European Central Bank (ECB)
Rehn says ECB should adopt average inflation targeting
Finnish governor says current target has “asymmetric downward bias”
Icelandic Central Bank’s female employees earn slightly more than men
Central bank says figures indicate there is no unexplained pay gap
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
ECB highlights new channel reinforcing sovereign-bank nexus
State guarantees indirectly increase banks’ exposure to sovereign risks through corporates
People: Bangladesh appoints deputy; Elderson has bumpy ride
Bangladesh Bank names new deputy; Elderson passes EU parliament vote despite opposition
Malta appoints finance minister as new governor
Edward Scicluna to replace Mario Vella, who will oversee economic relations with the UK
Eurozone inflation remains at -0.3%
Persistent deflation will be key focus at next ECB policy meeting on December 10
Lower r* demands new ECB inflation target – economists
Average inflation targeting is one possible alternative, says Jordi Galí
ECB announces independent inquiry into Target2 outage
Main findings on RTGS failure will be published by second quarter of next year, ECB says
De Guindos calls for higher liquidity buffers for non-banks
ECB official argues a comprehensive macro-prudential framework is needed
Eurozone must not cut fiscal support too soon – IMF official
Environment favours public investment, but spending must be transparent, says fiscal affairs director Vítor Gaspar
Powell, Lagarde and Bailey express caution on CBDCs
Jay Powell says Fed must get any future CBDC right, rather than “being the first”
Lagarde signals Covid-19 stimulus will remain active for longer
Asset purchases and bank lending programmes will be key ECB tools; rate cut not mentioned
Weak banks could reverse effects of policy rate cuts – ECB paper
Countercyclical buffers play crucial role in preventing “reversal interest rate” events, researchers find
ECB paper looks at interest rate-growth differential
Several factors are likely to push differential up for some eurozone countries, say researchers
ECB slows down PEPP purchases
Purchases reached €12.6 billion in the week to October 30, the lowest level since PEPP was launched
Lagarde warns of ‘negative’ November for eurozone
ECB keeps policy tools unchanged but president says it will recalibrate in December
ECB council gives green light to Frank Elderson’s appointment
Dutch official set to replace Yves Mersch on December 14, but still needs parliamentary backing
Eurozone credit tightened in Q3
Worsening economic outlook boosts borrowers’ credit risk, says the ECB
ECB says Target2 outage was caused by third-party network device
“Root cause” was software defect in third-party network device in eurosystem’s network – ECB
Eurozone’s RTGS system suffers major outage
ECB says Target2 system’s production site had to shift to alternative region – rules out cyber incident
Maggiori, Neiman and Schreger on capital flows and Covid-19
The Global Capital Allocation Project sheds light on where vulnerabilities may lie
DNB paper looks at eurozone’s interest rates
Paper looks at effects of ECB monetary policy shocks on bank equity prices from 1999 to 2020
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta