European Central Bank (ECB)
ECB warns banks face significant losses due to Covid-19
Central bank stresses fiscal and monetary interventions have contributed to stabilise markets
ECB minutes hint at further easing measures
Governing council discussed expanding size and scope of pandemic purchase programme
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
ECB to integrate climate risks into supervision
Climate change is pushing banks to adapt risk management, disclosure, governance and business strategies
Lagarde welcomes Franco-German fund plan
Covid-19 response fund would be drawn from common EU budget
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
Eurozone saw limited price convergence from 2001–11 – Bank of Spain
Researchers say this limited long-term alignment should be added to central bank policy framework
Mersch says retail CBDC could destabilise financial system
Central bank digital currency could worsen bank runs and harm disintermediation, ECB official says
ECB widens scope of female recruitment targets
Central bank’s efforts to recruit women will now reach down past senior roles
ECB backs use of EU central banks for job subsidies
“Sure” scheme to pay job subsidy funds would be within EU law, ECB says
German court leaves Bundesbank caught between two legal decisions
Ruling may hamper ECB’s new PEPP programme as it is not constrained by PSPP limits
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
ECB research finds Phillips curve still matters
Underlying relations are complicated, but slack and expectations still drive prices, economists say
German court rules ECB must provide more evidence on PSPP
Judges strongly criticise ECJ’s ruling on QE programme, but stop short of declaring it unlawful
Covid-19 could cut eurozone GDP by 5%, 8% or 12% in 2020 – ECB
ECB publishes alternative scenarios for the uncertain economic outlook created by the pandemic
ECB launches new lending facility, but holds rates
Lagarde announces cut for banks’ borrowing rate, but the ECB has not expanded asset purchases
ECB publishes framework for assessing prudential spillovers
Detailed paper aims to help regulators assess cross-border effects of macro-prudential policies
Joining banking union likely positive for Sweden – Riksbank
Banks’ large cross border activities mean common supervisory and resolution mechanisms are better than national equivalents
ECB changes collateral rules in effort to shield bank funding
Assets below investment grade will be accepted by ECB as collateral until September 2021
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