Europe
Inside the ECB’s upgraded multi-country model
ECB-Base sets the blueprint for a new semi-structural workhorse model of the eurozone
Slovenian law passes despite central bank calling it illegal
New law is latest action in long-running political campaign to penalise central bank over bail-in
BdF paper uses professional forecasts to improve BVAR model
Authors use “entropic tilting and soft conditioning” to incorporate survey data into model
German government to nominate Isabel Schnabel to ECB’s board
Economist is considered more capable of influencing monetary policy than previous German officials
Eurozone fiscal policy needs to change – DNB governor
Klaas Knot says evidence points to need for aligning monetary and fiscal policy
Demand for cash remains solid in many parts of the world
Sayuri Shirai re-examines the decline of cash use worldwide
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
ECB monetary policy statements should change – Italian governor
Visco rejects idea of putting names to votes as eurozone governors differ on inflation policy
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