Europe
ECB calls for changes to draft investment firm regulations
EU proposals omit macro-prudential measures and could cause statistical problems, ECB says
Banking stress tests need more robust methods – Bundesbank paper
Current methodologies suffer from significant uncertainty, researchers say
IMF authors dismiss global Phillips curve as euro inflation driver
Domestic factors largely behind “remarkably stable” inflation in eurozone
ECB asks for changes to EU’s covered bond proposals
Suggested new regime could lead to significant national differences within EU, ECB says
Politician given National Bank of Austria presidency
Harald Mahrer named bank president as Freedom Party prepares for governor appointment
Financial stability mandate could ‘undermine’ monetary policy – Weidmann
Bundesbank governor says putting financial stability on par with price stability would be a mistake
The battle for cyber resilience
The cyber attack on Bangladesh Bank prompted central banks around the world to change their approach and refocus on contingency planning, but are they ready now?
Capital markets union a la Willie Sutton
When Sutton was asked why he robbed banks, he said: “That’s where the money is.” Europe has yet to address where the capital markets union funding should come from, but there is a solution
Negative policy rates increases risk-taking by high-deposit banks - ECB paper
Eurozone banks with high deposit levels have changed lending patterns since 2014, say researchers
Trade data can detect illegal financial flows, Bank of Italy paper says
Authorities largely ignore “trade-based money laundering”, authors argue
James Bullard on 2% rates, tariffs and Fed leadership
The president of the Federal Reserve Bank of St Louis speaks about the impact of US trade policies, the disruption to the banking industry from Silicon Valley, shrinking the Fed balance sheet and the potential for agent-based modelling
Dealers seek FRTB carve-out for Libor transition
Swaps could be hit with capital add-on as liquidity tails off in Libor
Eurozone mortgage lending back to pre-crisis levels – ECB
New loans reached 4.5% of GDP in the year to March 2018; average since 2001 is 4.4%
ECB unveils guidelines for hiring ‘ethical hackers’
“Tiber-EU” framework designed to help financial institutions toughen cyber defences
Rising wages set to increase inflation – ECB research
Strong GDP growth and employment creation underpins higher underlying price pressures
Banque de France paper analyses sovereign debt crisis
High NPL and sovereign debt holdings affected banks’ interbank funding access, paper finds
People: Bank of Spain governor nominates new deputy
Governor nominates first female candidate to deputy role; central banks in Colombia and Seychelles get new board members; IMF appoints new legal head
Draghi sounds confident note on inflation and growth
ECB president says data points to “solid and broad-based” growth in eurozone
UK regulators welcome Brexit ‘back-stop’ legislation
Draft law would allow firms temporary access to UK markets in event of ‘hard’ Brexit
Regling defends ESM’s role in safeguarding eurozone integrity during crisis
ESM chief says completing banking union would reduce risk of future financial turmoil
Risker Italian banks boosted funding from CCPs during crisis – paper
These banks may have been dropped by bilateral funding partners, researchers say
Competition and profits biggest factors in eurozone credit supply – ECB
Robust growth is expected in all main areas of credit in next quarter, says ECB
ECB criticises proposed changes to EU’s claim assignment law
Changes should put assignments under one legal jurisdiction, not three, ECB says
IMF urges European authorities to complete banking union
Fund backs ECB’s accommodative stance; rates should remain low after QE ends in December