Eurozone
ECB research dissects European competitiveness
Working paper separates competitiveness into political and factor price-driven elements; uses new index to show divergent outcomes across Europe
EBA prepares for impact of single supervisory mechanism
Annual report for 2012 shows the European Banking Authority grew rapidly to meet the demands of a widening stability mandate, which will include working with the eurozone’s SSM
National Bank of Belgium urges care in use of credit conditions surveys
Analysis shows eurozone’s Bank Lending Survey and Belgium’s Survey on Credit Conditions contain useful information – but ‘crucially’ depend on model specification
ECB issues draft regulation on systemically important payment systems
Central bank seeks comment on draft regulations implementing CPSS-Iosco Principles for Financial Market Infrastructures, for systemically important payments systems in the eurozone
Lithuanian governor says banking union does not require treaty change
As Lithuania gears up to take over the EU rotating presidency, central bank governor Vasiliauskas is confident of reaching a compromise on banking union within the existing legal framework
IMF paper says direct eurozone spillovers limited to US and UK banks
Working paper analyses effects of eurozone crisis at bank level; finds direct impact limited to UK and US though other regions could be susceptible to knock-on effects
Latvia to adopt euro in 2014
European Commission gives Latvia the green light to become eighteenth eurozone member after it comfortably meets convergence criteria, but ECB voices concerns over price and financial stability
Bank of Israel’s outgoing chief, Stanley Fischer, on the challenges of central banking
Stanley Fischer believes his work as governor of the Bank of Israel is done. He tells Chris Jeffery about the reform process in Israel as well as the challenges facing the world economy and the IMF
Croatian governor cautious over banking union
Boris Vujčić says Croatia will adopt the euro "as soon as possible" after it joins the European Union next month; raises concerns over banking union and ECB’s lack of supervisory experience
Bank of Spain says slump reached ‘nadir’ in 2012
Annual report says recovery is in progress and should continue this year, but depends crucially on continued internal adjustments and the external setting
Bank of Greece report optimistic that banking sector has ‘weathered the storm’
Monetary policy report for 2012-13 says confidence is gradually returning as banks make repairs, deficits are reduced and the stabilisation programme remains ‘well on track’
ECB links ‘fragile’ financial stability to weak macroeconomy
Latest financial stability review says stress has ‘fallen markedly’ but vulnerabilities persist; ECB is most concerned about the impact of a further decline in bank profitability
Fed’s Bullard recommends QE for ECB's next move
St Louis Fed president and FOMC voter says quantitative easing has worked in the US and Japan, and could be made to work in Europe on a GDP-weighted basis
ECB’s head of financial stability says SSM is not enough
Ignazio Angeloni says banking union will be ‘decisive’ in restoring stability to the eurozone, but the single supervisory mechanism will not be sufficient on its own
Central Bank of Ireland annual report sees assets drop and profits rise
Recovery in Irish economy in 2012 led to lower reliance on US dollar liquidity and continued increase in central bank profits; governor urges continued commitment from external stakeholders
ECB says ‘difficult to do more’ as pressure mounts for more action
Further deterioration in eurozone data leads some to predict ECB rate cut at May meeting and possible SME ‘support package’; ECB executives signal action still unlikely
ECB’s Cœuré says cashless society is neither likely nor desirable
Executive board member believes cash is too popular to phase out, but should be made more efficient; €5 note awareness campaign shows mixed results
Bank of Italy research finds evidence of investors ‘waking up’ to sovereign risk
Working paper suggests widening eurozone sovereign spreads caused by ‘complacent’ investors suddenly paying closer attention to risks
NY Fed president dispenses policy advice to European and US governments
William Dudley tells European policy-makers that moving forward with banking union is critical, while the US government should be worrying more about its fiscal outlook
ECB’s Asmussen deflects criticism over lack of monetary policy action
ECB executive board member says quantitative easing would not work well applied to Europe; stresses continued political commitment to banking union
Netherlands Bank highlights ‘major risk’ of European crisis escalating
Financial stability report says danger from European debt crisis still looms large; warns of longer-term risks including addiction to low interest rates and incomplete banking union
Eurozone problems still ‘looming large’, says Draghi
ECB president Mario Draghi says ECB’s policy not affecting all eurozone countries; central bank cannot tackle root causes of crisis and urges improved competitiveness
Ireland’s financial regulator quits central bank
Deputy governor for financial regulation announces departure to ‘pursue other interests’; term spanned turbulent period for Ireland’s economy