Europe
European yield curve calculation regulations should change, ESRB says
Last liquid point, ultimate forward rate and convergence point should all change, report argues
European insurance resolution needs major reform – ESRB
Insurance sector’s contribution to systemic risk has increased but current tools are insufficient, report says
ECB cautions Slovenia over ‘critical infrastructure’ draft law
Legislation should not encroach on the central bank’s regulation of payments systems, says ECB
ECB council worries about euro’s strength, though recovery continues
Minutes of July’s monetary policy meeting suggest low inflation warrants loose policy, but recovery is gathering momentum
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Lithuanian paper examines interplay between European housing and credit
Panel-like econometrics may give misleading results, authors warn
German court refers ECB bond purchases to ECJ
“Doubtful” whether PSPP is authorised by German and European law, says court
DNB paper looks at Fed’s use of credit swap lines
Federal Reserve used currency swap lines to calm markets in worst of crisis, paper says
Credit spreads’ limited use as short-term predictors – paper
Researcher examines the accuracy of three sets of credit spreads
Esma backtracks on account segregation
Esma opts for minimum EU-wide account segregation requirements
Where have all the women gone?
The number of women working at central banks has increased substantially, but a glass ceiling appears to remain for those reaching for senior management positions
Record-high FX reserves prompt new questions for SNB
Reserves reach $734 billion as Swiss franc depreciates against euro
Fiscal multipliers significantly higher at effective lower bound, paper says
Researchers use data from 17 advanced economies for the period of 1960–2015
Belgium’s mint to close in 2018
Coin production will be outsourced to save money, given decline in production, losing no jobs in the process, Mint official says
Wide differences exist in European fintech regulation, EBA says
Largest proportion of surveyed firms subject to no regulation
ECB and ESRB present database on European financial crises
New database will be key tool for macro-prudential authorities
Stanley Fischer analyses the factors behind low real interest rates
The economist emphasises government policy uncertainty in the US regarding health care, regulation, taxes and trade, as well as higher savings and weak investment
Banks’ funding plans need ‘careful monitoring’, EBA says
Planned increase in MREL issuances in 2018–09 may cause problems, report warns
QE could create balance sheet problems – Irish deputy governor
Eurozone’s asset purchase programme increases the interest rate risk for central banks, Donnery and co-authors write
EU money fund rule threatens negative rates management tool
Constant net asset value funds may have to change format during prolonged spells of negative rates
Central banks must exit asset purchase programmes with care, paper finds
Bundesbank paper uses model of eurozone to judge effects of asset purchases
People: IMF appoints new strategy head; ECB promotes directors
IMF promotes Lagarde’s chief of staff; Finland appoints research director
Eurozone’s demographics will continue to push interest rates down – paper
Structural policies will take time to reverse impact of adverse demographics, researchers say
Jaime Caruana defends pre-crisis record as Bank of Spain governor
Former governor says ultimate responsibility was on the “deficient” management of the regional savings banks, which relaxed their lending standards