Eurozone
ECB points to securitisation, interest rate risk concerns
European Central Bank’s December Financial Stability Review stresses importance of more transparency in asset-backed securities market; highlights interest rate risk worries
ECB repos, not bond purchases best fix for debt woes: Deutsche Bank note
Deutsche Bank paper moots the use of targeted long-term repurchases to shore up peripheral bond markets, rather than more outright purchases
CDSs did not hike eurozone states’ funding costs: European Commission report
European Commission taskforce finds credit default swaps were not responsible for inflating eurozone members’ funding costs, worsening crisis
Policy centralisation key to future of Eurozone, says Goldman’s O’Neill
Success or failure of the Eurozone hinges on Germany ‘laying down the law’, according to chairman of Goldman Sachs Asset Management.
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