Europe
Eurozone’s RTGS system suffers major outage
ECB says Target2 system’s production site had to shift to alternative region – rules out cyber incident
G+D and CPS are ‘most approved’ for banknote sorting
Just over half of survey sample endorses Munich-based manufacturer
Websites are top currency communication tool
More than two thirds of currency managers use social media; regional disparities emerge on preferred communication tools
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
DNB paper looks at eurozone’s interest rates
Paper looks at effects of ECB monetary policy shocks on bank equity prices from 1999 to 2020
Printing is the most outsourced area of the cash cycle
Just over 60% of survey respondents contract out currency printing; lower-income countries most likely to outsource
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
ECB paper presents new measure of underlying inflation
“PCCI” measure does not exclude HICP items and gives timely notice of turning points, authors say
EU sees huge appetite for new triple-A asset
‘Sure’ bonds offer the ECB a less controversial option for asset purchases
ECB paper looks at eurozone money markets
Policy-makers must ensure smooth functioning of secured money markets, researchers say
Lagarde and Weidmann clash over EU recovery fund
ECB president wants it to become a permanent fiscal tool, Bundesbank president thinks it should remain a one-off
Fed’s Covid-19 response drove euro’s appreciation – ECB paper
Effects of QE on exchange rates are comparable to conventional monetary policies, researchers find
Banks and regulators call for global climate risk standards
Carney and Winters warn private sector cannot move much further without lawmakers
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Information drives transatlantic policy spillovers – ECB paper
Tighter ECB policy often causes financial easing in US due to “information effect”, researcher argues
ECB will consider dropping market neutrality – Lagarde
Policy review will consider abandoning principle guiding asset purchases, but Bundesbank’s Weidmann is opposed
Spanish governor in favour of extending support to non-financial firms
Hernández de Cos favours grants and equity injections over debt issuance
Central bank refinancing greatly lowers banking risk – ECB paper
Paper uses data on post-crisis eurozone to calculate effects of refinancing rate on risks facing banks
Reforms cut risk-taking by G-Sibs – ECB paper
Researchers say reforms may have at least partly resolved “too big to fail” problem for largest banks
ECB’s Panetta stresses digital euro should preserve privacy
Central bank launches public consultation on digital euro
Lagarde calls on governments to prolong fiscal support
ECB president thinks regulatory, investment and education measures are needed to boost post-pandemic recovery
Should the ECB follow the Fed in adopting a dual mandate?
Current and former officials argue an expanded mandate could prove ineffective and compromise ECB’s independence
Austrian paper estimates effects of European helicopter money
Researchers use data on likely consumption of windfall income from survey of 17 European countries
BoE may update resilience guidance, post-Covid
Granular targets on minimum service provision after outages could be revisited, adviser suggests