Portugal
Bank of Portugal shifts research focus after Gaspar review
Portuguese central bank sets new research priorities following a strategic review; internal commission places emphasis on quarterly publication and career development
Robert Pringle's Viewpoint: The eurozone’s unfinished business
Economic adjustment and financial sector reform must go hand in hand – with the ECB due to play a central role
Portuguese paper finds banks lend to riskier borrowers when policy rates are low
Researchers find evidence supporting the existence of the ‘risk-taking channel’ of monetary policy; banks will grant more loans to companies with recent defaults when rates are lower
People: Bank of Portugal appoints ‘temporary’ chief economist; Bank of Spain reveals pride in ECB hire
Isabel Horta Correia named head of economics and research ‘under temporary assignment’ at Bank of Portugal; Ramón Quintana praised by Bank of Spain for ECB success
Bank of Portugal fails to fill chief economist vacancy
Board of directors calls off search for a new head of economics and research due to dearth of quality applicants; initiates review for a 'strategic repositioning' of the department
Portugal governor: banks are stronger now than pre-crisis
Bank of Portugal's Carlos da Silva Costa argues stringent capital requirements 'well above the EU 8% benchmark' are starting to pay off; banks' average loan-to-deposit ratio was 123% in June
Portuguese paper presents macroeconomic model for small economies
Researchers at the Bank of Portugal detail the features and applications of the Portuguese Economy Structural Small Open Analytical (Pessoa) model, which they say is useful for small economies in monetary union
Demand for Bank of Portugal online stats grew 51% in 2012
The central bank’s website received more than 55,000 visits last year, with the statistical service offered online and on mobile devices the most popular feature
Portuguese paper questions efficacy of fiscal policy at zero lower bound
Working paper finds that government and private consumption are substitutes when the nominal interest rate is at the zero lower bound; this reduces impact of fiscal policy on output by a third
Portuguese central bank says austerity has hit long-term economic potential
Bank of Portugal annual report finds economy has contracted 7.2% since 2010, thanks to pro-cyclical fiscal contraction that 'may have a long-lasting negative impact on potential growth'
Bundesbank research says sovereign default can be the best option
Discussion paper finds it may be optimal to choose a costly default over legal repayment, but only when a country is facing disaster
Portugal must strengthen institutions to attract foreign direct investment - working paper
Bank of Portugal researchers call for a focus on corruption and strengthening the independence of the financial system to increase attractiveness for FDI
Bank of Portugal distances itself from anti-trust investigation
Portuguese central bank says investigation into banks' anti-competitive practices will not undermine the stability of the financial sector
IMF sees southern European free-fall begin to slow
Mission chief for Greece says painful adjustment proceeding ‘apace’, although questions raised over potential €9.5 billion funding gap; Fund praises ‘impressive policy effort’ in Portugal
Robert Pringle’s Viewpoint: Cameron’s high-risk European gamble
British Prime Minister David Cameron's high-stakes bid to renegotiate the UK’s role within the EU has rankled some officials in Europe. But both sides would lose from a UK withdrawal
Portugal's Costa demands greater European co-ordination
Bank of Portugal governor says individual countries’ adjustment programmes alone are not enough to boost Europe’s growth potential
Bank of Portugal suspends staff holiday pay
Board of directors voluntarily waives own holiday pay and cancels that of its staff; board members also agree to take a pay cut for the fourth consecutive year
Bank of Portugal forecasts economic contraction of 1.6% in 2013
The Portuguese inflation rate is expected to fall below 1% as the economy contracts next year
Portuguese and Irish officials support banking union
Bank of Portugal governor and Central Bank of Ireland chief economist offer support for the creation of a deposit guarantee scheme and banking resolution fund in Europe
Troika praises Ireland for ‘steadfast’ adherence to programme
Conclusion of eighth programme review says Ireland likely to meet deficit target this year; Portugal by contrast facing ‘strong headwinds’ to fiscal adjustment with 2012 targets beyond reach
Eurogroup boosts emergency funding facility
European finance ministers agree to combine two emergency financing vehicles currently running simultaneously in the eurozone; also add €500 billion to lending capacity
ECB allows eurozone central banks to veto collateral
ECB says central banks in member countries can refuse bank bonds guaranteed by governments of countries involved in EU/IMF bailout programmes as collateral
Bank of Portugal paper explores optimal capital structure for businesses
Structure of optimal level of debt a key decision for business, says Bank of Portugal working paper
Philippines reveals extent of lending to IMF
Central Bank of the Philippines announces shift in relationship with International Monetary Fund; holdings from the country have been used to support Ireland, Portugal and Greece