Eurozone
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
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration
World Gold Council says disinflation may support gold demand
Statistical commentary argues gold price may increase due to disinflation; says current economic environment ‘supportive’ of gold demand
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
Bank of Italy’s economic overview paints bleak picture
Italian statistics show worsening of main economic indicators in first quarter of 2012; however government bond yields below levels at end of 2011
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
Bernanke blames Europe and fiscal cliff for stalling recovery
Chairman of the Federal Reserve says two main risks to economic improvement in the US are eurozone woes and looming fiscal cliff; urges lawmakers to act promptly