Eurozone
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
Spain’s Restoy highlights ‘demanding’ timetable for single-supervision mechanism
Deputy governor of the Bank of Spain applauds 'well founded' eurozone-wide banking oversight plan; but says schedule for implementing the changes will be tough
Spain’s Frob gets extra funding ahead of further bailouts
Spanish Treasury increases endowment to the Fund for Orderly Bank Restructuring; BFA-Bankia confirms receipt of initial tranche of bailout funding
ECB’s Asmussen highlights increasing roles of central banks
Jörg Asmussen says central banks have assumed new crisis management responsibility; sets out vision of ECB’s future roles when crisis ends
BoE quarterly bulletin presents latest research
Quarterly bulletin gives overview of economic developments and contains papers on stress-tests, factors behind low sovereign bond yields and uncertainty in inflation forecasts among other topics
European Commission divulges banking oversight proposals
ECB at the heart of the new single supervisory mechanism; EBA given the task of developing a handbook to ensure coherence in banking supervision across member states
IMF paper analyses China’s trade impact on Europe
Working paper investigates links between trading competitiveness in China and the EMU; finds different results for euro periphery and core countries
ECB unveils details of bond purchase plans
Mario Draghi sets out plans for European Central Bank to buy debt of ailing eurozone economies; questions remain over impact
Spain’s Frob reveals first tranche of funding for Bankia
Fund for Orderly Bank Restructuring agrees on initial bailout funds for BFA-Bankia; concerns raised over whether speed of recapitalisation will be sufficient to restore confidence
IMF paper studies emerging market bond spreads
Working paper tests different explanatory variables for emerging market bond spreads over time; finds importance may change based on business cycle and external factors