Italy
EU sees huge appetite for new triple-A asset
‘Sure’ bonds offer the ECB a less controversial option for asset purchases
Reserve managers weigh options to escape low yields
Longer-duration and emerging-market bonds may offer the way forward to portfolio managers
ECB should scale back monetary stimulus after crisis – Weidmann
Knot says central bank should adopt symmetry in the implementation of PEPP purchases
IRB approach can squeeze credit supply- Bank of Italy paper
Costs of credit for private firms from IRB-regulated banks rises as instability increases, paper says
Fintech can worsen inequality, BIS paper warns
Diffusion of technology helps to spread the benefits evenly, authors say
Coronavirus panic fuels a surge in cash demand
Covid-19 has led to banknote hoarding in Australia, Brazil, Canada, the eurozone, Russia and the US, fuelled by concerns about financial system stress, write Jonathan Ashworth and Charles Goodhart
Lagarde welcomes Franco-German fund plan
Covid-19 response fund would be drawn from common EU budget
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
Bank of Italy paper examines expectations’ effects on spending
Researchers find inflation levels affect strength of income and intertemporal substitution effects
Pricing the lives saved by coronavirus policies
How does the effort to reduce risks to human life from Covid-19 compare with the economic losses?
ECB’s negative rates boosted lending – Bank of Italy paper
Banks increased credit to ex ante riskier firms, but did not see rise in failed loan rates, researchers find
ECB strongly criticised by French and Italian leaders
Lagarde’s words spark Italian anger while Macron says first ECB measures are not sufficient
Lagarde misstep overshadows ‘bold’ measures, analysts say
ECB president seemed to have hampered governments’ debt financing at a critical juncture
Policy responses to Covid-19
The coronavirus outbreak poses a real threat to the global economy, writes Sayuri Shirai
Green finance needs better data, Visco says
Bank of Italy’s portfolio has improved since it began examining ESG scores, governor says
ECB’s TLTRO2 eased Italian credit conditions – BoI paper
QE measure lowered loan interest rates while increasing credit quantities, researchers find
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
People: Bank of Italy appoints deputy governors
Two deputies join Bank of Italy board; Japanese PM nominates policy-maker; Mel Stride to chair BoE oversight committee
Bank of Italy and regulator agree joint cyber security strategy
New approach will aim at guarding specific types of financial market infrastructure
BIS paper: banks may harm customers through ‘steering’
Nudging “naive” households to take decisions can harm their welfare, authors find
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
Italian banks exploit ECB tiering to sharply boost local deposits
Rush to exploit arbitrage opportunity is “interesting showcase” of fragmented markets, says Benoît Cœuré; giving non-banks access to liquidity could help
Was Draghi one of the great central bankers?
A look back at how Mario Draghi confronted the financial crisis and existential concerns about the euro
Italian firms may rely too much on bank credit – research
Bank of Italy paper brings together different data sources to examine firms’ sources of capital