Spain
IMF’s European director Antonio Borges quits
Director of European department, Antonio Borges, steps down for personal reasons; succeeded by strategy director Reza Moghadam in shake-up at Fund
Papandreou appeals for German support
Greek prime minister George Papandreou travels to Berlin to seek solution to sovereign debt crisis; due to meet German chancellor Angela Merkel
Precautionary price stickiness: Bank of Spain paper
Bank of Spain working paper uses two models to assess price setting
Gonzalez-Paramo urges speedy action in Europe
ECB executive board member pushes for more haste from European leaders to stem the crisis; says ECB has not decided when to end bond-buying programme
US and Japan generate largest spillover effects: IMF paper
Fund study finds slow-growing countries benefit most from growth spillover effects from US and Japan
Spain learns from the past; working paper
Analysis of monetary system in the 1800s shows contraction in the money supply had a milder effect on the economy than expected
Austria’s Nowotny fears delay in ratification of EFSF
National Bank of Austria president Ewald Nowotny expresses concern that new European Financial Stability Facility powers will not be phased in by October
Would Spain be better off out of the euro?
Domingo Cavallo compares the economic performances of the UK and Spain during the crisis to see if being ‘out’ is better than being ‘in’
Bond markets rally as ECB moves on Italian and Spanish debt
Yields on Italian and Spanish debt fall as European Central Bank signals it will actively implement its bond purchase programme
Global equity markets tumble as euro area panic sets in
European sovereign debt crisis escalates as equity markets across the board record big losses
Barroso calls on eurozone to speed up completion of EFSF legislation
European Commission president José Manuel Barroso says member states must accelerate implementation of EFSF reforms as eurozone sovereign debt crisis spreads beyond the periphery
Markets turn to periphery in wake of Greek package
Yields on Spanish and Italian debt edge higher as markets remain uncertain over the wider impact of Greece's bailout on peripheral countries
Spain’s Ordóñez emphasises need for labour market reforms
Bank of Spain governor Miguel Fernández Ordóñez says most pressing task for Spain lies in its labour market
IMF urges further Spanish reforms
IMF mission to Spain says authorities have implemented strong fiscal and structural reforms to aid recovery, but plans need to be strengthened
BoJ’s Nishimura highlights demography link to asset bubbles
Bank of Japan deputy governor Kiyohiko Nishimura says asset market bubbles are correlated to demographic changes
Mexico’s Carstens urges review of international bodies
Bank of Mexico governor Agustín Carstens says international bodies must regain their legitimacy by reviewing reform agenda
ECB’s González-Páramo paints picture of post-crisis policy framework
European Central Bank executive board member José Manuel González-Páramo outlines new elements of the post-crisis financial system norms
Eurozone sovereign bailouts likely to stop at Portugal, say investors
The Eurozone crisis has already forced three members of the currency union to take EU/IMF bailouts but Spain, the next potential target of investors, is unlikely to follow
Greece will default, panellists say
Panellists at Fathom Consulting’s Monetary Policy Forum say Greece will default on debt; only a matter of by how much
Spain’s Ordóñez on how to reap benefits from stress tests
Bank of Spain governor Miguel Fernández Ordóñez says stress tests helped increase transparency in banking sector
Markets wobble as Spanish downgrade, eurozone fears bite
Moody’s one notch Spanish downgrade exacerbates investor jitters a day before European Council meets to discuss EFSF, ESM, bailout renegotiations
€100 billion of caja loans could go bad: Bank of Spain
Bank of Spain releases details of savings banks’ exposures to real estate sector, levels of provisions; says reforms have addressed slew of underlying problems
Spanish banks’ ECB reliance drops
Spanish banks’ borrowing from European Central Bank declines just over 20% compared to December
EBA plans new round of stress tests
New European Banking Authority announces second round of stress tests for European banks at opening meeting