European Central Bank (ECB)
ECB appoints Michael Diemer as first chief services officer
The European Central Bank has created a new post of chief services officer to co-ordinate all administrative, IT and human resources issues
Eurozone policy-makers and researchers puzzled by trends in long-term inflation expectations
Eurozone inflation more strongly influenced by inflation expectations, the ECB notes; two central bank working papers say data shows unexpected changes
Swap line availability not assured, warns Bill Allen
It is ‘not certain’ the Federal Reserve will be able to provide liquidity in the same manner in the future, Allen tells Central Banking
ECB watching oil and euro closely for inflation risks
Deflation has become less likely in the eurozone since the implementation of quantitative easing, but falling oil prices are pressing on inflation expectations, governing council says
ECB publishes principles to avoid market-moving missteps
‘Guiding principles’ for communications by executive board members seek to prevent select groups gaining a commercial advantage from appearances
Three eurozone central banks to trial reverse auctions of securities
The central banks of France, the Netherlands and Lithuania will hold reverse auctions of securities under the public sector purchase programme; trial will run for one month
Multi-polar system ‘likely’, says ECB executive
Benoît Cœuré considers evolution of global financial system; sees rise of emerging economies leading to greater multi-polarity
IMF working paper explores spillovers between United States and eurozone
Spillovers from the eurozone to the US have been ‘considerable’ since 2014, reflecting policy easing in Europe, IMF paper notes
Norges Bank unlikely to follow others into negative territory, says Olsen
Governor flags the dangers and distortions from very low rates, but says Norway has more room to manoeuvre than most; contrasts ECB and Riksbank liquidity policies
Disharmony threatens EU regulation, says EBA’s Enria
EBA chair says countries have too many opportunities to bend regulations to suit them, undermining supervision and harming banking union; argues EBA should be granted greater responsibilities
ECB paper considers how to mitigate US spillovers
Global economies could mitigate their vulnerability to US monetary policy decisions through a range of different policy actions, research finds.
People: FCA names COO; RBA shuffles assistant governors
Financial Conduct Authority announces Georgina Philippou as COO; Michele Bullock named assistant governor for business services in Australia; and more
Draghi: too early to judge impact of global events on eurozone inflation
Mario Draghi says slowing growth in EMs, strong euro and weak commodity prices have ‘renewed downside risks’ to outlook; Peter Praet says eurozone still ‘going through correction phase’
Belgian and French central banks get larger role buying asset-backed securities
The ECB makes the National Bank of Belgium the second central bank authorised to buy bonds under its asset-backed securities purchase programme; Banque de France role expanded
ECB paper traces roots of falling financial integration
Policy interventions beyond traditional capital controls may have ‘unintended’ impact on financial integration, including some macro-prudential measures based around currency
First Target2 data release sheds light on imbalances
Data on cross-border eurozone financial flows gives clarity as to the sharply different directions funds have been travelling, with Germany still comfortably the most popular destination
SMEs possibly worst hit by fragmentation of monetary policy transmission, ECB paper finds
Small and medium enterprises may have suffered most from fragmentation in monetary policy transmission following the financial crisis, according to research
Network theory allows systemic risk assessment of banks, paper argues
Analysing the network structure of the financial sector can help assess the systemic risk presented by individual European banks, and offers useful data for regulators, an ECB working paper says
ECB allows national central banks to disclose ELA provision
Bank of Greece becomes first central bank to make use of power to disclose ELA figures
ECB bulletin: risks to taxpayer funds gradually diminishing
An article in the European Central Bank's latest bulletin weighs the fiscal impact of financial sector support during the crisis, highlighting the benefits of a move towards banking union
ECB sees house prices undergoing ‘sustainable’ recovery
European Central Bank says eurozone housing markets appear to have undergone necessary corrections, in article released ahead of Economic Bulletin
Liikanen discusses logic behind publishing ‘accounts’
Bank of Finland governor says it is important central banks exhibit a ‘high degree’ of transparency, noting the ECB decided to begin publishing accounts as policy became more unconventional
Synthetic financial cycle model allows crisis predictions, paper argues
A model of a synthetic financial cycle performs better than the credit-to-GDP gap in predicting financial crises, a European Central Bank working paper argues
Danièle Nouy targets greater regulatory harmonisation
Supervisory board chair highlights efforts taken to harmonise regulatory framework in Europe but stresses more must be done; says SSM is ‘working very well’ as it approaches first anniversary