Eurozone
NBFIs could dent transmission – Bundesbank board member
Growing non-bank activity could diminish banking channel’s importance, says Köhler-Geib
ECB to tilt future QE to shorter-term bonds – Schnabel
Collateralised lending to play key role in Eurosystem asset composition
ECB holds rates for third consecutive time
Lagarde celebrates ‘fading risks’ to eurozone growth thanks to trade deals and Gaza ceasefire
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
ECB’s Evelien Witlox on design choices for the digital euro
The digital euro’s program director speaks about holding limits, waterfall arrangements, programmability, blockchain usage and offline ‘secure elements’ for cash-like exchanges
Eurozone consumers shifted habits after tariffs – ECB survey
More financially literate citizens stopped buying US goods, consumer expectations survey shows
Stablecoins pose bigger risks to US than to EU – de Guindos
ECB vice-president also expresses hope that “populist movements in Europe do not prevail”
European Central Bank holds rates
Staff’s new projections look “similar” to those published in June, Lagarde says
DNB calls for ‘structural solutions’ to varying eurozone inflation
Rebalancing effect of eurozone’s uniform monetary policy is “slow and incomplete”, central bank says
Geopolitics, crypto and inequality are systemic risks – ESRB panel
Geopolitical risk is shaping markets, institutions and the financial system, says Olli Rehn
No ‘race to the bottom’ if Fed is forced to cut – Schnabel
ECB board member says politicised US central bank would be “very disruptive”
Lagarde says US-EU deal lowered uncertainty ‘considerably’
ECB president voices concern over Fed independence, French debt
Investment funds procyclical to bond markets – ECB blog
Vehicles sell sovereign debt in times of stress while other investors step in to buy it
ECB to apply climate risk to collateral framework
Move expected to reduce value of assets in bank’s refinancing operations
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
NBFIs can boost EU’s capital markets, expert says
Sintra panellist says savings and investment union crucial to tapping non-banks’ resources
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
Almost half of eurozone ready to stop buying US goods – ECB study
Tariffs have triggered significant animosity among consumers, research finds
Knot becomes ‘cautious believer’ in euro internationalisation
DNB chief says EU’s institutions must be robust and its finances sustainable if it’s to attract investors