European Central Bank (ECB)
Unconventional monetary policy should be supported on structural and fiscal fronts – ECB paper
Authors examine the effects of supply- and demand-side policies; results point to “positive synergies” between policies
Mervyn King on Brexit, crisis supervision, economic rebalancing and reforming the IMF
The former Bank of England governor discusses Brexit, radical regulatory reform, the difficulties rebalancing the European and global economies and an overhaul of the International Monetary Fund
Okun’s law is empirically robust but presents modelling problems, researchers say
Economists need to find more sophisticated methods to model the relationship between financial and labour markets, say the authors of an occasional paper published by the ECB
Unconventional monetary policy does not rob the poor, Italian researchers argue
Studying the effects of the ECB’s quantitative easing programme on the wealth and incomes of 8,000 Italian households shows that the policies benefit the poorest, Bank of Italy paper argues
Monetary expansion: Is the sky the limit?
Unconventional monetary policies in advanced countries have resulted in benefits and costs for the global economy and financial markets. Manuel Sánchez assesses if the benefits are worth the risks.
Co-operation: The competitive edge against counterfeiting
A collaborative approach to banknote projects with trustworthy partners frees up time and resources, pools and mitigates risk, and helps to fulfil the most demanding expectations from stakeholders and the public. Most importantly, it decisively stiffens…
ESRB recommends EU states reciprocate Estonian capital buffer
European Systemic Risk Board’s recommendation is only second time it has suggested regulators should reciprocally adopt a new macro-prudential measure
ECB begins gathering data on daily money-market transactions
ECB announces daily collection of data from four money-market segments; scheme gathers 35,000 transaction records per day
ECB bulletin says institutional reform important for increasing resilience
Governing institutions in eurozone countries need reform, the ECB says; Finland’s institutions are among very best in OECD but those of Greece and Italy are close to worst
ECB data reveals changes in eurozone wage rigidity
ECB publishes its third survey of wage dynamics in the eurozone; it argues data is “crucial” to designing monetary and other macroeconomic policies
All eyes on Italy as EBA prepares to release stress test results
Portuguese, Austrian and German banks may also be the possible subjects of market attention after tonight's publication
Cœuré: central bankers must be mindful of possible ‘economic lower bound’
Negative interest rates in the eurozone have not reached an “economic lower bound”, Benoît Cœuré says; support from governments’ policies and commercial banks’ business models is needed
331,000 counterfeit notes withdrawn in H1 2016 – ECB
Figures show 80% of all the counterfeits were €20 and €50 notes; number of total counterfeits withdrawn in first half of 2016 lower year on year
ECB paper compares ability of indicators to predict bond risk premia
Researchers assemble 132 macroeconomic indicators and compare their performance against financial measures as predictors of eurozone countries’ bond risk premia
Draghi raises possibility of ‘public backstop’ for NPLs
Eurozone recovery is continuing with credit conditions and volumes increasing because of quantitative easing, Draghi says; backstop would be “very useful”, but require Commission support
ECB publishes guide to its macroeconomic projections
European Central Bank publishes guide to how its staff research and publish their regular projections for the eurozone economy; gives details of models and tools used
EBA says European banking supervision practices are converging but some areas lag
European banking supervisors achieved considerable cross-border convergence in some areas in 2015, but other fields retain differences, EBA report says
Slovenian finance minister criticises police raid on central bank before resigning
Slovenian finance minister describes police raid on central bank on July 12 as an "attack" then resigns on July 13 citing personal reasons; central bank also criticises action
Dombret sees no need for ECB response to UK vote
Deutsche Bundesbank’s Andreas Dombret says it is not clear to what extent further easing would boost economy; warns against deeper European integration at any cost
ECB paper explores capital-based macroprudential measures
Dampened credit and asset price growth can have a “sizable” impact on predicted crisis probabilities, authors note; they present an early warning global autoregressive model
IMF executive board calls for greater gender equality among directors
Fund executive board encourages members to consider gender diversity when nominating directors, while encouraging female candidates to seek positions
ECB paper presents ‘news’ and ‘noise’ model of US housing market
A new model of the US property market differentiates between “news and noise shocks”; latter can have significant effects and policy-makers should consider pro-cyclical property taxes, author says
Slovenian central bank says governor will not resign
Slovenian prosecutor-general rejects complaint by Draghi into police search of central bank offices, saying relevant magistrate acted within his powers
Orphanides: governments should rein in ‘immense power’ of central banks
Central bank balance sheets give them power to dramatically affect the distribution of wealth, undermining democracy, former Central Bank of Cyprus governor argues