Eurozone
ECB’s Cœuré champions accountability in Europe
Executive board member wants clear ‘network of responsibilities’ and advocates creation of a euro area treasury
Iceland’s Guðmundsson identifies flaw in banking union plans
Már Guðmundsson warns lack of foreign currency lender-of-last-resort provisions is an important omission from economic and monetary union plans
ECB’s Constâncio advocates sovereignty transfer
The vice-president says some aspects of decision-making should be moved from a national to a European level
Eurogroup agrees on Greek aid package
Eurozone countries agree on measures to boost Greek debt sustainability alongside a €43.7 billion ($56.5 billion) disbursement from the European Financial Stability Facility
ECB’s supervisory board must oversee all banks, Draghi says
ECB president emphasises potential for smaller financial institutions to be systemically important
Spain’s Linde hits out at countries delaying euro reform
Bank of Spain governor says sovereign debt problems are being dragged out by the slow acceptance of a 'new reality' in the monetary union
ECB’s Cœuré backs European control of national budgets
European Central Bank board member says yielding budget control to central bodies would enable countries to ‘recover’ sovereignty
Central bank gold purchases slow in third quarter
Growth of net central bank gold holdings in third quarter remains positive but decelerates compared with similar period in 2011; year-to-date holdings up 9%
IMF’s Lipton cools recovery talk
Greater euro area and US progress is needed to avoid another global downturn; more co-operation required on regulatory reform
ECB’s Constâncio downplays impact of single supervisory mechanism
Vítor Constâncio says banking supervision will not be significantly altered when ECB starts new supervisory role; attempts to allay fears over internal conflicts and role of national supervisors
CEE countries in a good position, says Mexican deputy
Manuel Sánchez says Central and Eastern European countries outside the eurozone are in a good situation as they can move towards integration slowly without taking on immediate risks
EU leaders agree on new powers for ECB
European Central Bank to run single supervisory mechanism, but leaders fail to agree on when bailout funds can be directly injected into European banks
Stability the best foil for inequality, says ECB’s Cœuré
ECB executive board member considers the ability of monetary policy to tackle income inequality in Europe, saying stability is key to promote fairness
IMF says urgent action required in eurozone
Fund’s Global Financial Stability Report highlights progress with reforms in Europe but warns risks have increased since April; says eurozone policy-makers must act quickly to ensure stability
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Draghi says no backstop after OMTs; praises Spanish progress
ECB president Mario Draghi discusses OMTs, and the success of reforms in Spain and Portugal as ECB holds rates at 0.75%
Greek paper emphasises differing eurozone conditions
Research by the Bank of Greece analyses the financial conditions of countries in the eurozone; finds differences pre- and post-crisis
IMF paper considers monetary union risks
Research published by the IMF compares the trading benefits and stability costs of entering a monetary union; highlights flaws in Emu set-up
ECB's Cœuré investigates collateral scarcity
Benoît Cœuré discusses rise in demand for high-quality assets in the eurozone and says changes needed if shift is permanent
IMF paper examines eurozone current account imbalances
IMF study investigates causes of current account deficits in some eurozone countries; weighs up internal and external factors
Korean governor criticises local crisis resolution
Choongsoo Kim says a local resolution to the European debt crisis could harm emerging markets; should harness the growth in these regions instead
Europe must tackle financial fragmentation, says ECB’s Cœuré
Benoît Cœuré says banking union will stem financial fragmentation in European Monetary Union; integration will require flexibility in the short run
ECB paper analyses euro stability measures
ECB research assesses eurozone stability measures; says a European-wide framework for recapitalising large and systemic banks is still needed
Bulgarian governor against accession to banking union
Ivan Iskrov expresses opposition to the idea of Bulgaria joining the proposed EU banking union; discusses protecting domestic economic interests