Europe
ECB narrows down choices for next supervisory head
Donnery, Enria and Ophele will appear before European Parliament
Cash still reigns in euro area
Large number of countries still use cash for high-value payments, but national disparities remain
Globalisation becomes more divisive as it advances – Dani Rodrik
Harvard economist says gains from trade may not outweigh redistributive problems
EU countries to build payments link with Iran
“Special purpose vehicle” designed to allow “legitimate business” with Iran, despite US sanctions
EC’s Cyprus ‘failure’ undermined Eurozone central bank independence – Demetriades
Barroso’s decision not to take legal action against Cyprus for undermining the independence of the central bank damaged the ECB’s authority and emboldened others, claims former CBC governor
People: NY Fed names new chief information officer
Pamela Chase Dyson to lead tech group; Richard Clarida sworn in; EBA appoints board member
Demetriades says EU-level AML enforcement vital to tackle ‘security risk’
Centralised and credible AML enforcement body needed to complete banking union and protect EU security, says former Eurosystem governor
European banking and capital markets union would foster growth – Draghi
More integrated financial markets can contribute to higher productivity growth, says ECB president
ECB should enhance forward guidance during normalisation – Cœuré
Executive board member thinks changing economic phase and QE unwinding require more communication
Demetriades on political pressures on central banks and their governors
Former governor of the Central Bank of Cyprus speaks about the Cypriot banking crisis, the need for EU-wide AML oversight, independence and his fears for stability of the monetary union
Banks will ‘inevitably’ fail, says Ireland’s Donnery
Deputy governor takes stock of the policies implemented since the financial crisis to protect consumers against bank collapse
Protectionism main source of uncertainty for global economy – Draghi
ECB keeps rates unchanged and reaffirms QE programme will end in December 2018
ECB official calls for European action on money-laundering
Corrected: Commission said to be considering enhanced role for EBA after recent scandals
People: Lagarde rules out transition to top EU jobs
IMF chief dismisses rumours linking her to upcoming changes in EU leadership positions; Bundesbank appoints executive board members; Thailand picks board member
European Commission proposes AML powers for EBA
Jean-Claude Juncker sets anti-money laundering as a priority for the European Union
ESM’s Pacciani says public bodies must balance risk and mission
Public institutions must meet their mandates without losing sight of sound risk management, the chief risk officer says
Risks posed by some ‘shadow banking’ firms not fully known, ESRB says
“Significant data gaps” prevent full assessment of “other financial institutions”, report says
FCA’s Bailey hits back at EU location demands
It is not necessary for all EU financial activity to take place in the EU if co-operation is close and rules are aligned, the FCA chief argues
ECB should not be lead agency for EU financial stability – Mersch
Democratically elected institutions should play main role, ECB board member says
Eurozone’s largest banks are penalised for intra-EU transactions – Praet
International regulations should recognised progress made under banking union, says senior ECB official
Financial literacy differs greatly between countries – OeNB paper
Some differences are due to survey methods but others may reflect institutional factors, find researchers
Foreign jurisdictions could disrupt European payments, Mersch warns
EU must end reliance on foreign-based payment card providers, ECB official says
Time running out for EU Brexit temporary permissions regime
UK clearing houses may need to eject EU member positions if BoE scheme is not reciprocated by year-end
Weidmann urges Greece to implement further reforms
Deutsche Bundesbank president recommends additional reforms and “sound” fiscal policy