European Central Bank (ECB)
Brussels crafts principles for bank account access
European Commission consults on principles to ground law granting universal access to basic bank accounts; 6% of adults do not have a bank account
González-Páramo: macroprudential policy implementation a work in progress
European Central Bank executive board member José Manuel González-Páramo says policymakers must understand full effects of macroprudential policies
Hungary’s Simor asks for independence to be written in statute: reports
National Bank of Hungary governor András Simor reportedly asks lawmakers to put central bank independence in constitution as controversial pay cut takes effect
Basel III could distort monetary policy: ECB’s Bini Smaghi warns
European Central Bank executive board member Lorenzo Bini Smaghi says Basel III may have unintended consequences on monetary policy
CNB creates stability wing in bid to beef up systemic oversight
Czech National Bank separates financial stability and economic research department; says independent department move will enhance financial stability mandate
Central bankers, politicians splinter on reach of ESRB
Weber, Constâncio specify limits of European Systemic Risk Board's authority over national regulators; politicians advocate one unified European stand
ECB: excess liquidity expansion induces financial fragility
European Central Bank study shows that over expansion of credit can lead to increased fragility in financial markets
Bernanke charts new course for Fed economics
Federal Reserve chairman Ben Bernanke suggests research must veer away from assumptions based on classical paradigm; stresses models must better capture irregular behaviour
ECB’s Tumpel-Gugerell outlines challenges for ESRB
ECB executive board member Gertrude Tumpel-Gugerell says European Systemic Risk Board must overcome limitations to measuring systemic risk
Weber’s German defence highlights leadership flaws
Bundesbank president Axel Weber blames deficit countries for eurozone’s woes; analysts say comments further complicate chances at ECB presidency
Analysts applaud passage of ESRB, fret over practical concerns
Commentators praise the concept of a continent-wide systemic risk supervisor but say politics and lack of policy clarity could thwart good intentions
Trichet lauds Estonia’s positive response to crisis
European Central Bank president Jean-Claude Trichet says Estonia’s quick reaction to financial crisis paved Tallinn’s road to euro adoption
Rajan, Krugman renew spat
Ex-IMF chief economist Raghuram Rajan and Nobel laureate Paul Krugman revive clash over central banks' role in the crisis
Strauss-Kahn calls for European fiscal federation
IMF managing director Dominique Strauss-Kahn proposes creation of European fiscal authority similar to ECB to oversee fiscal policy
Gold to break $1,300 barrier: GFMS
Gold forecast to rise above the $1,300 mark, research body says; central banks becoming net buyers a factor
Growth in European cashless payments subsides
European Central Bank payments statistics shows amount of non-cash payments increased but at a slower rate than in previous eight years
Trichet warns Romania of complacency
European Central Bank president Jean-Claude Trichet advises Romania to actively tackle deficit at event marking central bank’s 130th anniversary
ECB’s Bini Smaghi calls for more studies into sovereign risk
European Central Bank executive board member Lorenzo Bini Smaghi calls for more research into how markets react
International bodies fulfil G20 recommendation on information gaps
European Central Bank, Bank for International Settlements and IMF publish second part of Securities Statistics Handbook to address information gaps
Hungary told to lift cap on central bankers’ pay
European Commission says Hungary could face legal action if it does not lift salary cap on central bank employees
ECB’s Bini Smaghi: contagion must be contained through rules-based approach
European Central Bank member Lorenzo Bini Smaghi says countries should stop paying lip service and instead adopt a rules-based approach to stopping contagion
ECB documents success of eurozone retail payment systems
European Central Bank releases comprehensive overview of the payments systems, including underlying concepts and the role of the central bank; book notes success of Step1 commercial payment system
ECB’s González-Páramo highlights flaws in collateral framework
European Central Bank executive board member José Manuel González-Páramo acknowledges risks in central bank’s willingness to accept broad range of collateral
Trichet to be first head of European Systemic Risk Board
European Central Bank president Jean-Claude Trichet will chair continent’s new systemic risk board until the end of his term; proposal reflects compromise between parliament and national governments