Europe
Eurozone’s economy contracts for two quarters running
Economic contraction will be a focal point of ECB meeting on June 15
Few non-banks have access to RTGS systems
Maximum number of institutions reported to have access to one RTGS system was 233
Eurozone carbon tax hike would cause small GDP fall, paper finds
Raising tax to rate consistent with net zero would create only transient inflation, researchers say
Eurozone needs harmonised resolution tools, officials say
Commission proposals could bolster stability and common deposit insurance plans, say supervisors
Most central banks have payment and settlement supervision mandates
Payment system laws contain oversight powers in two-thirds of jurisdictions
ECB paper examines green regulation’s productivity impact
Tougher rules seem to hurt productivity, but might raise it over longer horizons, researchers say
Payment ecosystems remain relatively unchanged over past year
Most central banks help price RTGS services and many do for credit transfers and direct debits
Eurozone consumer inflation expectations down ‘significantly’
ECB data shows median 12 months ahead expectations fell to 4.1% in April
ISO 20022 payments messaging adoption rate increases
Majority of central banks uphold plans to transition by 2025
More than 80% of central banks are investigating CBDC
Central banks feel negatively about retail digital currencies in their payment systems
Eurozone inflation declines sharply in May
Core inflation declines from 5.6% to 5.3%
Lagarde warns against excessive tightening
Eurozone inflation declined sharply in May from 7% to 6.1% and core inflation declined to 5.3%
IMF considering Liechtenstein application
European microstate could become 191st member of fund
IMF economist takes on vexed question of macro-pru calibration
Housing markets are “at a turning point”, says Laura Valderrama, and policy faces tough trade-offs
Most central banks regulate or operate instant payment systems
Bank accounts, phone numbers and QR codes are most common access tools for instant payments
Common deposit insurance essential for financial stability, says ECB
Central bank says tighter financial conditions are putting pressure on households and businesses
Most RTGS systems are more than three years old
Nearly 60% of central banks plan to upgrade their RTGS payment system in the next year
Offline digital euro solution could be years away, ECB says
Central bank invited market participants, including Amazon, to carry out front-end protocol tests that included self-custody wallets
Most central banks use third-party payment providers
Montran, Swift, and CMA Small Systems come up repeatedly as third parties
Carbon pricing would have ‘limited impact’ on eurozone inflation, says paper
Inflation would rise less than 0.2% per year until 2025 and then decline, researchers say
ECB needs ‘persistence’ in tight policy, French governor says
Transmission is slow but rate should reach terminal level in summer, says Villeroy de Galhau
Governors weigh trade-offs between inflation and financial stability
Officials stress central bank independence is key to addressing these risks
ECB paper estimates inflationary effects of climate change
Rising temperatures are having persistent effects on prices, especially for food
ECB policy leaks have ‘sizeable impact’
Leaks tend to reflect minority views and reverse trends in short-term rates