Europe
IMF issues reality check on European banking union
Researchers say it could take five years to fully implement banking union in Europe, and warn a piecemeal approach could actually make the situation worse
Ireland aims to cut cheque use by two thirds in three years
Central Bank seeks to reduce cheque usage in line with European average, with the potential for significant reductions in the cost of payments
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
French president calls for euro exchange rate policy
François Hollande says the single currency cannot be left vulnerable to the whims of the market and a valuation that wipes out efforts to improve competitiveness
‘Crisis in the eurozone is not over’, says MAS chief
MAS's Ravi Menon offers a roadmap to central banks and governments to help ‘normalise’ the global financial system; hits out at loose monetary policies and says fiscal policy debate is misinformed
BoE paper finds impatience increases austerity costs
Discussion paper finds close link between a country’s time preference and its fiscal multiplier, implying that countries wanting a slower fiscal adjustment face higher costs to austerity
ECB working paper highlights success of LTROs
Researcher finds three-year long-term refinancing operations significantly boosted European growth prospects and eased lending conditions
Macro-prudential policy can prevent euro area imbalances, says Polish paper
National Bank of Poland study finds macro-prudential instruments can prevent periphery and core imbalances emerging in the euro area, but only if applied regionally
Draghi optimistic as ‘darkest clouds’ in euro area subside
ECB president Mario Draghi praises the euro area’s achievements in 2012, and urges countries to be unrelenting in their pursuit of reform
ECB working paper posits improved volatility measure
Paper proposes new measure of volatility that provides information on whole market rather than single maturities; authors say results are simpler and more robust than existing models
Portugal's Costa demands greater European co-ordination
Bank of Portugal governor says individual countries’ adjustment programmes alone are not enough to boost Europe’s growth potential
EBA finds distortion in e-money practices across EU
Electronic payments market in Europe distorted by differing interpretations of EU anti-money laundering and counter-terrorist financing directives by member states, according to new EBA report
RBI’s Sharma urges euro area rebalance
Reserve Bank of India executive director says current account imbalances are ‘inherently unsustainable’; periphery countries must pursue greater productivity and competitiveness
Noyer trumpets Eurosystem response to crisis
Banque de France governor Christian Noyer believes the monetary policy adopted in the Eurosystem is a source of ‘immediate confidence and stability’
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target
ECB paper models heterogeneous shock transmissions
Working paper examines macroeconomic and financial linkages between countries; finds significant but heterogeneous transmission of shocks
Austria’s Nowotny advocates new growth strategy for emerging Europe
Ewald Nowotny says explosive, capital-driven growth model has been discredited in the wake of the financial crisis; suggests more sustainable model is needed
EBA reveals criteria for assessing good governance
European Banking Authority sets out process, criteria and minimum requirements for assessing suitability of top management of credit institutions
European fiscal stimulus assessed by Fed paper
Economic Recovery Plan had a sizeable but short-lived impact on GDP
IMF paper dissects bond yield determinants
Fund research distinguishes between long- and short-run elements in bond yields, finding European periphery yields overstated actual fundamentals
Europe more fiscally balanced than US, Japan and UK, says Draghi
ECB president says euro area has made ‘amazing’ progress with fiscal consolidation
Greek mythology character to adorn new euro notes
New ‘Europa’ series of bank notes unveiled by ECB with five-euro note bearing the image of a Greek mythological princess first to be introduced in May 2013
Fed study shows US banks still wary of lending to European peers
US banks are continuing to tighten lending standards to their European counterparts with some winning additional business as a result of reduced competition from European banks, Fed study finds
Italy’s Visco promotes ‘deeper’ Europe
Bank of Italy governor says long-term solution to crisis is a more fully constructed Europe, although not all central bank tasks should be centralised