European Central Bank (ECB)
ECB under pressure to act as eurozone unemployment hits new heights
Analysts see growing chance of rate cut as eurozone unemployment rises 10%, while it falls in the rest of the European Union
ECB's Mersch calls for 'true banking union' to unblock policy transmission channel
Yves Mersch says banking union and single supervisory mechanism are necessary to allow European Central Bank to effectively set monetary policy in the eurozone
Deutsche Bundesbank’s losing struggle in European integration battle
The Deutsche Bundesbank was once the cornerstone of European monetary stability but has become little more than a bargaining chip for politicians negotiating European integration.
Collateral problems in the euro area
The euro area sovereign debt crisis has caused remarkable growth in the operations of the Eurosystem. It also led to diminished collateral availability.
Draghi delivers sermon on trust
European Central Bank president says trust is the key to mutual support, stronger collective responsibility and a deeper economic and political union
ECB paper seeks to balance the arguments of eurosceptics
Researcher says sovereign debt crisis should be seen as a mix of many harmful factors rather than one single problem; offers optimistic view on the prospects for recovery
ECB's Cœuré hails 'European solidarity' smoothing the process of 'adjustment'
There are 'good reasons to be cautiously optimistic', says Cœuré, who blames 'rigidities' for exacerbating the pain of adjustment
Eurozone recession to last through 2013, say new EC forecasts
EU researchers revise 2013 GDP growth forecasts down from +0.1% to -0.3%; inflation to fall to 1.5% this year, putting pressure on ECB for further easing
ECB’s Asmussen warns G-20 works poorly until disaster looms
Executive board member highlights G-20’s fatal flaw – it only works well during crises, and therefore struggles to prevent them; calls for reforms to strengthen the group
ECB reveals Italian dominance of emergency securities purchases
Data on purchases of individual countries’ bonds under the Securities Markets Programme released for first time; annual accounts show half of €1.1 billion bond profits came from Greece
Eurozone ‘funding for lending scheme' gains favour
ABN Amro says a eurozone FLS would be ‘the most practical way of dealing with the credit constraints of SMEs'; Sony Kapoor says ECB would be ‘irresponsible' to ignore it
ECB researchers suggest refinements to macro stress tests
Working paper identifies a number of factors in addition to growth that determine the rate of non-performing loans; authors say this could allow for more accurate stress testing
Draghi backs single resolution mechanism as banking union next step
ECB chief says single resolution authority should be set up when single supervisory mechanism is in place; suggests failure to do so would leave central supervisor toothless
ECB paper scrutinises fiscal multipliers in high-debt countries
Researchers assess impact of fiscal stimuli at different debt levels in Europe; caution that high debt levels may impair government’s ability to stimulate the economy
ECB researchers model systemic crises with heterogeneous interbank market
ECB working paper finds positive supply shocks feed credit booms leading to systemic banking crises
European recovery stalls as UK politicians warn of complacency
Latest GDP figures reveal eurozone economy contracted by 0.5% in 2012; OECD calls for wider and stronger reform efforts
ECB’s Praet targets stronger ABS demand
Executive board member Peter Praet says the recovery of the market for asset-backed securities is essential for the provision of credit
Constâncio sets out ECB's priority tasks in European banking union
European Central Bank vice-president aware of reputational risks from single supervisory mechanism; says ECB must work with EBA to develop a manual of supervisory practices
ECB working paper finds fiscal consolidation improves bank balance sheets
Improvement in capital adequacy ratios results from a portfolio re-balancing from private to public debt securities, reducing the risk-weighted value of assets
Co-operation needed to avoid reduction in cross-border activity, says Canadian deputy
Timothy Lane says a reduction in cross-border activity only internalises the contagion risk; greater global co-operation needed to improve financial stability
G-20 urged to address financial system flaws
Group of Thirty wants G-20 to act on conflicting financial services regulation, taxation and reporting rules; calls on Asian central banks to inject up to $4 trillion into diversified SWFs
ECB 'conflict of interest' puts effective supervisory mechanism at risk
The European Parliament's rapporteur on the SSM fears a conflict of interest inherent in the ECB stands in the way of creating an SSM that is up to the task
ECB's Cœuré argues integrating SSM in ECB has benefits for monetary policy
Executive board member sees benefits to monetary policy in bringing supervisory mechanism into the ECB
Ireland passes emergency liquidity restructuring bill
Irish parliament passes bill to transform promissory notes into long-term sovereign bond, and wind up 'bad bank'