Europe
People: Ingves elected ESRB vice-chair
Appointments at ESRB and ECB; official resigns from the Central Bank of Colombia
Schnabel and Panetta appointed ECB executive board members
The final distribution of responsibilities in January will determine the new members’ portfolios
Manufacturing leverage weakens ECB monetary policy – BoI paper
Eurozone industrial firms’ response to policy shocks decreases as leverage rises, researchers find
ECB warns Lithuanian government over bank tax plans
Plan to tax banks’ assets could harm financial stability, particularly for weaker lenders, ECB says
Benoît Cœuré attacks lack of political will by eurozone leaders
European single market needs serious reform, says retiring ECB official
EU to set up cross-border AML bodies for some banks
Banks working in more than three EU countries must have own anti-money laundering “colleges”
People: Logan to head NY Fed market ops; Norges Bank deputy departs
Lorie Logan and others get senior roles at the New York Fed; deputy steps down early from Norges Bank; payments firm Sia names new chairman
ECB calls on Greece to redraft securitisation plans
Government should consider setting up new regulator for NPL-backed assets, says European Central Bank
Brexit uncertainties reduced Belgian exports to UK - NBB paper
Paper looks at impact on exports and imports of uncertainty caused by Brexit referendum
De Guindos: Boost eurozone banks’ countercyclical capital buffers
Increases in counter-cyclical buffers should accompany decreases in other capital ratios, says ECB vice-president
Lagarde promises wide-ranging review of ECB monetary policy
ECB to form digital currency task force as Lagarde calls for EU action on green finance
Effects of Irish and Dutch macro-pru differ strongly – DNB paper
Researchers look at interaction of monetary and macro-prudential policy in two eurozone economies
Brexit opens opportunity for EU’s capital markets union – research
Future EU-UK relations limited by Brussels’ focus on preserving integrity of internal market
Central banks should collaborate on multicurrency CBDC – research
Lithuania’s central bank notes national CBDC projects will not solve global payment inefficiencies
Banks’ repo muscles may have ‘atrophied’ – Borio
BIS report highlights impact on market functioning from Fed and ECB easing action
Eurozone banks sharply increase voluntary TLTRO II repayments
Firms appear to be preparing for second series of TLTRO III later in December, analysts say
Eurozone bond purchases work as stabilisation tool – BoI paper
Researchers simulate effectiveness of sovereign bond purchases against both real and financial shocks
Banque de France to launch CBDC experiments in 2020
De Galhau says new directorate will look at using wholesale CBDC in transactions for tokenised assets
ECB’s QE boosts equity prices beyond fundamentals – DNB research
Negative sovereign bond yields encourage investors to increase exposure to riskier assets
Latvian coalition nominates new central bank governor
Nominee has publicly disavowed current governor as authorities try to deal with serious allegations
Slovakian government extends bank tax despite ECB warnings
ECB and Slovak central bank warn increased bank levy could endanger financial stability
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
Negative rates not to blame for low eurozone bank profitability – Fed paper
Rates and macroeconomic environment only make up third of shortfall, researchers find
Will the ECB make climate change a policy goal?
Weidmann declared strong opposition to “green QE” as climate groups call on Lagarde to shift policy