Eurozone
The IFF China Report 2018: The Belt and Road Initiative
China’s signature Belt and Road Initiative (BRI) now includes 71 countries, with trillions of dollars of investment allocated. Leading Chinese and international policymakers explain how BRI efforts are progressing. This section includes an inaugural…
A route to economic growth – The Belt and Road Initiative 2018 survey
To mark the fifth anniversary of the Belt and Road Initiative (BRI), the IFF – in collaboration with Central Banking – conducted its inaugural Belt and Road Survey of central banks from more than 25 countries and regions. The survey examines BRI…
Senior ECB figure calls for risk-based deposit insurance
Hakkarainen says EU countries should rethink opposition to cross-border scheme
ECB paper proposes eurozone stabilisation policy based on trade changes
Scheme would avoid moral hazard or permanent transfers from one country, authors argue
Bundesbank paper looks at cross-border cycles in six European economies
Equity prices and interest rates more strongly synchronised than real economic activity – researchers
European Commission proposes uniform cost for trans-EU euro payments
Dombrovskis also calls for EU-wide transparency on currency conversions
Lagarde proposes new European fiscal fund
The mechanism would reduce reliance on monetary policy to respond to future crises
New South African president supports pan-African currency
Cyril Ramaphosa says it is time Africa abandons “colonial mentality” and adopts common currency to foster investment and intra-African trade
ECB largely supports Commission’s proposals for ESRB
ECB president would become ex officio head of systemic risk body
Norway lowers inflation target and changes policy mandate
The new mandate emphasises the need for high employment and financial stability
ECB’s Mersch urges caution on regulatory sandboxes
The ECB board member is “not sure we have the right answers yet”
Solving the owner-occupied housing puzzle
A group of researchers has outlined what they see as a better method of integrating owner-occupied housing into the CPI, as the EU’s statistical agency wrestles with the problem
Some ECB governing council members wanted softer QE language – minutes
Governing council members also cautious over future exchange rate movements
Ireland withdraws Lane’s nomination for ECB vice president
Spain’s de Guindos likely to take up role, but Irish may suggest Lane for the chief economist post
BIS paper uses ‘shadow rate’ to study market expectations
Fan Dora Xia and Jing Cynthia Wu find they can estimate expectations over a longer horizon by using a shadow rate term structure model
Credit constraints hits smaller eurozone firms’ investment – Spanish paper
Researcher finds credit constraints have less impact on working capital and growth
Eurozone needs structural reforms to realign real exchange rates – Italian paper
Real exchange rate misalignments persist for longer in eurozone, researchers say
European authorities warn of dangers in cryptocurrency markets
Spanish and Dutch central banks warn of “misleading” data and unregulated markets
Banks running out of time to make post-Brexit eurozone applications
Banks looking to relocate should apply “by the end of the second quarter” – ECB supervisor Lautenschläger
CCP stress tests have found capital shortfalls – Esma
Small increases to stress-test scenarios would have left ICE Clear Europe “in material breach”
Cœuré: ‘three lines of defence’ needed to protect ECB
The ECB executive board member says without reforms the ECB may end up having to “test the limits of its mandate”
Ireland nominates Lane for ECB vice-presidency
Irish governor has a track record as academic economist and senior ESRB figure
Inflation falls in the euro area despite stronger growth
Annual price increases expected to fall to 1.3% in January, Eurostat says
Sovereign bond-backed securities could improve eurozone stability – ESRB
Regulations would need to change and treatment of sovereign bonds would be vital, argues Central Bank of Ireland Governor