European Central Bank (ECB)
Most eurozone states experience fiscal spillovers – ECB paper
Eurozone fiscal policy may be especially effective when rate changes have little impact, paper says
BoE and ECB weigh calls to follow US lead on capital relief
European regulators face pressure to exempt sovereign exposures from the leverage ratio
Book notes: Crisis spaces, by Costis Hadjimichalis
“Don’t buy this book, unless you are a dedicated Marxist”
Shadow banking increases need for asset purchases – ECB paper
Large non-bank financial sectors can impair transmission of monetary policy, paper finds
ECB sets up €2 billion swap line with Croatian National Bank
The line will remain in place until the end of 2020, but can be extended as long as it is needed
ECB minutes reveal resistance to lifting self-imposed limits on PEPP
Some governing council members did not deem new programme necessary, proposing to use APP or OMT
ECB takes unprecedented steps to preserve credit provision
Central bank accepts state-guaranteed loans as collateral, reduces haircuts, and raises limit on unsecured bank bonds in collateral pool
ECB buys Italian bonds well above capital key in March
Central bank bought €11.8 billion in Italian sovereign bonds last month, up from €2.2 billion in February
Is the ESM the eurozone’s best weapon against Covid-19?
Eurobonds face economic and political hurdles, say former officials
Riksbank picks ECB’s Tips for instant krona settlement system
Central bank preparing system for round-the-clock settlement in Swedish krona
ECB extends strategy review until mid-2021
Central bank postpones public events by six months due to the Covid-19 crisis
ECB makes record sovereign bond purchases
Central bank ramped up purchases under the PSPP programme in the week to March 27
ECB asks eurozone banks to stop dividends
Bank of Israel also asks banks to reassess the distribution of dividends
RBI follows ECB with crisis-fighting TLTROs
Central bank slashes rates and launches targeted liquidity measures
ECB drops bond-holding limits for crisis response
€750bn stimulus programme will not be subject to previous limits on holding countries’ bonds
ECB paper looks at euro exchange rate shocks
Exogenous exchange rate shocks having more impact on eurozone inflation, researchers find
ECB sharply ramps up asset purchases
Central bank increases securities holdings by €17.4 billion, the highest for two years
A vaccine for the global economy
Olivier Blanchard, Peter Praet and Daniel Alpert discuss shorter- and longer-term actions to tackle the flaws exposed by the Covid-19 crisis
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements in the safety and soundness of the European banking system
ECB temporarily relaxes NPL regulation
Central bank estimates lower capital requirements will release €120 billion for lending
ECB’s negative rates boosted lending – Bank of Italy paper
Banks increased credit to ex ante riskier firms, but did not see rise in failed loan rates, researchers find
ECB launches €750bn emergency purchase programme
Governing council says new tool will remain active until Covid-19 crisis is over, stands ready to increase it
Central banks activate contingency plans amid Covid-19 pandemic
Rotating and remote team working aims to reduce contagion risk