European Central Bank (ECB)
AnaCredit: banking with (pretty) big data
The supranational credit database in Europe will help policy-makers and banks assess cross-border risk when it goes live in 2018, writes Aurel Schubert, director-general of the European Central Bank’s statistics department
ECB issues latest macro-prudential bulletin
Papers look at second order effects of financial shock, de-risking and high-frequency trades
ECB's bank watchdog warned on NPL clean-up drive
SSM may need clearer enforcement process to boost bad loan provisioning, says regulator
Draghi postpones decision on extension of QE
ECB president is aiming to build governing council support for further asset purchases, one analyst argues
Output gap in euro area is much larger than official estimates – paper
Official estimates predict output gap 3–4% less negative than author’s results; current models do not “adequately capture” inflation developments
ECB’s Mersch: central banks have failed to correctly assess growth potential
Central banks were “over-reliant on pro-cyclical forecasts” before the financial crisis, ECB board member says; repeats call for fiscal stimulus and structural reform
No ‘insidious’ German plan for EMU competitive advantage, says Issing
Otmar Issing says Germany didn't even have 'the economic intelligence' to design such a plan; country suffered years of high unemployment as others such as Italy failed to capitalise on price stability
Otmar Issing on why the euro ‘house of cards’ is set to collapse
Euro architect tells Chris Jeffery that muddling from one crisis to another cannot go on endlessly. Politicians need to admit “there is no likelihood” of political union to give EMU rules a chance
Euro architect says ECB has ‘destroyed’ market discipline in Europe
Otmar Issing, the man who designed the operational framework for the euro, says failures by European politicians and the ECB mean “all the elements” are in place to bring “disaster” to the monetary union
Greater role for capital markets would not necessarily harm policy transmission – ECB’s Praet
A ‘range of common factors’ is affecting both banks and non-banks, ECB chief economist says
Targets key tool in reducing NPL levels, Irish deputy governor says
Banks can be unwilling to start sustainable NPL restructuring, Donnery says; repeats call for reform of European restructuring processes
‘Moral suasion’ and yield-seeking intensified sovereign debt crisis – ECB paper
Researchers use information on 226 eurozone banks; publicly owned, recently bailed-out and less strongly capitalised banks engaged increased sovereign bond holdings during crisis
Esma says regulators should wait before imposing quantitative SFT haircut triggers
Decision on policy change should wait until 2018, authority says; chairman says “sheer size” of market makes transparency important
Mersch says eurozone deposit rates are only ‘mildly’ negative
ECB board member says rates can be “mildly” but not “wildly” negative before costs outweigh benefits; calls for faster progress on banking union
ECB paper aims to improve small-scale models for assessing policy shocks
Paper outlines a structural factor model, which the authors say better accounts for the asset price impact of monetary policy shocks
Maskin: technocrats should set eurozone fiscal policy
Harvard economist argues a technocratic body similar to a central bank could set spending and revenue targets in eurozone before allowing politicians to determine the details
Draghi defends ECB policy to German lawmakers
Monetary policy not causing low profitability at some German banks, ECB president says; calls on policy-makers to initiate structural reforms
Rajan and co-authors present paper to ECB research conference
Paper introduces “pledgeability” as analytical tool; concept helps explain prolonged financial downturns, authors say
ECB publishes online newsletter on financial market infrastructure
Newsletter will be published three times a year, covering central bank’s work as operator and overseer of financial market infrastructure
ECB says it has learned lessons from simulated cyber attack
Federal Reserve, eurozone central banks and private firms took part in exercise to test Target2 payment system
Non-banks’ asset purchases should be capped, paper argues
Researcher puts forward model of impact on economy of secondary market trading
New model shows eurozone output gap remains large, researchers argue
Other models fail to capture interplay of inflation and output, paper says
ECB officials and Borio disagree on falling real rates
Vítor Constâncio and François Villeroy de Galhau emphasise importance of saving-investment mismatch, while Claudio Borio stresses financial cycle, but speakers find some points of agreement
ESRB publishes guide to OTC derivatives database
Draghi repeats pledge to extend central clearing regulation to all forms of derivatives; ESRB paper sheds light on “opaque” markets