European Central Bank (ECB)
ECB paper finds capital controls can increase stock price volatility
Research paper finds that a tax on capital inflows can stabilise currency markets, but amplify shocks in single-country stock markets
Sector-specific variables more relevant than thought in determining default risk
The effect and magnitude of risk drivers across sectors is highly heterogeneous, which should be taken into account when designing stress-testing analytical tools, research paper argues
Fall in equities most significant global impact of euro crisis, says ECB paper
Working paper measures impact of euro debt crisis on global financial markets; says the transmission ‘hinges more on trade than on finance’
Opinion: The ECB should not hold back from eurozone bond purchases
There is no danger in the ECB buying large amounts of eurozone government bonds to bolster market confidence – so long as the right conditions are met – says Natixis chief economist Patrick Artus
Getting to grips with monetary policy?
Global co-operation on monetary policy remains out of reach
Europe could learn from Germany’s macro-prudential approach
Germany’s approach to macro-prudential oversight could offer insights into how to democratise ‘hard’ policy tools and enshrine independence at a time when more power is being transferred to the ECB
ECB conflicted by Cyprus bail-in
The ECB’s failure to secure a bail-out for the Cypriot banking system changes the template for sovereign rescue in the eurozone. It also has implications for a central bank that appears conflicted
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
ECB paper backs broader financing alternatives
Occasional paper says the ECB’s monetary polices has had an ‘uneven effect’ on eurozone businesses; calls for more diverse capital structures
German experience offers macro-prudential lessons for Europe, says Buba's Dombret
Germany's approach to macro-prudential oversight could offer insights into how to democratise ‘hard' policy tools and define the role of national central banks, says the Bundesbank's Andreas Dombret
Financial fragmentation persistent in face of loose monetary policy stance
ECB article provides evidence of heterogeneous interest rate pass-through in the four largest eurozone economies, based on new models
Peter Praet delves deeper into ECB forward guidance
The ECB executive board member explains why the central bank issued forward guidance and how it will work; emphasises the importance of money dynamics in determining future policy
Adopting electronic retail payments boosts real economy, says ECB paper
Working paper says efficient electronic retail payment infrastructure boosts GDP, trade and consumption; integrating and harmonising different markets amplifies these effects
Bullard says Fed should ape ECB press conference schedule
James Bullard of the St Louis Fed wants to see the Fed chair give a press conference after every meeting of the FOMC - not after alternate meetings, as is the case currently
IMF spillover report highlights tough balancing act for leading economies
Report examining international effects of policies in China, the eurozone, Japan, the UK and US, says easy monetary conditions essential but warns of future side-effects
ECB confirms forward guidance, holds rates without discussion
Mario Draghi confirms ECB expects to keep interest rates at current rates or lower, but tells press conference there was no discussion on changing rates today
Issing brands calls for detailed ECB minutes disclosure ‘absurd'
Debate rages about the need for more transparency in ECB governing council decision-making, as Otmar Issing and Sharon Bowles enter the fray; Draghi says ECB is reviewing communications policy
Cyprus gold still in play to help fund troika bailout
First review finds good progress made in repairing the Cypriot financial sector; central bank will take on a wider supervisory role but may have to sell gold to contribute to the country's bail-out
Expectations about future monetary policy important driver of inflation, paper finds
Financial market data can predict result of infrequent inflation expectation surveys; more frequent indicators could be useful for monetary policy-makers, paper suggests
ECB's Cœuré and Asmussen call for published minutes
Public account 'should include who voted for what, and the reasoning behind that vote', say executive board members; move would bring ECB in line with other major central banks
LTROs ‘major' boost to eurozone liquidity, research shows
Paper explores the excess liquidity environment in the eurozone and examines market risk appetite, focusing on peripheral Europe
IMF looks to ECB for more monetary easing
IMF encourages the ECB to cut interest rates and launch a new round of long-term low-interest loans to buy more time for eurozone banks and legislators
Research investigates factors behind region-wide banking stability
New paper finds more competitive regional banking systems are less fragile; contagion is more dangerous when the host's banks are more liquid and better capitalised
ECB paper says monetary transmission ‘far stronger’ in some eurozone countries than others
Interest rate changes have greater impact on bank lending in Germany and Italy than in countries with fewer commercial banks such as Spain and France