Italy
Spain’s de Guindos moves closer to ECB vice-presidency
Spain enjoys good relations with Germany, and lacks a top position in the EU
Payments and market infrastructure provider of the year: Perago
The software company is helping central banks around the world implement reliable and highly adaptable RTGS and retail payments systems
Fall in hours worked can flatten Phillips curve, Italian paper says
Changes to “intensive margin of labour utilisation” may make inflation less responsive to employment
Eurozone countries’ manufacturing sectors are diverging, Italian paper finds
Manufacturing profits rise relative to non-tradables in Germany and Spain, but fall in France and Italy
Complex instruments still pose systemic risks – paper
Discretion granted by financial reporting standards increases opacity and complexity, say authors
Policymakers need wider range of systemic risk models – paper
Researchers attempt to combine systemic importance and systemic risk approaches
Italian central bank launches fintech initiative
New communication channel will allow firms to directly engage with the central bank
BIS paper studies how weak banks beget zombie firms
Weak banks have a tendency to misallocate capital, authors find, though the effect is only important in the long run, in contrast to earlier studies
Visco cautions ECB against forced sales of NPLs
Move to set minimum sell-offs could hamper banks’ recovery, Bank of Italy governor says
European firms’ net debt cramped investment, Bank of Italy paper finds
Paper looks at eurozone and UK firms from 2006 to 2012
Italian premier proposes Visco for a second term, despite opposition
Former prime minister Renzi tried to derail governor’s renewal, questioning his record on supervision
Italian finance sector must change, deputy governor says
Banks too exposed to cyclical conditions and firms too dependent on loans, Rossi says
Only 30% probability of eurozone inflation hitting target in next year, paper says
Italian researchers present composite index based on 15 indicators of price dynamics
Italian bail-outs may set bad precedent, ECB supervisor warns
But recent resolutions show system is working well operationally, Angeloni says
IMF explores ways to increase profitability of Italy’s banking sector
Italian banks have operated in a low-growth environment since early 1990s; eurozone interest rates at record lows since global financial crisis
Verbs matter in forward guidance – Italian paper
Researchers look at verbs used in ECB statements from 2002 to 2015
European Commission approves Monte dei Paschi recapitalisation
Move to reimburse investors should remove key political obstacle
EC must address concerns over state aid – ECB’s Angeloni
ECB supervisor says Italian aid to Intesa raises serious questions
Italian paper looks at effects of crisis on interbank network
Integration fell in 2007–8 but rose after ECB adopted unconventional policy, paper finds
‘Multiple lending’ may cause contagion during stress – paper
Researchers say multiple lending may ease liquidity shocks in normal conditions, however
EC approves state aid for two Italian banks
Small regional banks will receive about €5 billion, having avoided resolution
Uncertainty weakens bank lending channel, Bank of Italy paper says
Researchers use database of loan applications from 650,000 firms
Cash holdings lessen chance of ‘forced sales’ by mutual funds, paper says
Researchers use data on Italian open-ended mutual funds
Italian banks will not block recovery – deputy governor
Further reforms of loan law are necessary, says Rossi