Spain
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
ECB supervision and the state of the eurozone’s banks
ECB banking supervision has passed the first stage of the Covid-19 test. But many challenges remain, including banks’ internal governance and data processing, excessive leveraged lending in some segments, and a lack of progress towards a more competitive…
People: RBNZ completes leadership reshuffle
RBNZ sources assistant governor from private sector; Basel Committee names-secretary general; and more
People: ECB appoints new head of macro-pru
BIS names Innovation Hub directors; Bundesbank sends representative to Madrid; and more
People: ECB appoints director-general for international relations
Vansteenkiste replaces veteran Klöckers; head of IMF’s capacity development institute retires
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
Spain’s interior vulnerable to loss of cash access – Bank of Spain
Rural areas have older populations and rely more on cash, but banks are closing branches
Three ways to bolster flawed AML/CFT in the EU
The EU needs to significantly improve the structure and resourcing of its AML/CFT oversight if it really wants to combat illicit money flows, write Panicos Demetriades and Radosveta Vassileva
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
Bank of Spain paper analyses regulations’ complexity
Researchers present new method for assessing regulations’ structural and linguistic complexity
Central banks look to shockproof models in wake of Covid-19
The Covid-19 crisis caused many central bank models to break down. Economists at the St Louis Fed, Bank of Spain and ECB were quick to innovate and say they will continue testing new tools
Higher economic uncertainty is harbinger of civil conflict – Bank of Spain research
Spain suffered rising levels of economic uncertainty leading up to 1936–39 civil war
Hernández de Cos says yield curve control ‘worth exploring’
ECB could target differential between OIS curve and riskier sovereign yields
The role of Tips for the future payments landscape
Tips could support euro CBDC plus cross-border payments in many currencies
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
Bank of Spain paper applies text mining to climate disclosures
Some climate disclosures found only in remuneration or Pillar 3 reports, researchers say
Bank of Spain paper looks at loan origination times
Loan origination data provides important insights into banking stability, researchers argue
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
Paper offers method for evaluating machine learning models
Bank of Spain paper looks at cost and benefits of ML models for predicting credit defaults
EU sees huge appetite for new triple-A asset
‘Sure’ bonds offer the ECB a less controversial option for asset purchases
Bank of Spain sets out research priorities for 2020–24
Central bank will focus on long-term trends including climate change, digitalisation, ageing and more
Spanish governor in favour of extending support to non-financial firms
Hernández de Cos favours grants and equity injections over debt issuance