Europe
Can rainy-day funds make a difference in Europe?
The Bank of Italy has published a paper looking at whether rainy-day funds, which US states (who usually have to balance their budgets) use to limit procyclical fiscal policies, have a role to play in European fiscal policy.
Crisis shows why we need Basel II, says Committee
The recent banking crisis has underlined the importance of Basel II implementation, according to the Basel Committee on Banking Supervision.
Sales remain within Gold Agreement Limit
Gold sales by the 16 signatories to the Central Bank Gold Agreement between 27 September 2006 and 26 September 2007 amounted to 475.75 tonnes, 24.25 tonnes shy of the 500 limit, the Bank for International Settlements said on Wednesday.
Speed up on SEPA: ECB's Tumpel-Gugerell
Banks need to step up their efforts if they are to be prepared for the launch of the Single European Payments Area (SEPA) on 1 January next year, according to Gertrude Tumpel-Gugerell, a member of the executive board of the European Central Bank.
Target2: ready to go
Five years in the making, Europe's new large-value payments system, known as Target2, is ready to go live on 19 November.
Europe set for SEPA after Sibos session
"SEPA is here! I met it in Boston," declared Jean-Michel Godeffroy, head of payments systems and market infrastructure at the European Central Bank (ECB), as Europe's payment players agreed to send, receive and process euro payments according to new…
Banks struggle with SEPA set-up
More than half of banks will not be able to comply with the Single Euro Payments Area (SEPA) initiative, which comes into effect in January.
Some grim reading for bankers
A paper published by the European Central Bank has found the interdependence of lending decisions by national subsidiaries of global banks can lead to contagion.
BIS paper on house prices in emerging Europe
This BIS working paper examines the determinants of house price increases in central and eastern Europe.
Trichet's testimony to Parliament
The president of the European Central Bank, Jean-Claude Trichet, testified to the Euroepan Parliament's Economic and Monetary Affairs Committee earlier in the month.
EU central bankers decide against bail-out rules
Finance ministers and central bankers from the European Union decided at a weekend meeting in Portugal not to draw up fixed rules in advance on bailing out banks and other financial institutions with cross-border operations in the EU.
We can overcome international snub - Iran deputy
Mohammad-Jaafar Mojarrad, the deputy governor of the Central Bank of the Islamic Republic of Iran, said it is handling the impact of the US's plea to Europe's banks to stop trading dollars with the country.
Central bank gold sales to approach limit
Members of the central bank gold agreement (essentially the eurozone plus Sweden and Switzerland) have sold 396 tonnes in the first 10 months of the "gold year", as much as the total for the whole of last year.
ECB publishes "Blue Book"
The 2007 edition of the Blue Book, which describes the main payment and securities settlement systems in the EU, comes in two volumes: one on countries in the euro area, the other for non-euro area countries.
Market optimism fades after Fed action
After the rally in US equity market of Friday continued in Asian and European markets after the weekend, Wall Street indexes were firmly back in the red by mid-day on Monday.
CEBS advises on liquidity risk management
The Committee of European Banking Supervisors, which acts as a consultant to the European Commission on banking policy issues, published the first part of its technical advice on liquidity risk management.
Norway raises rates to 4.75%
The Central Bank of Norway has increased its key policy rate by 0.25% to 4.75%, despite acknowledging recent market turmoil.
ECB on downward wage rigidity
A study published by the European Central Bank (ECB) on 31 July, has found that the number of industries affected by downward nominal wage rigidity in OECD countries increased between the 1970s and 1990s.
How competition policy affects banks - report
A new report from the ECB finds that as competition policy strengthens banks' share prices rise, but those of non-financial firms fall.
Trichet: no complacency on sub-prime markets
In an interview Jean-Claude Trichet, president of the European Central Bank, said he remained cautious of the crisis of the sub-prime market in the United States.
ECB calls for new debit card schemes
The European Central Bank (ECB) would like to see the emergence of new debit card schemes to rival the dominance of Maestro.
Why Europe needs a banking charter
The authors of this IMF Working Paper argue that a full-fledged EU-level prudential regime that operates along-side national regimes - which they call a "European Banking Charter" - could harness market forces to establish a level playing field for…
Papademos on euro adoption in Malta and Cyprus
In this speech, Lucas Papademos, the vice-president of the European Central Bank, discusses the adoption of the euro in Malta and Cyprus. The two island economies will adopt the euro on 1 January 2008.
Local currency bond markets risks lower
Exposure to currency depreciation risk has declined in most emerging market economies, according to a report on "Financial stability and local bond markets" published on 9 July by the Committee on the Global Financial System.