European Union (EU)
ESRB issues macro-pru advice, as IMF warns over possible conflicts
European Systemic Risk Board recommends five ‘intermediate objectives' for macro-prudential policies in the EU; IMF paper warns of potential conflicts with micro-prudential measures
ESM direct recapitalisation gets go-ahead
Eurogroup reaches agreement over main features of direct bank recapitalisation under the European Stability Mechanism, but commentators warn the deal could still falter; CRD IV also adopted
Lagarde says QE risks are real, but bubbles are not forming yet
IMF managing director says accommodative policy should remain in place in advanced economies, but clear articulation of an exit strategy will be needed to avoid a repeat of 1994's ‘brutal exit'
Financial exclusion in Europe driven by move away from cash, study finds
New report from Brussels-based pressure group finds financial exclusion is a growing phenomenon as cash falls out of favour for everyday transactions
European Parliament poised to approve next step in banking union
European political groupings have reached agreement on a text for the recovery and resolution piece of Europe's planned banking union
Constâncio identifies benefits of banking union to non-members
ECB vice-president says European countries outside the new SSM will benefit from an enhanced banking union; stresses value of increased financing to real economies
Booknotes: Making the European Monetary Union
A history of the Committee of Central Bank Governors for the period 1964 to 1993, for which the author, Harold James, had access to the archives
Booknotes: Europe's Unfinished Currency
Mayer has grasped the essential truth about Europe’s single currency – that the project not only has an economic context but also an historical one and, above all, a political one.
Robert Pringle’s Viewpoint: Cameron’s high-risk European gamble
British Prime Minister David Cameron's high-stakes bid to renegotiate the UK’s role within the EU has rankled some officials in Europe. But both sides would lose from a UK withdrawal
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
Portuguese and Irish officials support banking union
Bank of Portugal governor and Central Bank of Ireland chief economist offer support for the creation of a deposit guarantee scheme and banking resolution fund in Europe
Albanian governor seeks EU support for Balkan countries
Ardian Fullani says European Union support would help provide the tools for greater co-operation among Balkan countries
Most countries set to miss Basel III deadline
Progress report on Basel III implementation reveals no country has yet adopted final rules; Stefan Ingves says it is clear some jurisdictions will miss January 1 deadline
Ireland unlikely to comply with fiscal compact until 2020
Central Bank of Ireland 'economic letter' estimates it may be 2020 before Ireland complies with the EU fiscal compact’s structural deficit target
Former Cypriot governor says OMTs will not suffice
Athanasios Orphanides says ECB's bond purchase programme will not achieve long-term financial stability; says a political problem requires a political solution
Hungary rejects leaked conditions for IMF programme
Viktor Orbán says Hungary will not comply with requirements for IMF-EU programme; leaked list includes elimination of controversial transaction tax applied to National Bank of Hungary
Robert Pringle’s Viewpoint: Restoring trust in finance
The financial crisis and numerous scandals have shattered confidence in banks and financial markets. What can central bankers do to restore trust in the financial system?
Sweden joins opposition to European banking union
Swedish government opposes European banking union proposals; Czech National Bank also expresses concerns
Draghi defends sovereignty in an economic union
President of the European Central Bank discusses future of economic union in the eurozone; hints at more stimulus
Ingves says Europe not ready for common regulatory capital rules
Basel Committee chairman Stefan Ingves says Europe lacks necessary common legal powers and mechanisms to standardise regulatory capital treatment; advises Europe against introducing a Tobin tax
System risk lessons from FX loans in Central and Eastern Europe
The build-up of forex loans in the CEE presented a systemic challenge to the region's financial stability. Piotr J Szpunar argues this points to a need for macro-prudential rules in Europe
Bank of Estonia notes increasing electronic payments
Central bank says more than 99% of non-cash payments in Estonia are now electronic; further increase in use of internet payments expected
Greek governor renews warnings about euro exit
George Provopoulos repeats warning on the consequences of Greece leaving the eurozone; urges next government to implement reform agenda
IMF sounds warning over European deleveraging
Lagarde hopes to ‘significantly’ increase resources available to the IMF during spring meeting; Financial Stability Report also recognises need for increased firewall as deleveraging rages on in Europe