European Union (EU)
FCA urges progress on equivalency for derivatives trading
US and EU regulators should base recognition decisions on outcomes, not technical details
ECB backs EC plan to consolidate macro-prudential policy
Central bank says it should be handed new and clearer powers, while toolkit should go “beyond banking”
ECB publishes latest eurozone trade and investment guide
“Bop and IIP book“ explains compilation of national and eurozone figures
Eurozone must urgently raise productivity, Draghi warns
ECB policy provides governments with "window of opportunity" for reform, ECB president says
Austrian central bank gives award to two young economists
Papers study responses to shocks in structural funds and effects of trade on business cycle
‘Significant’ housing market risks in eight EU states – ESRB
UK outlook “highly uncertain”, while regulatory mandate in Sweden is “not clear”
Praet calls for European ‘fiscal backstop’ and deposit insurance scheme
Limited banking union leaves Europe more open to country-specific shocks, ECB economist says
Cœuré spells out ECB’s stance on Greek reforms
The Greek government must reform the legal process and status of banks, senior ECB figure says
Eurozone reform projects are not delivering, French governor says
“Investment crunch” is biggest problem, not savings glut, Villeroy de Galhau says
European supervisors publish new anti-money laundering guidelines
Some firms concerned over national supervisors’ ability to regulate money laundering risks
EU places sanctions on new Syrian central bank governor
Duraid Durgham placed under asset freeze and travel ban due to “support for Syrian regime”; Syrian currency under severe pressure from war and sanctions
Unit root methods can help detect financial bubbles, Finnish paper argues
Researchers apply tool to data from 15 European countries
EBA recommends changing basis of resolution finance
“Crucial” that new measure reflect ability to call on funds in case of resolution crisis, EBA says; new measure should be based on total liabilities
Irish central bank publishes minutes of first macro-prudential committee meeting
Governor and senior staff approve current O-Sii and C-Cyb plans; intend to look further at impact of macro-prudential measures on housing markets
EBA sets out 2017 work programme
Authority will undertake “re-prioritisation exercise” after European Commission does not meet full staff request
Coen seeks to quell European fears on Basel III
European parliament members accuse Basel Committee of favouring US over European banks; William Coen says “Basel process” is transparent and not dominated by any one interest
European Commissioner cautions US on TLAC rules
Dombrovskis says foreign banks should not be mistreated by Fed internal TLAC proposal
European commercial bond market may suffer from lack of liquidity, ESRB says
Banks complain of effect of European regulations on liquidity; reporting on European fixed income markets still has “significant information gap”
Basel Committee hits turbulence on approach to year-end deadline
Central banks and supervisors offer support to its year-end goal, but industry players and EU countries show growing concern over higher capital levels
Basel Committee warns on potential missed deadlines
A “significant number” of Basel standards still need to be translated into domestic regulation as deadlines loom; problems with risk-weighted asset variability and inconsistency continue
Book notes: The euro and the battle of ideas, by Markus K Brunnermeier, Harold James and Jean-Pierre Landau
The authors have produced a fascinating and informative book that offers suggestions on how differences in beliefs can be overcome
ESRB unveils methodology for mapping shadow banks
ESRB presents report on European shadow banking and identifies major risks in sector; says major gaps in data still exist
Irish central bank warns of ‘negative and material’ impact from Brexit
Quarterly bulletin discusses channels through which UK vote to leave EU will affect Ireland; economy expected to grow by 4.9% this year and 3.7% next
Slovenian bail-in was legal, ECJ rules
Decision to wipe out some subordinated debt before recapitalising Slovenian banks in 2013 was challenged, but court finds it is compatible with EU law