Europe
Facing up to the tech challenge
Central banks get a wake-up call from libra
Enria proposes more change for eurozone stress tests
New framework would include macro view, but will not be ready until 2022, says chief ECB supervisor
Cœuré flags risks to ‘autonomy and resilience’ of European payments
Central banks need to resist payment market fragmentation, says ECB official; Banque de France’s Beau calls for experimentation with wholesale CBDC
EU could take legal action against Slovene central bank law
Commission could act over lawmakers’ bid to force central bank repayments
Focus on cross-border payment systems, not CBDC – Bundesbank official
German central bank board member says “fast and efficient” payment network should take priority over digital currency development
Lagarde says eurozone must end export dependence
Call to boost demand is likely to be seen as aimed at German policy-makers
Regulators and firms confront problems of ‘open banking’
Basel Committee report says challenging trade-off exists between privacy, security and efficiency
Eurozone should look at raising capital buffers – ECB paper
Impact on growth of 50-basis point rise in counter-cyclical buffers would be limited, researchers say
European pension fund liquidity may need to rise – Danish central bank
Central clearing exemption to expire in 2023 under market infrastructure regulation
People: French official becomes ECB’s market operations director
RBNZ replaces assistant governor role in main office with Auckland post; World Bank’s investment arm gets new managing executive officer
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
ECB paper looks at eurozone corporate debt purchases
Buying of corporate bonds by ECB boosted issuance of euro-denominated debt – researchers
Dutch governor warns of unconventional policy hazards
Knot also argues for expansionary fiscal policy and symmetrical inflation target
EBA’s Campa: reduce Pillar 2 charges to offset output floor
Bankers plead for smaller capital hit and more predictability on implementation of Basel III
De Guindos says ECB ‘implicitly has symmetrical targeting policy’
ECB vice-president backs Macron plan for common eurozone fiscal policy
Italian banks exploit ECB tiering to sharply boost local deposits
Rush to exploit arbitrage opportunity is “interesting showcase” of fragmented markets, says Benoît Cœuré; giving non-banks access to liquidity could help
France’s ACPR will not comply with Eiopa Brexit recommendation
ACPR is concerned over risks shifting from UK to France
Powell to lead two key BIS committees
French governor leads BCBS oversight body, BoE’s Cunliffe to head CPMI, and NY Fed has key Americas role
ECB’s Mersch shows support for European deposit insurance scheme
Europe must look to create a stronger integrated market, he says, while urging European governments to do more with regard to fiscal policy
A spotlight on IPSAS Draft 69
Proposed accounting guidance for specific instruments by the Public Sector Accounting Standards Board may have significant implications for central banks
European Commission mulls climate risk regulation
New green finance strategy could include new climate stress tests – Dombrovskis
ECB’s Löber: Facebook’s libra a “black hole” of legal certainty
But current global standards fit for purpose to underpin digital assets
Book notes: The Bank of England and the government debt, by William Allen
Required reading for Treasury, Debt Management Office and Bank of England staff
Decentralised reserves system brings benefits – ECB paper
Management of reserves by eurozone’s national central banks boosts competition – researchers