European Central Bank (ECB)
ECB paper considers impact of loss in collateral value
Research examines how a loss in value will impact the wider economy by studying the effects of a legal reform in Sweden in 2004; sees potential for ‘negative consequences’
Searching for excellence in central bank communication
First-class performance of modern central banks requires first-class communication
ECB paper considers impact of banking shocks on Portugal
Researchers examine impact of different types of credit supply shock on the Portuguese economy from 2005 to 2013; shocks to large banks may have had large impact on total investment
Hitting inflation targets may be harder now, thanks to lower bound – paper
Working paper warns of potential for lower bound episodes to affect expectations of when they will occur in future, something that can act as a drag on inflation in the present
Divergent monetary policies are top concern for reserve managers in 2016
Reserve managers view divergent monetary policies among the world’s top central banks as the most pressing challenge they face in 2016; asset and currency diversification continues
ECB papers take detailed look at bond market data
Two papers from the European Central Bank take a detailed look at data on the development of credit spreads in eurozone corporate bonds
Draghi policy announcement notable for its absences
ECB president announces slight upward revision in ECB's eurozone growth and inflation predictions, but does not unveil any new financing policies for Greece
Lautenschläger floats idea of two-tier capital regulation for eurozone banks
Capital positions for large eurozone banks could be split into "requirement" and "guidance" levels, Sabine Lautenschläger says
Tiberius’s experiences with zero interest rates in 33 AD
Can the European Central Bank learn lessons from the use of zero interest rates by the Romans in 33 AD as they grappled with their own fiscal and monetary crisis?
Further key decisions loom in Greek negotiations
Major decisions remain in negotiations over bail-out; IMF staff insist on cuts to primary surplus target that have met with opposition; ECB may restore eligibility of Greek bonds as collateral
Eurozone's Single Resolution Board sets out 2016 plans
Eurozone's Single Resolution Board sets out its plans for 2016; resolution manual to be published in summer and resolution plans to be approved by end of 2016, board member says
Same factors can have different effects on bank risk profiles, ECB staff say
Factors that increase default risk for large and complex eurozone banks can decrease it for smaller banks, ECB staff say; results are based on new model of bank risk
Brexit and Hungary’s challenge to European governance
The European Central Bank and Europe's political leaders must meet the challenge as another front opens for European monetary stability
Secrecy over MNB funds sparks constitutional dispute
Unanswered questions over the use of Hungarian central bank funds have led to a series of legal and constitutional battles
ECB governing council welcomes markets' increased risk appetite
Governing council members happy with increased risk appetite in eurozone and global markets, minutes show; worried by slow pace of structural reform and no clear trend of rising inflation
ECB looks to add eight more O&Ds to guide
European Central Bank proposes guidance on the application of another eight options and discretions in banking supervision; public consultation will run until June 21
Antti Heinonen says cash is still relevant in modern society
Former ECB head of banknotes says cash is still evolving to keep pace with new payments technology, and banknote designs are staying ahead of counterfeiters
Paper models impact of ECB’s collateral policy
A working paper offers a model of the impact of the ECB’s collateral policy on the eurozone between 2009 and 2011; effects smoothed transmission of monetary policy, researchers argue
Annual Target2 volumes fall, ECB announces
Transactions on the eurozone’s real-time gross settlement system fell to their lowest-ever level in 2015; ECB concerned this could threaten cost recovery
Germany needs structural surplus, Weidmann says
Bundesbank president counters arguments Germans are saving too much; says treatment of eurozone sovereigns must change, at odds with Bank of Italy governor
ECB to conduct comprehensive assessment of four more banks
European Central Bank is assessing four banks it may come to directly supervise; supervision fees charged to European banks set to rise over 45% in 2016
ECB paper presents evidence of risk-taking channel in US
Working paper finds interest rates affect the quality of bank credit in the US; researchers exploit confidential data on banks’ internal ratings of loans
Eurozone finance ministers hold extraordinary meeting over Greece
Finance ministers meet in Brussels over Greek debt; recent negotiations marked by public disagreements between IMF and Greek government
Paper examines credit risk spillover in the eurozone
Estimations of fair-value credit default swap values may give better picture of eurozone risk contagion than market prices for credit default swaps, ECB paper argues