European Central Bank (ECB)
Danish central bank cuts rates for second time this week
National Bank of Denmark lowers deposit rate for second time in four days following ECB action; central bank will defend euro peg ‘vehemently', says analyst
Lagarde: Divergent monetary policy could be a good thing
It could be 'helpful' for the global economy if the ECB eases more as the Fed starts tightening, Lagarde tells an audience in Davos; Summers warns eurozone QE not 'sufficient'
Great expectations: ECB set for QE showdown
Markets expect the ECB to announce a programme for buying €500 billion of sovereign bonds tomorrow, but the central bank retains the capacity to surprise
Eurozone banks report further easing in credit standards
The net percentage of banks reporting easier credit standards continues to grow; ECB survey finds banks’ participation in TLTROs is mostly driven by profitability
National Bank of Denmark heads deeper into negative territory
Unscheduled cut pushes deposit rate further below zero and leaves lending rate barely in the positive as krone comes under pressure ahead of expected ECB action
ESRB on the hunt for experts to join macro-prudential advisory committee
Applicants for a seat on Advisory Scientific Committee must be academics or industry practitioners and cannot be employees of a member institution
Legal opinion opens door for ECB bond-buying programme
Adviser to ECJ deems OMTs ‘compatible’ with European law in a move described as an ‘overwhelming success’ for ECB; could nonetheless restrict central bank's role in Troika
Carney: ECB has ‘tools and clarity of mandate' to hit inflation target
BoE governor says there is ‘every reason' to expect the ECB to take the ‘measures necessary' to tackle low inflation as he weighs in on several international issues in parliamentary hearing
National Bank of Slovakia governor handed second term
Jozef Makúch is the first governor to be reappointed at the Slovakian central bank; tells Central Banking he is ‘very much looking forward’ to new challenges
Draghi and Rajan strike deal on cooperation
MoU signed on the sidelines in Basel will see ECB and RBI exchange information and cooperate on technical matters, banks announce
Eurozone inflation goes negative with QE looming
Annual HICP inflation falls to -0.2% in December due largely to plummeting oil prices; expectations rising for ECB to expand asset purchases on January 22
Impact of ECB unconventional policies depends on bank capitalisation, finds Belgian paper
ECB crisis measures have greater impact on GDP growth in countries where banks are well capitalised, researchers find
2014: The year in review
The past year has seen central banks across the globe grapple with reform, at an institutional and global level – we look back at the biggest stories of 2014
Banque de France paper says asset purchases may struggle to anchor rates
Working paper suggests asset purchases could be a way to anchor interbank rates, but the policy faces a number of difficulties; absorbing excess liquidity another option
ECB to publish unattributed ‘accounts’ of policy discussions
European Central Bank will publish ‘accounts’ four weeks after every meeting; they are designed to improve the general public’s understanding of the governing council’s thought process
Credible fiscal plans reduce pressure on sovereign bond market, study finds
A credible macro-fiscal framework ‘can lead to stable expectations’ around a country’s sovereign bond market, reducing its expected risk premium, ECB paper finds
Women still hold less than 10% of top jobs
Central banks continue to become 'more equal employers' in 2014, but only 18 of 189 institutions are led by women
Weak TLTRO demand increases pressure on ECB
Banks borrow €129.8 through ECB's second operation; pressure increases on governing council to launch new measures in January or March 2015
Praet explores QE transmission channels
ECB chief economist considers scope of portfolio rebalancing and signalling effects for both corporate and sovereign bond purchases
Draghi plans showdown ‘early next year’
Governing council will reassess monetary stimulus in 2015; Draghi says he does not need unanimity to launch quantitative easing
Lautenschläger against QE for now
Executive board member says the costs outweigh the benefits ‘at this current time’ and raises a host of questions to consider before the ECB can start buying government bonds
ECB statistics chief calls for greater co-operation on data reporting
Aurel Schubert says crisis exposed bank's traditional aggregated statistics as ‘insufficient for comprehensive analysis'; new approach needs to avoid double reporting
ECB paper uses financial conditions indices to help predict growth developments
Working paper presents indices for three industrialised and five emerging economies; authors say they are a potential leading indicator for eurozone external environment
ECB research explores use of NSFR as macro-pru tool
Economists consider how the net stable funding ratio could be used to tackle the build-up of systemic liquidity risks; research is still at an early stage