Eurozone
Eurozone’s ageing is lowering interest rates – BoI paper
Natural real interest rate is likely to reach its lowest point around 2030, researcher finds
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC. This work will shape the future of money, as could be witnessed in Albania
Powell, Lagarde and Bailey express caution on CBDCs
Jay Powell says Fed must get any future CBDC right, rather than “being the first”
Bank of Italy paper looks at flatter Phillips curve
Weaker collective bargaining has played key role in flattening relationship, researchers say
Weak banks could reverse effects of policy rate cuts – ECB paper
Countercyclical buffers play crucial role in preventing “reversal interest rate” events, researchers find
Currency Benchmarks 2020 report – the data behind the cash cycle
Perspectives on staffing, circulation, forecasting, fraud, substrate choice, outsourcing and climate risk
How gold has regained its shine
In a year of exceptional circumstances – especially true for gold, which, in August, saw an all-time high price – Invesco explores how pandemic-driven uncertainty has returned the precious metal to the spotlight of the global monetary system.
ECB paper looks at interest rate-growth differential
Several factors are likely to push differential up for some eurozone countries, say researchers
Eurozone’s RTGS system suffers major outage
ECB says Target2 system’s production site had to shift to alternative region – rules out cyber incident
DNB paper looks at eurozone’s interest rates
Paper looks at effects of ECB monetary policy shocks on bank equity prices from 1999 to 2020
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
ECB paper presents new measure of underlying inflation
“PCCI” measure does not exclude HICP items and gives timely notice of turning points, authors say
Lagarde and Weidmann clash over EU recovery fund
ECB president wants it to become a permanent fiscal tool, Bundesbank president thinks it should remain a one-off
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Eurogroup nominates Elderson to ECB board
European Union’s governments and parliament must now consider DNB official’s appointment
Bank of Finland research looks at ECB’s effects on eurozone equities
Researcher says eurozone monetary easing has raised eurozone equities’ expected risk premia
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
Deeper EU capital markets will improve risk sharing - BdF paper
Researchers present new methodology to estimate cross-border financial risk sharing in the EU
Bank of Spain paper warns over eurozone’s public debt
Individual eurozone countries likely to be more vulnerable due to recent debt increases, paper says
Euro failing to challenge US dollar in global reserves – CBI Benchmarks data
Among non-European central banks euro sovereign debt accounts for just 4.1% of reserves; negative rates act as a major barrier, say reserve managers
ECB should scale back monetary stimulus after crisis – Weidmann
Knot says central bank should adopt symmetry in the implementation of PEPP purchases
ECB ready to adjust its policy instruments – Philip Lane
MAS chairman warns that post-pandemic labour markets will need new public policies
Financial indicators can warn of European growth risks – ECB paper
Index that aggregates financial variables in non-linear way provides most information – researchers
EU hands CCP members a narrow win on skin in the game
Clearing members could use the final rules to push for higher CCP capital globally