Mario Draghi
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
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’
Draghi stresses willingness to act as ECB cuts inflation forecasts
Governing council holds policy as ECB staff cut inflation forecasts over the forecast horizon; Mario Draghi stresses QE could run beyond September 2016 if necessary
Eurozone inflation ‘may well have’ reached turning point
ECB governing council members suspect underlying inflation reached a turning point earlier this year, but feel it is too soon to say for certain, accounts from July meeting show
ECB paper models joint default risk with fat tails
Researchers reject normal distribution in favour of one with fatter tails, find ‘unprecedented’ tail risks in 2011-12 fell sharply after the OMT announcement
ECB lifts veil on ELA as it raises Greek cap
No action on monetary policy but governing council extends further lifeline to Greek banks; Draghi admits policy of keeping emergency liquidity secret is unnecessary in a systemic crisis
European leaders to meet as Greeks scramble to produce new proposals
Heads of state and finance ministers to meet on July 7, with Greek government expected to present new proposals; chief negotiator takes over as finance minister
Minutes show ECB happy to ‘look through’ volatility
Governing council carefully considered market volatility including the increase in government bond yields in June meeting, concluding it had not ‘materially altered’ economic outlook
Greek banks shut for a week as ECB freezes emergency fund
Banks closed and ATM withdrawals capped after the ECB's governing council freezes the supply of emergency liquidity; Greek government calls referendum on latest proposals for July 5
European presidents publish road map to closer union
Mario Draghi among senior officials to contribute to report calling for greater economic convergence, financial integration and ultimately more shared decision-making on fiscal policy
EU court rules OMTs are legal
ECB is vindicated as ECJ rules in favour of crisis measure that would see the central bank buy potentially unlimited amounts of sovereign debt to protect ‘singleness’ of monetary policy
IMF's Blanchard urges compromise in Greek negotiations
Both sides need to make tough choices but more funding and some form of debt relief necessary, says IMF chief economist; Mario Draghi emphasises need for long-term EU institutional change
Draghi defends ‘distributional consequences’ of QE
ECB president suggests easy monetary policy will benefit all citizens in the longer run; economists describe impact on inequality as “ambiguous” in research prepared for Econ Committee
Draghi defends ECB participation in private events
ECB president tells EU ombudsman that Benoit Coeuré did not reveal market-sensitive information at event in London in May; attributes late publication of speech to ‘internal miscommunication’
Draghi warns high volatility here to stay
Government bond yields continue to climb as Draghi says ‘we should get used to periods of higher volatility’ with interest rates on the floor; ECB keeps policy unchanged
Mario Draghi urges reform to ‘unleash’ eurozone potential
ECB president highlights importance of the credibility and type of structural reforms, as well as their interaction with other policies; Stanley Fischer points to ‘missing fiscal framework’
Mario Draghi sees large toolkit as ‘standard’ in 2020
ECB president tells Olivier Blanchard the central bank will retain a broad set of monetary instruments in five years’ time; insists QE will not be tapered early
Protester shocks Draghi at ECB press conference
President’s opening remarks disrupted by protester rushing the stage; Draghi regains composure to deliver upbeat message on impact of QE in eurozone
Rates have hit lower bound, say ECB minutes
Second ‘account’ of ECB policy meeting suggests -0.2% is the effective lower bound for interest rates, but governing council mulls various options for extending QE should it be necessary
Draghi defends ECB’s voting opacity
While extolling the virtues of central bank transparency, the ECB governor says not publishing a voting record allows members to support the overall decision despite privately disagreeing
ECB closely watching impact of QE on financial stability
Mario Draghi tells Econ committee the central bank is aware of the potential for QE to inflate asset prices and invite excessive risk taking, but risks are ‘contained’ at present
Third TLTRO sees extra €98 billion borrowed from ECB
Latest allocation of cheap loans pushes total amount borrowed to €310 billion; measures aimed at repairing transmission mechanism and encouraging loans to real economy
Protestors clash with police as ECB opens new premises
Demonstrations organised to coincide with inauguration of new ECB building lead to outbreaks of violence; Draghi calls for economics and politics of integration to be ‘reconciled’
Draghi wants shared sovereignty over structural reforms
ECB president fleshes out vision for ‘common governance’ of product and labour market reforms in the eurozone; advocates adopting an ‘institution-based approach’ to common governance