European Central Bank (ECB)
The puzzle of monetary policy
The centrepiece of macroeconomic management, inflation targeting by central banks, remains virtually unchallenged despite the crisis of the past five years. This needs to change, argues John Gieve
Germany's concerns about the ECB’s bloated balance sheet
The ECB’s unconventional monetary policy actions have caused a stir in Germany. The Bundesbank's Joachim Nagel speaks with Klaus Engelen about the risks the ECB now faces
The flaws in the Fed's new macro stress test proposals
New macro stress test proposals by the Fed and ECB appear to conflict with rules put forward by the UK, and are raising concern in countries where financial institutions are relatively robust
ECB paper models economic impact of 'disaster risk'
Working paper finds expectations of severe recessions impact equity prices; effects feed through to the economy
ECB hiring may not be enough to cope with workload, says Ipso chief
Union head says European Central Bank’s plan to recruit 40 additional staff to help cope with increased workload is unlikely to be sufficient
Bundesbank criticises ECB bond-buying proposals
Decision to share solvency risks should be taken by European governments not the ECB, says Deutsche Bundesbank; warns German government debt ratio likely to rise this year
ECB paper finds new commodity transmission link for inflation
European Central Bank working paper explores relationship between demand shocks and inflation; reveals commodity prices indirectly magnify the effects
ECB paper investigates policy effect on bank risk-taking
Working paper finds both positive and negative impact of monetary policy on bank risk-taking; suggests this makes it impossible for regulators to design optimal capital requirements
ECB paper warns of capital control externalities
Working paper examines spillover from tax on capital inflows into Brazil; identifies significant direct impact amplified by signalling effects
Banque de France predicts output contraction in Q3
Survey on Industry and Services shows French businesses expect growth to contract by 0.1% in third quarter of 2012; figures show steady deterioration in sentiment since mid-2010
Troika maintains pressure on Greece
Officials from the European Commission, ECB and IMF will return to Greece in September to check on reform progress; central bank chief reportedly tells government the country is being 'defamed'
Draghi says ECB ready to make further bond purchases
ECB president says central bank is prepared to intervene in sovereign bond markets to prop up ailing eurozone economies; ECB holds rates, as does Bank of England
ECB reports decline in card fraud
First oversight report of card payment schemes in Sepa shows decline in fraud since 2007; lauds technological advances including chip and pin use for increasing the security of transactions
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
Mersch gets green light from ECB to join executive board
European Central Bank’s governing council delivers opinion on appointment of Luxembourg candidate to top board; process of Yves Mersch’s selection still far from complete
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
Luxembourg nominates new central bank chief
Replacement must be found for Yves Mersch before he moves to European Central Bank; new director-general nominated from finance ministry
ECB reports drop in seized counterfeit euro banknotes
Number of fake euro banknotes withdrawn from circulation falls to 251,000; lowest amount of fake notes found since 2003
Bundesbank paper studies changes in European monetary transmission
Discussion paper considers effect of financial crisis on transmission of European Central Bank monetary policy; finds decrease in sensitivity of Euribor to changes in central bank rates
ECB paper analyses risk-sharing in emerging markets
Working paper finds evidence of pro-cyclicality of capital gains on domestic stock markets; argues countries can hedge against risk by encouraging foreign investment
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability