Eurozone
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
UK banks reveal size of eurozone funding gaps
Banks reduce cross-border funding of peripheral eurozone assets in an attempt to mitigate redenomination risk - but funding gap still tops £10 billion for Spain
Central Bank of Ireland highlights tight credit conditions for SMEs
Economic letter shows rejection rate for small and medium-sized enterprises in Ireland is second highest in eurozone; identifies slight improvement since Q4 2011
Central Bank of Ireland highlights varied success of aid programmes
Research note examines progress of five European countries with EU-IMF programmes towards meeting debt sustainability targets; warns Ireland is likely to miss targets
Bank of Israel paper says Europe is sub-optimal currency area
Research examines political problems with economic and monetary union in Europe; says Europe is a “dubious candidate” for an optimal currency area
Estonian growth recovery 'relies' on eurozone governments' action
Estimates for Estonian growth rely on eurozone governments acting to ease the ongoing uncertainty, says central bank economist Kaspar Oja; domestic demand stays strong nevertheless
RBA reveals brighter growth outlook
Reserve Bank of Australia improves 2012 growth estimate; strong figures offset by uncertainty regarding external developments and possible upward trend for inflation
Croatian National Bank identifies increasing risks to financial stability
Financial stability report says contagion from eurozone, deleveraging by European banks or collapse of confidence in fiscal sustainability could push Croatia into deeper recession
Banque de France predicts output contraction in Q3
Survey on Industry and Services shows French businesses expect growth to contract by 0.1% in third quarter of 2012; figures show steady deterioration in sentiment since mid-2010
King says black clouds remain over UK economy
Governor of the Bank of England reveals lower growth prediction for UK; inflation also expected to fall but King denies country faces a lost decade
Central Bank of Ireland paper outlines changes to country’s European funding
Quarterly bulletin examines Ireland’s reliance on funding from Europe; highlights a decline in borrowing from Europe and an increase in Target2 liabilities
Draghi says ECB ready to make further bond purchases
ECB president says central bank is prepared to intervene in sovereign bond markets to prop up ailing eurozone economies; ECB holds rates, as does Bank of England
Ex-UK MPC members discuss future of eurozone
Panellists at event in London say euro will survive but with a smaller group of countries; argue UK is in dangerous position to respond to eurozone collapse
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
BoJ deputy governor says central bank ready to act
Hirohide Yamaguchi suggests possibility of further monetary easing if global economic outlook worsens; nevertheless gives positive assessment of economic conditions
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong