Eurozone
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
ECB emergency meeting pledges sovereign bond support
Governing council says eurozone will accelerate efforts to create “anti-fragmentation mechanism”
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs could have on the banking system
ECB announces 25bp rate raise and QE slowdown for July
September increase may be steeper, as ECB forecasts higher inflation and lower growth
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak about ‘twin bonds’ and other efforts to deal with liquidity issues
Eurosystem’s bond holdings may hamper market functioning – paper
Asset scarcity caused by Covid-19 emergency programme has lowered repo rates, researchers say
What is the right size for a central bank board?
There is greater consensus for smaller boards in theory than in practice
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
Riksbank launches 24/7 instant settlement system
Rix-Inst operates on same technology as ECB’s Tips system
Digital euro could be reality by 2026 – ECB’s Panetta
ECB will step up engagement with authorities and investigate means of issuing CBDC
Eurozone could improve fiscal pact – ECB paper
Reformed framework should combine expenditure growth rule with “debt anchor”, researchers say
Many central banks ‘layer’ news for different audiences
Techniques include use of differing language, visual and video presentation, and data release
ECB sticks to plan of gradual policy normalisation
Lagarde says net asset purchases should finish in the third quarter of the year
ECB announces phased end to Covid-19 collateral loosening
Conditions for access to liquidity schemes will tighten but Greek sovereign debt waiver will remain
Book notes: Shutdown, by Adam Tooze
Useful overview, showing intimate intertwining of geopolitics with health and economic policies
Markus Brunnermeier on the need for CBDCs
The Princeton academic says public digital currencies face pitfalls but are still needed
Commodity prices rise sharply after Russia’s invasion of Ukraine
Energy prices already account for around 50% of headline inflation in the eurozone
Change at the Bundesbank: from Weidmann to Nagel?
Politics at the apex of German central banking amid Buba/ECB discord
Croatian central bank denies allegations against governor
Financial supervisor is investigating media claims of insider dealing by central bank staff
2021: The year in review
Central Banking looks back at the stories that made the biggest impact in 2021
German government names Nagel as new Bundesbank governor
Social Democratic party member is longstanding central banker and voiced scepticism over QE
Podcast: Oliver Wünsch on a solution to eurozone fragmentation risks
A common fiscal authority could offer stability, but would require sharing more sovereignty