European Central Bank (ECB)
Non-bank stress tests must be improved – Constâncio
ECB vice-president says stress tests for non-banks are still in a “fledgling state”
ECB develops new overnight benchmark rate
The new rate will complement the existing overnight benchmark, Eonia
ECB paper attempts rigorous testing of economic sentiment
Researchers correlate economic data from 1985 to 2016 with measures of sentiment
Brexit makes regulatory arbitrage more relevant, Nouy says
Policy-makers should rely more on regulations and less on directives, ECB supervisor says
National curbs hit budding pan-EU settlement market
Restrictions on primary dealers undermine T2S efficiencies, market sources say
‘Significant non-linearities’ in debt-investment relationship, paper says
Researchers look at data from five peripheral eurozone countries
Leading asset manager warns policy normalisation ‘may never occur’
Northern Trust believes monetary policy is unlikely to revert to pre-crisis levels; observers say central banks are broadly taking the right approach
Benoît Cœuré: exchange rate pass-through has fallen for eurozone
ECB board member calls for reconsideration of IS curve modelling
Dispelling the German monetary myth
Economic historian Simon Mee finds the famous German aversion to inflation was the product of political battles in the mid-twentieth century
ECB will take ‘bulk of decisions’ on asset purchases in October – Draghi
ECB staff revise eurozone inflation decisions downwards despite higher expected growth
The Treasury could make QE exit faster and smoother
Swapping longer-term bonds for Treasury bills or floating-rate bonds would expedite the process of reducing bloated central bank balance sheets
Italian bail-outs may set bad precedent, ECB supervisor warns
But recent resolutions show system is working well operationally, Angeloni says
Draghi and Yellen issue warnings on regulatory rollback
The two central bankers used their speeches at Jackson Hole to focus on the dangers of abandoning the lessons of 2008
ECB paper presents new measure for monitoring real estate vulnerability
Aggregated measure out-performs most models as predictor of past crises, authors say
Draghi’s ‘whatever it takes’ is not credible – Nobel laureate
Chris Sims says ECB cannot be sure it will be able to stop a run on the euro until it is backed by a central eurozone fiscal authority
ECB criticises government of Cyprus over new central banking legislation
Collection of information on individual debtors is a “government task”, ECB says
Opaque money markets work well, Nobel laureate says
Bengt Holmström says policymakers should not try to make money markets more transparent
QE has positive spillovers into south-eastern Europe, ECB paper says
Some countries experience stronger inflationary effects than eurozone - researchers
QE has not increased eurozone inequality - ECB’s Constâncio
Low-income households benefit most from stimulus, ECB vice-president says
ECB cautions Slovenia over ‘critical infrastructure’ draft law
Legislation should not encroach on the central bank’s regulation of payments systems, says ECB
ECB council worries about euro’s strength, though recovery continues
Minutes of July’s monetary policy meeting suggest low inflation warrants loose policy, but recovery is gathering momentum
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
German court refers ECB bond purchases to ECJ
“Doubtful” whether PSPP is authorised by German and European law, says court
“What would Allan say?”
Central Banking Publications founder Robert Pringle finds pearls of wisdom in his email correspondence with the late Allan Meltzer