European Central Bank (ECB)
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
Negative rates have not hurt Swedish/Danish profits – paper
But developments in housing markets deserve caution, say researchers
The changing composition of central bank balance sheets
Quantitative easing may have been necessary, but it has created worrying distortions and has probably discouraged structural change, while deflecting attention away from ever-greater levels of debt leverage
ECB and ESRB present database on European financial crises
New database will be key tool for macro-prudential authorities
QE could create balance sheet problems – Irish deputy governor
Eurozone’s asset purchase programme increases the interest rate risk for central banks, Donnery and co-authors write
Weaker franc gives SNB newfound leeway
The central bank may be able to slow or halt its massive foreign exchange acquisitions as the Swiss franc hits its lowest level against the euro since January 2015
Central banks must exit asset purchase programmes with care, paper finds
Bundesbank paper uses model of eurozone to judge effects of asset purchases
People: IMF appoints new strategy head; ECB promotes directors
IMF promotes Lagarde’s chief of staff; Finland appoints research director
Eurozone’s demographics will continue to push interest rates down – paper
Structural policies will take time to reverse impact of adverse demographics, researchers say
Addressing the eurozone’s ‘lemons’ problem for NPLs
State-supported securitisation of the riskiest tranches of eurozone bank NPLs could tackle information asymmetries between buyers and sellers, and restore market function
Flexible working may shift Nairu, ECB’s Mersch warns
Technology may increase insecurity and weaken collective bargaining, says senior ECB figure
Inflation expectations down in ECB forecaster survey
Forecasters see inflation falling slightly, despite rising employment and GDP growth
ECB will look afresh at policy this autumn – Draghi
Draghi says recovery is continuing, but strikes a cautious note on inflationary pressures
Verbs matter in forward guidance – Italian paper
Researchers look at verbs used in ECB statements from 2002 to 2015
Eurozone tax systems subsidise housing debt, ECB paper argues
Under-taxation of returns to home equity drives distortions, researchers say
Draghi, quo vadis?
Jesper Berg warns the eurozone's improved outlook creates a host of problems for the ECB, as it must balance competing demands
Deregulation aided women entering US labour force – paper
ECB paper finds efforts to open up the credit market from the 1970s to 90s helped reduce the gender gap in the labour force
ECB’s Cœuré says asset purchases are not responsible for exchange rate movements
Executive board member says Europe’s asset purchase programme has boosted economic growth and inflation prospects; policy not “fundamentally different” from conventional policy
CEPR paper sketches ‘radical, realistic’ Greek reform plan
Stanford and Yale economists outline “unorthodox” policies that could put Greek debt on a sustainable footing – and might be acceptable to all negotiating parties
ECB wants ESAs to focus on ‘European dimension’
The central bank says supervisors should be reshaped to better promote European interests; it recommends greater powers and a governance shake-up
St Louis’s Bullard on the future of the Fed and its monetary policy record
St Louis Fed president James Bullard rails against east coast dominance, favours aspects of the Choice Act and says Fed monetary policy was a “factor” that fuelled crisis
Mersch criticises Commission over securitisation regulation
Some ‘STS’ provisions reduce transparency and increase complexity, ECB board member says
Any London forex trading move would be ‘gradual’ – ECB
City’s place in global submarine cable network is likely to be key, researcher says