Eurozone
BIS paper links interest rate risk to bank lending supply
Monetary tightening affects bank lending more when “duration gap” is larger, authors find
Banknotes: April to June 2024
A round-up of news and salient issues that have affected central bankers in the past three months
ECB paper recommends central fiscal instrument
Governments’ ability to delay fiscal consolidation should be limited, researchers argue
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
Policy round-up: Switzerland and Czech Republic cut rates
Norges Bank holds rates in face of uncertainty
New study finds uneven impact of changing energy costs
Energy prices more likely to affect product prices than wage increases
Bundesbank and DNB announce large losses
Dutch central bank improves its profit forecast but Nagel anticipates continuing shortfalls
Eurozone rate cut is ‘fast approaching’, says Panetta
Bank of Italy governor warns that delaying looser policy could lead to financial instability
ECB holds rates as Lagarde expresses optimism
Several observers think rate cut before June is more likely as ECB says policy is working
De Guindos says eurozone faces technical recession
ECB vice-president says disinflation process is likely to slow in 2024
Inflation rises in Germany and France
German statistical office says energy price rise partly driven by base effects from earlier subsidy
Eurozone inflation affects fiscal policy, ECB paper finds
Authors say there is evidence of “turning point” for inflation’s impact on primary fiscal balances
Europe’s half-baked benchmark switch leaves some dissatisfied
Users frustrated by narrow scope of euro transition, but replacing Euribor was never a euro group objective
PEPP to become ECB’s weapon of choice
Facing high but falling inflation, the governing council is expected to hold rates
More rate hikes may be needed, says Bundesbank’s Nagel
German governor has a soft landing as his baseline scenario
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact
Will the ECB take its key rate past 4%?
French and Spanish governors say policy is working, but Nagel warns pace is too slow
‘Illiquid lemon markets’ can worsen crises – NBER paper
Authors extend George Akerlof’s Nobel prize-winning work to the macroeconomy
ECB criticises Italy’s windfall tax on banks
Central bank warns measure could hamper monetary transmission and weaken lenders
Eurozone soft landing depends on Phillips curve – Schnabel
Executive board member says evidence is hard to read, calling for “robust” policy-making
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review