Eurozone
Trichet to eurozone governments: take the lead on debt crisis
European Central Bank president Jean-Claude Trichet says debt crisis is within governments’ remit, hinting at support for extension of European Financial Stability Facility
ECB bucks market expectation with silence on further bond purchases
European Central Bank extends liquidity operations but does not commit to more bond purchases; move comes against market anticipation, dividing analysts
Portuguese banks’ reliance on ECB 'unsustainable', says central bank
Bank of Portugal Financial Stability Report says domestic lenders’ reliance on eurosystem funding has spiralled; sovereign’s declining prospects a key factor
Anglo restructuring deal to be sealed in January: Ireland’s Honohan
Central Bank of Ireland governor Patrick Honohan says Anglo restructuring proposal will be approved by end-January; Irish banks face capital, liquidity assessments
Markets, analysts unconvinced by Irish bailout
Officials welcome deal but euro, continental bourses drop in response to €85 billion rescue package for Ireland
Europe reveals new stability mechanism
Eurozone finance ministers outline European Stability Mechanism designed to offer financial assistance to troubled single currency states
The euro funding gap and its consequences
The crisis has highlighted that the euro is far from a true reserve currency. That has worrying implications, argue Annina Kaltenbrunner, Duncan Lindo, Juan Pablo Painceira and Alexis Stenfors
Debt restructuring framework for Europe essential: Deutsche Bank
Deutsche Bank co-head of European economic research Mark Wall says officials must create credible restructuring mechanism for eurozone sovereigns
Bini Smaghi attacks watered-down EU fiscal sanctions
European Central Bank executive board member Lorenzo Bini Smaghi criticises EU proposals to have option to apply veto on excessive deficit sanctions
Roubini: Eurozone restructurings will leave bondholders facing losses
Government debt levels in peripheral Europe mean restructurings cannot be avoided, says economist Nouriel Roubini.
I’m sticking to my guns: Buba’s Weber
Bundesbank president Axel Weber says future career prospects will not change his outspoken nature
EPC chairman 'shocked' at Brussels' 'competing' Sepa schemes
European Payments Council chair slams European Commission's willingness to allow operation of multiple, national Sepa schemes; says plan would thwart aims of Sepa
ECB announces baseline T2S price of €0.15
Settlement platform’s Programme Board proposes to fix fee for settlement until 2018; price not dependent on UK volumes, says ECB
Trichet opposes EU agreement on fiscal sanctions
European Central Bank president Jean-Claude Trichet refuses to give his backing to sanctions for countries that break rules of stability and growth pact; sees sanctions as too soft
Buba’s Weber rebuffs criticism of German surplus
Bundesbank president Axel Weber dismisses argument that eurozone’s surplus countries should boost demand to aid deficit-laden neighbours; condemns “misleading” comparison to China
Hungary sets four hour limit for retail payments
National Bank of Hungary issues decree requiring banks to settle electronic payments within four hours; move may cost banks up to $40m, admits deputy
IIF defends doom-and-gloom Basel III forecasts
Institute for International Finance backs up its predictions of Basel III output loss, which are deeper than regulators’
Recovery has lost steam and risks remain high, IMF warns
IMF's latest financial stability report strikes a cautionary note about the stalled economic recovery
Mersch calls for clear government fiscal strategy
Central Bank of Luxembourg president Yves Mersch says sending clear message to restore fiscal sustainability is key to economic recovery
Basel II grievances stir transatlantic tensions on new accord
BNP Paribas chairman Michel Pébereau slams United States’ failure to implement Basel II across the board; says Basel III will unfairly impair Europe
RBA’s Stevens: monetary policy not necessarily a ‘blunt instrument’
Reserve Bank of Australia governor Glenn Stevens says monetary policy suited to guarding macroeconomic stability
Strauss-Kahn calls for European fiscal federation
IMF managing director Dominique Strauss-Kahn proposes creation of European fiscal authority similar to ECB to oversee fiscal policy
CEPR: PIGS neglected current account deficits
Centre for Economic Policy Research study shows adoption of euro caused countries to relax current account discipline
OECD warns on global slowdown
G7 growth set to slow to 1.5% in the second half of the year; chief economist advocates more QE if slowdown does become entrenched