Europe
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Slovenia’s central bank warns lawmakers over bail-in
Central bank says draft law would hand it unlimited liability for bondholder losses
Exchange rate shocks gaining importance for eurozone inflation – research
Core inflation less influenced by exogenous factors, Bank of Spain research paper says
Large forex dealers are key to asset pricing – Bundesbank paper
Capital ratios of large forex dealers are important in explaining asset price movements, paper says
Central banks should consider wholesale digital currency – BdF deputy
Markets’ “tokenisation of financial assets” risks creating disorderly infrastructure, Beau says
Trichet defends Draghi’s legacy against growing criticism
Former ECB president says unconventional monetary policy measures have helped to avoid deflation
Falls in uncertainty may warn of coming crises – Bundesbank paper
Researchers attempt to quantify relationship between rising confidence and early signs of crisis
Draghi defends ECB policy
ECB president welcomes debate but insists crisis-fighting policies saved eurozone
New German ECB board member may help unify governing council
Leading candidates seen as capable of playing a more constructive role, as critics become more vocal
ECB governing council members disagreed over QE, minutes show
Members also differed over staff assessments of eurozone, but “large majority” backed rates move
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
ECB paper takes new approach to modelling lower bound
Model uses regime-switching approach to look at returns on short-term bond yields
Eurozone supervisors voice concerns over AML regime
Fintech creates opportunities for both authorities and money-launderers, agencies warn
Schlesinger and Issing lead attack on ECB policies
Six senior former policy-makers call for tighter eurozone policy as Draghi’s term nears its end
ECB and Fed unite on global currency standard
The two central banks want to create the ‘USB of currency processing’
Eurozone bail-in regime has not widened bond spreads – ECB paper
Wider financial and economic environment play key role in determining bond spreads – researcher
Protracted low rates demand solid macro-prudential frameworks – Claudia Buch
Bundesbank vice-president says nature of monetary union demands strict surveillance
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
Eurozone should re-think stress tests, Enria says
Top ECB supervisor suggests splitting tests to make them simpler and less costly
ECB’s OMT and banking union rekindled financial integration – research
Subprime mortgage crisis interrupted progressively higher integration from 1995–2007
Italian government nominates Panetta to senior ECB role
Nominee is trained economist with over 30 years’ service at the Bank of Italy
Book notes: Economics for the common good, by Jean Tirole
The book should be well received amid the recent rise in populism
Lautenschläger resigns early from ECB governing council
News fuels speculation over German opposition to looser monetary policy
Emir data can give valuable insights on rate expectations – ECB paper
New methodology uses data on OTC transactions to track market expectations of interest rates