Euro
Weidmann says clearer liability would strengthen eurozone
Bundesbank chief says important element of fixing the eurozone’s ills is reinstating the ‘principle of liability’, instead of resorting to bailouts
Issing says eurozone status quo is in danger
Former ECB board member says Europe’s monetary union is still plagued by problems caused by absence of political integration, which could pull the eurozone apart
Reserve manager of the year: National Bank of Denmark
The National Bank of Denmark's new risk budget-based investment strategy stood up well to the unprecedented flows of funds into and out of the country in 2015.
Denmark hikes deposit rate after record drop in reserves
Central bank lifts deposit rates and reduces banks’ current account limits; capital outflows accelerated in December following ECB actions
Czech Republic chooses not to set target date for euro adoption
Government decision follows central bank and ministry of finance advice; authorities cite need for greater real economic convergence as a ‘main barrier’ to adoption
Shift to single currency increased volatility of money growth, paper argues
The shift to European monetary union had a major impact on the volatility of money growth rates in the eurozone, a working paper from the Banque de France argues
Rajan weighs currency movements while RBI holds rates
Governor Raghuram Rajan spells out challenges posed by divergence of dollar and euro in press conference after Reserve Bank of India keeps key rate at 6.75%
PBoC and ECB announce ‘successful’ swap line tests
Tests in April and November provided ‘symbolic amounts’ of euro and renminbi liquidity, involving a ‘limited number’ of counterparties
Book notes: The challenge of economic rebalancing in Europe, perspectives for CESEE countries, edited by Ewald Nowotny et al
A useful book on the failure of the European economy to recover from the 2008 recession, and the slowing down of the convergence of central and eastern European economies with the core of the EU
Asymmetric credit growth drove pre-crisis eurozone imbalances, paper argues
Credit growth and competitiveness major causes of current account deficits, researcher says
RBA reduces share of euro in reserves
Australian central bank cuts euro holdings by 10% while nearly doubling RMB share of reserve portfolio; running yield ‘very low' at 0.2% at end-June, annual report says
Romania euro entry ‘no longer feasible’ for 2019, central bank governor says
National Bank of Romania governor says it is ‘no longer technically possible’ to join the single currency by January 2019; had previously warned of need for structural reforms
Book notes: Money and Trade Wars in Interwar Europe, by Alessandro Roselli
Alessandro Roselli’s book on interwar Europe should be compulsory reading for all those who are handling or interested in the current crisis in the euro area
Central Banking poll respondents back 'Grexit'
In a narrow majority 87 out of 155 readers say Greece should adopt a new national currency; asked about a variety of monetary systems, most backed a free-floating regime
ECB article examines lack of real convergence in eurozone
Article in latest bulletin points to three factors behind the lack of sustainable real convergence among the countries in eurozone since the creation of the monetary union
ECB bulletin: Too early to tell if inflation has turned a corner
Inflation in the eurozone appears to be moving upwards, but strip away transitory factors and the picture becomes much more blurry
European leaders strike Greek deal but hurdles remain
All-night session ends in Greece agreeing to a tough reform package, but finance ministers continue to debate possible bridge financing and national parliaments must still give green light
Greek crisis enters critical weekend
Negotiations enter final days, with European authorities scrambling to assess whether new proposals go far enough; Greece has backers, but Germany must still be persuaded
Greece asks for three-year ESM bailout as Tsipras tries to unite Europe
Government submits request for longer support programme than previous proposals while Alexis Tsipras seeks backing during rowdy European Parliament session
Greece set to request new ESM bailout
Greece expected to submit new proposal to ESM in effort to unlock bailout funds; ECB appears to increase haircuts on collateral used by Greek banks to obtain emergency liquidity
Greece closer to default as creditors throw out latest proposals
Leaked copy of counterproposal by Greece’s creditors complete with red-inked changes shows agreement as far away as ever, with less than a week until major IMF repayment
Bank of Greece foresees ‘uncontrollable crisis’ if talks fail
Central bank weighs in with bleak prognosis for life without the euro as talks go to the wire; next Eurogroup meeting on June 18 offers last chance
The rising international role of the renminbi
The global reach of Chinese investment and the renminbi have expanded rapidly over the past few years. The currency’s journey is seen by some as a reflection of China’s global ambition and expansion