Banking Union
Book notes: Bucking the buck: US financial sanctions and the international backlash against the dollar, by Daniel McDowell
A timely and well-documented book about the weaponisation of the US dollar
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements in the safety and soundness of the European banking system
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
The twilight of banking supervision
Supervision of banks in Europe has deteriorated, rather than improved, since the advent of the eurozone crisis
Philip Lane on systemic risk, transparency and Brexit
The Central Bank of Ireland governor speaks with Dan Hardie and Chris Jeffery about transparency, shadow banking, ECB succession and tackling systemic banking risk in the eurozone
ECB wants ESAs to focus on ‘European dimension’
The central bank says supervisors should be reshaped to better promote European interests; it recommends greater powers and a governance shake-up
Banks fear fresh burden from new EU branch supervision plan
EBA insists enhanced supervision of largest branches will not bring additional requirements
Visco hits out at lack of ‘cohesion’ among Europe’s political leaders
ECB governing council member calls for targeted structural reforms in the euro area; says a euro area finance minister must have fiscal capability and not be “another referee”
East Africa inches closer to monetary union
Progress report indicates some reform but many remaining issues; IMF officials flag problem areas and offer advice on shape of financial stability authorities
Austria should ‘stand ready’ to tighten capital requirements, IMF staff say
The country has made ‘significant progress’ in restructuring the regulatory and supervisory framework, the report says, but the banking sector's resilience could be strengthened
Banking union prompts ‘strategic refocusing’ at EBA
Andrea Enria sees banking union as ‘game changer’ for EBA; sets out three ‘lines of action’ to approach new landscape
National Bank of Denmark warns fierce competition may damage lending standards
Financial stability report urges banks to build buffers and not cut corners despite the highly competitive, low interest rate environment
Economists split on reality of cross-border co-operation
Panelists at an event in London see continued obstacles to countries working together effectively during a crisis, although regional co-operation could be a partial solution
Carney defends eurozone comments
Parliamentary committee questions appropriateness of BoE governor calling for fiscal union in Europe; Carney admits authorities outside eurozone were keen for him to make the comments
ECB’s Cœuré calls for tougher rules on structural policy
Executive board member says a ‘strong framework’ is needed to manage the interdependence of fiscal, financial, structural and monetary policies in Europe
Rohde mulls higher capital requirements if Denmark stays out of bank union
Danish governor wants country to join the European banking union in 2015; banks have lower capital buffers than counterparts in other non-member countries
Romania governor calls for early entry into Banking Union
Romania will be affected by Banking Union either way, argues governor Mugur Isărescu, so would be better off inside rather than outside
Romania governor backs banking union as ‘substitute' for fiscal union
National Bank of Romania governor is prepared to take his country into the single currency despite the lack of a fiscal union without which monetary union 'cannot function properly'
Finland deputy: Banking union may 'exacerbate conflict' for national supervisors
Banking union is envisaged to lessen the role that national interest plays in bank supervision, but Pentti Hakkarainenin warns of potential short-term setbacks
Danish governor repeats call to join banking union
National Bank of Denmark governor Lars Rohde insists it would be in the ‘best interests’ of the country to join the banking union; predicts ‘substantial impact’ one way or the other
Banking union can create sustainable financial integration in eurozone, Draghi says
Speaking at the 20th anniversary of the establishment of the European Monetary Institute, the forerunner to the ECB, Mario Draghi says banking union can strengthen financial integration