Bank of Greece sets out drastic cost-cutting measures
Greek central bank governor sends letter to ECB explaining steps taken to reduce operating costs and wages at the institution; includes cumulative 50% pay cut for top officials
Giff 2012: Central bank action enables Europe to reverse fiscal austerity, says Turkish deputy prime minister
Central banks have created a ‘window of opportunity’ for governments in Europe and elsewhere to embark on fiscal expansion to spur short-term growth, says Turkish deputy prime minister
ECB paper analyses euro stability measures
ECB research assesses eurozone stability measures; says a European-wide framework for recapitalising large and systemic banks is still needed
ECB paper finds US foreign bondholdings rooted in past
ECB research examines the link between past and present levels of foreign bonds held by US investors; finds similar investment patterns for both
Spain’s Restoy highlights ‘demanding’ timetable for single-supervision mechanism
Deputy governor of the Bank of Spain applauds 'well founded' eurozone-wide banking oversight plan; but says schedule for implementing the changes will be tough
French circus to perform as part of ECB cultural days
ECB reveals programme for cultural days 2012; spotlight for annual event falls on France and will for the first time feature a circus production
ECB’s Asmussen highlights increasing roles of central banks
Jörg Asmussen says central banks have assumed new crisis management responsibility; sets out vision of ECB’s future roles when crisis ends
European Commission divulges banking oversight proposals
ECB at the heart of the new single supervisory mechanism; EBA given the task of developing a handbook to ensure coherence in banking supervision across member states
Finland’s Liikanen calls for equal transmission of monetary policy
Bank of Finland governor says monetary policy should transmit equally around Europe; access to funding should not be hampered by “unfounded risk premia”
ECB’s Constâncio stresses need for banking union
ECB vice-president says banking union will help tackle increasing divide of markets along national borders; could guide intervention in market risk
ECB appointment hearing postponed due to lack of female candidates
Hearing to discuss Yves Mersch’s appointment to the ECB’s executive board on hold; talks with Eurogroup president taking place
Swiss franc expected to retrace its fall as ECB news sinks in
The euro rallied against the Swiss franc for the first time in six months after yesterday’s announcement of new measures from the ECB, but FX strategists expect it to fall back towards 1.20
ECB unveils details of bond purchase plans
Mario Draghi sets out plans for European Central Bank to buy debt of ailing eurozone economies; questions remain over impact
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
Moody’s changes EU credit rating outlook to negative
Credit rating agency says move reflects alterations to rating outlooks for core eurozone countries; all eyes on ECB for rate decision later this week
ECB’s Cœuré highlights information content of inflation-linked securities
Benoît Cœuré outlines use of inflation-linked financial products as indicators of inflation expectations; says information content is useful but methods require further study
ECB paper scrutinises sustainability of OECD public finances
European Central Bank working paper investigates public finances in sample of OECD countries; analyses causality between revenues and expenditures
Draghi rallies German public to support eurozone reforms
President of the ECB says “exceptional measures” may be required to ensure price stability; reaffirms commitment to independence and acting within mandate
Dombret proposes alternative to ECB-led supervision of banks
Deutsche Bundesbank’s Andreas Dombret discusses an EU-wide supervisory structure for banks; suggests it does not necessarily need to be headed by the ECB
Draghi pulls out of Jackson Hole speech
President of the ECB stays in Europe on account of his “heavy workload”; statement comes shortly before plans for single banking supervision mechanism announced for eurozone