European Central Bank (ECB)
ECB calls for changes to draft Austrian central bank law
Mechanism for paying productivity council’s head would be monetary financing, ECB says
ECB’s Lane: one-off wage increases do not equal sustained inflation
Inflation is forecast to have reached 3.4% year on year in September, well above the ECB’s 2% goal
Some ECB rate-setters concerned over inflation
Minutes show certain governing council members called for sharper cut in asset purchases
SSM reduced large eurozone banks’ risk-taking – ECB paper
Reduced credit risk was driven by supranational authority’s greater efficiency, authors argue
Inequality sharpens monetary policy’s effects – ECB paper
Author analyses “inequality channel” using model with three types of heterogeneous agent
Swedish central bank may join Eurosystem payments platforms
Sveriges Riksbank says Target2 and T2S could enhance policy but has security concerns
ECB climate stress test reveals uneven risks across eurozone
First step in ‘climate roadmap’ assesses 1,600 banks and over four million firms
ECB’s stress capital buffer still a ‘black box’ – banks
National regulators retain wide latitude to set Pillar 2 Guidance under new rules
People: ECB appoints director-general for international relations
Vansteenkiste replaces veteran Klöckers; head of IMF’s capacity development institute retires
Fed saved US from even larger pandemic downturn – ECB paper
Unemployment would have risen by 20% more without Fed’s bond buying, researchers find
Do central banks have enough resources to meet tech challenge?
Accelerating technological evolution, difficulties accessing and retaining technical staff, and limited resources will present growing challenges for central banks in the future
Villeroy de Galhau calls for banking union to be completed
French governor proposes creation of common deposit mechanism
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Eurosystem calls for full Basel III implementation
Supervisors say output floor should be implemented through single set of risk-weighted assets
Lending rate rigidity weakens eurozone monetary policy – BdF paper
Asymmetric costs in changing bank lending reduce effects of looser policy
Greening the central bank balance sheet, or not?
Paul Fisher, fellow at the Cambridge Institute for Sustainability Leadership and senior adviser for Oliver Wyman, discusses how central banks can act to contribute to mitigating and adapting to climate change, and identifies some worthwhile interventions.
Germany should aim to cut corporate savings – ECB paper
Investment and banking reforms are needed to cut German firms’ savings, say researchers
Danish central bank positive on ECB strategy review
New 2% symmetric target could boost inflation, report says; climate change may impact price and financial stability
Eurozone inflation reaches 10-year high at 3%
Rapid rise in energy prices was main driver, according to Eurostat estimates
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
ECB council divided on forward guidance, minutes show
Some senior officials argued new formulation risks inflation overshooting
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
German inflation could be over 2% until mid-2022 – Bundesbank
Inflation is likely to drop from early 2022 as base effects end, central bank forecasts
New forward guidance is “elemental” for ECB strategy, Lane says
Chief economist implicitly disagrees with Belgian governor’s criticism of new wording