Germany
German inequality would fall with US-style home ownership, Bundesbank study shows
Discussion paper fits US home ownership structure to German economy, finding large changes in the distribution and median level of wealth
Weidmann sees bond reversal as ‘a kind of re-normalisation’
Bundesbank president argues sell-off is a ‘correction of market overshooting’ in the wake of ECB asset purchases; insists volatility is ‘not exceptionally high’ at present
Draghi warns high volatility here to stay
Government bond yields continue to climb as Draghi says ‘we should get used to periods of higher volatility’ with interest rates on the floor; ECB keeps policy unchanged
Outlook brightens for eurozone SME financing, ECB reports
Report shows access to financing improved over the most recent period surveyed, but the very smallest firms are still struggling and outcomes are diverse across countries
Greek governor wants surplus countries to recognise ‘toxic’ effect of austerity
Yannis Stournaras warns surplus countries must bear a share of the burden of adjustment in Europe or risk the rise of extreme political parties; says he is optimistic a deal is ‘not far away’
Deutsche Börse to set up Europe's first multi-asset RMB platform
German exchange group signs joint venture deal with CFFEX and Shanghai Stock Exchange to bring trading venue to Frankfurt
Czech director: US dollar helps compensate for impact of oil prices on CEE countries
Luboš Komárek discusses the outlook for Central and Eastern European countries, including the favourable outlook for Germany, which is a "crucial trade partner" for many in the region
Protestors clash with police as ECB opens new premises
Demonstrations organised to coincide with inauguration of new ECB building lead to outbreaks of violence; Draghi calls for economics and politics of integration to be ‘reconciled’
IMF researchers add eurozone detail to fund’s global projection model
Working paper adds ‘blocks’ for Germany, France, Italy and Spain to the model in an effort to capture the dynamics in the eurozone in greater detail
Book notes: European Spring, by Philippe Legrain
Ambitious and accessible, this book's take on events is provocative and its alternative insights warrant reflection
Carney calls on eurozone members to share fiscal burden
Bank of England governor takes stand on contentious debate, arguing ‘timidity' of European leaders who ‘do not currently foresee fiscal union as part of monetary union' is costly
Summers takes Germany to task over attitude towards debt
Speaking in London, former US treasury secretary says there is need to move beyond 'Calvinist idea' that debt is bad; questions impact of QE, macro-prudential policies
Bundesbank paper: German banks use specific loan loss provisions counter-cyclically
Banks increase level of loan loss provisions during upswings and decrease them during downturns, authors find; contrasts with results from other countries
Legal opinion opens door for ECB bond-buying programme
Adviser to ECJ deems OMTs ‘compatible’ with European law in a move described as an ‘overwhelming success’ for ECB; could nonetheless restrict central bank's role in Troika
German investments would generate ‘beneficial' regional spillovers, finds IMF paper
The expansionary effect of higher public investment in Germany ‘substantially strengthened' when supported by an accommodative monetary policy stance, according to working paper
Bundesbank’s Nagel wants Frankfurt clearing house
Executive board member details benefits to German economy from having an RMB clearing bank, and sets out plans to form a clearing house in the future
Buba’s Dombret leads calls to focus on bank profitability
Andreas Dombret says German banks may be resilient, but they are not competitive; commentators at leading accountancies stress the need to focus on profitability
European Court of Justice hears case against OMTs
European Central Bank’s programme for buying sovereign debt to be considered by Europe's top court; ruling could have implications for monetary policy
Dombret calls on German banks to ‘embrace new risk culture’
Bundesbank executive board member sets out four criteria for assessing the ‘soundness’ of banks’ risk culture, including the ‘tone from the top’
European economists analyse global value chains
Bank of Portugal working paper analyses the global value chains in the eurozone and underlines the core role of Germany in production linkages
Finland paper: German minimum wage could be ‘too high’
Germany’s forthcoming minimum wage ‘could potentially be too high’ and lead to employment losses, especially in the east of the country, research finds
Negative Eonia rate causes CSA headaches
Eonia's move into the negative means parties posting variation margin must also pay interest to their counterparties, which has led to calls for clarity from dealers – especially for one-way CSAs
One in 10 eurozone households spend more than they earn, Bundesbank paper finds
Households with female, young, or divorced heads have harder time making ends meet, but ‘rather confident in the possibility to get funded through informal lending channels'
Germany finds Emir enforcement fix for OTC derivatives
Derivatives users in Germany face Emir compliance audit - but enforcement in other EU countries may be impossible, lawyers say