Europe
ECB has made ‘little use of macro-pru powers’, senior official says
Eurozone authorities lack powers to deal with diffuse sovereign risk or shadow banks – ECB official
ECB secondary bond purchases are legal, European Court of Justice says
European Union’s highest court rejects German activists’ claim that PSPP breached constitution
Central banks turn to visual communication in 2018
More than 30 central banks started YouTube channels over the past 12 months, according to Central Banking Directory 2019; Bank Indonesia retains Twitter titles
People: Kenyan and Samoan governors named to UN digital task force
Kenya’s Njoroge and Samoa’s Ainuu-Enari to investigate digital impact on financial inclusion
Lack of monetary autonomy ‘central’ to eurozone debt crisis – researchers say
Spain would have been ‘immune’ to rollover debt crisis outside eurozone – Minneapolis Fed paper
Bundesbank paper looks at effects of sanctions regimes
German banks cut activity in sanctioned countries but subsidiaries may increase lending, paper finds
Bank lending standards can worsen financial frictions, ECB paper finds
Model shows tighter lending standards can damage productivity, researcher argues
ECB adopts new capital key
National central bank shares adjusted, but governors’ voting allocations remain unchanged
Cyprus governor says 2015 police raid stopped her investigating politicians’ debts
Governor Georghadji offers to re-start investigation into loans to “politically exposed persons”
Italian crisis and trade tensions are raising eurozone risk – ECB
Emerging market stress and fears of protectionism may drag down global growth, ECB says
ECB launches eurozone real-time retail payments platform
ECB aims to prevent fragmentation of European real-time payments market
No-deal Brexit could hit UK harder than global financial crisis, BoE says
Latest analysis from the UK central bank says growth could plummet 8% in the event of a no deal
ECB and EBA action may have limited CoCo contagion – BoI paper
Deutsche Bank CoCos spread volatility throughout European banks in 2016, researchers find
Brexit set to transfer powers to UK regulators
Government to replace EU financial institutions’ powers with UK versions, says FCA, which will gain oversight of credit ratings and trade repository regulation
Banking union needs political courage – senior ECB supervisor
MREL ratios only gradually phased in while deposit insurance is non-existent, Angeloni says
Greek central bank suggests switching €7.5 billion in bad assets to new entity
Uncertainty over whether government or European Union will accept suggestion
Esma acts to give UK-based CCPs EU access if ‘hard Brexit’ occurs
Banque de France governor says equivalence must last “no more than a year or so”
Brexit vote has hurt UK investment – IMF paper
Researcher presents proxy term for UK firms’ exposure to Brexit costs
QE has persistent impact on foreign exchange, researchers find
European Central Bank QE caused euro to fall 12% against dollar - Dallas Fed paper
Riksbank considers joining EU’s faster payments system - deputy governor
Cecilia Skingsley says Riksbank is reviewing how it distributes central bank money
ECB paper examines banks’ responses to unconventional policy
Weaker banks’ sheets reduce credit supply in response to conventional policy shocks, paper finds
ECB sets up anti-money laundering office
Nouy says new office will enable information exchange and act as “centre of expertise”
Riksbank urges introduction of 5% leverage ratio
Sweden’s central bank sounds the alarm to fellow supervisor, urging action as housing market uncertainties begin to threaten financial stability
ECB unveils richer eurozone forecasting model
“NAWM II” models financial sector’s role in originating and propagating economic shocks