Europe
Pricing the lives saved by coronavirus policies
How does the effort to reduce risks to human life from Covid-19 compare with the economic losses?
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic and financial collapse
IMF and Yale provide data on virus responses
IMF site provides information on G20 country responses to virus
ECB drops bond-holding limits for crisis response
€750bn stimulus programme will not be subject to previous limits on holding countries’ bonds
ECB paper looks at euro exchange rate shocks
Exogenous exchange rate shocks having more impact on eurozone inflation, researchers find
ECB sharply ramps up asset purchases
Central bank increases securities holdings by €17.4 billion, the highest for two years
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements in the safety and soundness of the European banking system
ECB temporarily relaxes NPL regulation
Central bank estimates lower capital requirements will release €120 billion for lending
Dollar crunch eases as central banks step up swaps action
Core swap recipients will offer daily dollar auctions; cross-currency basis narrows
ECB launches €750bn emergency purchase programme
Governing council says new tool will remain active until Covid-19 crisis is over, stands ready to increase it
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
The Tokyo Olympics: downside risks prevail
The Bank of Japan’s latest stimulus effort seems to be weak, and comes at a time when the benefits of hosting the Tokyo Olympics may be overstated – even if the games still take place
Central banks and banks: a changed relationship
The development of large, complex international capital markets has reshaped the relationship between central banks and their commercial counterparts
Fed cuts rates 100bp as central banks launch joint action
US central bank unveils unprecedented coronavirus response package as global swap lines are bolstered through co-ordinated action
ECB strongly criticised by French and Italian leaders
Lagarde’s words spark Italian anger while Macron says first ECB measures are not sufficient
Lagarde misstep overshadows ‘bold’ measures, analysts say
ECB president seemed to have hampered governments’ debt financing at a critical juncture
ECB lowers capital levels as EBA postpones stress tests
Coronavirus response sees ECB loosen limits for largest banks while EBA calls for supervisory flexibility
Lagarde seems to stumble as ECB announces coronavirus response
ECB announces more QE, expanded financing and loosening of banks’ capital and liquidity buffers
ECB likely to shy away from rate cut, analysts say
Central bank expected to unveil targeted measures to support banks and SMEs
FedNow: the advantage of going last
While the Fed is late in developing instant payments, it can learn about fraud detection, interconnectivity and directory services strategies from Europe, the UK and Australia
Cyprus central bank adopts Franco-Spanish treasury system
Banque de France and Bank of Spain encourage all eurozone central banks to use system