Spain
Spanish paper preaches caution over DSGE models
Researcher finds that DSGE models would not have proved any more use to policy-makers in the 1970s than their ‘old-style’ Phillips curves; warns against putting too much faith in their prescriptions
ECB paper says monetary transmission ‘far stronger’ in some eurozone countries than others
Interest rate changes have greater impact on bank lending in Germany and Italy than in countries with fewer commercial banks such as Spain and France
Bank of Spain rings organisational changes
General secretariat handed new department for market conduct and claims; new financial stability units set up to address banking analysis, macro-prudential policy and impact of regulation
Bank of Spain researchers find fiscal multiplier far greater in turbulent times
Researchers find recessions and banking stress amplify the effect of government spending on the economy – but also that the effect is severely tempered by weak public finances
IMF prescribes faster eurozone progress for both Spain and Germany
IMF teams report progress being made in both Spain and Germany, though sluggish progress on banking union could stop both economies from bouncing back more quickly
Bank of Spain says slump reached ‘nadir’ in 2012
Annual report says recovery is in progress and should continue this year, but depends crucially on continued internal adjustments and the external setting
Legal action against Bank of Spain already seeing results, claims lawyer
Lawyer representing shareholders in failed Spanish bank Bankia claims he has a 'very strong' case against the regulators, though the courts are expected to take a ‘cautious line'
Bank of Spain financial stability report finds ratio of bad loans still growing
Contraction in new lending to households and businesses, combined with a poor macroeconomic environment, means Spanish bank loan books are on average not improving
Bank of Spain reshapes supervisor to meet new demands
Banking supervision directorate restructured to meet the requirements of Spain’s memorandum of understanding and the move to European banking union
Spanish governor unimpressed by banks’ capital requirement shortcut
Luis Linde unhappy that European banks have increased the CET1 ratios by deleveraging; concerned about impact of regulatory overhaul on credit and growth
Draghi tells Spanish parliament to keep struggling on
ECB chief meets with members of the Spanish parliament and says painful reform efforts are beginning to bear fruit
Bank of Spain charts economy’s downward acceleration
Data for fourth quarter show economy continuing to spiral downward, with contractions in growth and demand gaining pace
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
Bank of Spain executives hit back at negligence claims
Executive commission rebuts claims made in a leaked internal report that the central bank’s supervisory department tended to ‘look the other way’ when there were signs of criminal activity
Eurozone periphery begins latest bank repairs
Spain injects a total of €37 billion into four weakest banks; Greece estimates backstop facility requirements at €50 billion of public funds
Paper finds flimsy productivity base for banks in Spain
A Bank of Spain working paper says two-thirds of pre-crisis banking productivity growth was attributable to the expansion of mortgage lending, a reliance on short-term finance and leverage
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December
Spain’s Linde hits out at countries delaying euro reform
Bank of Spain governor says sovereign debt problems are being dragged out by the slow acceptance of a 'new reality' in the monetary union
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
Spain’s ‘bad bank’ structure revealed
Bank of Spain releases the details of new ‘bad bank’ Asset Management Company; hopes to clear up banks’ balance sheets while producing a 14–15% return on equity for stakeholders
Banking supervision gets leadership overhaul in Spain
Bank of Spain names new director-general and associate director-general at the top of its banking supervision department as initial IMF review of financial assistance programme is released
Third-quarter figures show Spain still grappling with economic woes
Bank of Spain economic bulletin for the third quarter shows continued weakening of growth and range of other economic indicators; raises possibility government will not meet deficit target this year
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Spain releases banking stress test results
Stress tests show Spanish bank recapitalisation needs close to level identified in tests earlier this year; paves way for restructuring and resolution of failed banks