European Central Bank (ECB)
Cœuré concerned over 'big bang’ payments migration
ECB says many member states are planning to migrate to the Single Euro Payments Area in the last quarter of the year; Benoît Cœuré points to operational risks of leaving it to the last minute
ECB unveils three-pronged comprehensive assessment
European Central Bank reveals the methodology behind the risk assessment, asset quality review and stress test it will use to scrutinise the eurozone’s largest banks over the next year
Bundesbank warns over surge in German property prices
House prices in the country's biggest cities are up more than a quarter since 2010, as investors search for yield amid record low interest rates; lack of supply also plays a role, says new study
ECB’s Cœuré laments slow payments progress
Benoît Cœuré says closer integration of payment systems in Europe would bring major benefits, but is being held back by limited efforts at standardisation; urges banks to innovate more
Praet says household heterogeneity key to understanding transmission mechanism
New Household Finance and Consumption Survey can bring new insights into how individual households are affected by economic shocks, says ECB chief economist
ECB seeks head of new human resources office
Recruitment and operations section will be responsible for recruitment and ECB employees' contracts, salaries, and benefits; overhaul comes as ECB gears up for SSM implementation
BIS publishes data disclosure standards for CCPs
CPSS and Iosco set requirements for which quantitative data central counterparties should release and when; aims to increase transparency around the risks associated with them
Cyprus finance minister says governor Demetriades is 'under scrutiny'
Harris Georgiades says expanded central bank board will improve governance; argues banks will succeed in raising equity as capital controls are lifted
Mix of micro and macro indicators improves chances of spotting bank distress early on
ECB working paper presents ‘early warning model' using bank and country-level data for predicting individual bank distress in Europe
European Council approves ECB's single supervisory mechanism
The SSM is a precondition for enabling the European Stability Mechanism to be able to directly recapitalise banks - breaking ‘the vicious circle' between banks and sovereigns, Council says
ECB's Asmussen tells G-20 to slim down policy focus
Executive board member argues informal economic forum should concentrate on financial regulatory reform rather than ‘food security and labour issues'; calls for permanent G-20 secretariat
Commodity price shocks may unhinge eurozone inflation, ECB article says
Higher and more volatile commodity prices risk rendering conventional forecasts based on futures prices obsolete, with knock-on effects for inflation
Draghi reframes push for ‘perfect union’ in Europe
ECB chief Mario Draghi says the concept of sovereignty should be considered from the perspective of an individual European, rather than an individual European state
ECB agrees €45 billion bilateral swap line with PBoC
European Central Bank joins a long list of central banks with renminbi swap line with the People’s Bank of China; deal is smaller than some speculated
Higher interest rates would have hurt savers, says ECB's Cœuré
Executive board member says loose monetary policy does not stem from a desire to favour borrowers, but as a necessary response to bring the world economy back to growth and ultimately help savers
Netherlands Bank says ECB’s asset quality review necessary to restore market confidence
Dutch central bank says lack of market confidence is making it difficult for European banks to build stronger balance sheets, and that the ECB’s asset quality review will help address this
Robert Pringle’s Viewpoint: ECB needs to play ‘chicken’ to force reform of Europe’s banks
The ECB won a game of brinkmanship with governments to secure the establishment of the bail-out fund. It needs to use the same tactic with three clear elements to force through bank reform
European finance sector needs complete overhaul, says ECB's Praet
Executive board member says Europe's financial sector must be overhauled in 'its entirety' not through ‘selective mending'; warns of Japanese-style zombie banks undercutting return to growth
IMF paper says ECB can do more to fix broken transmission mechanism
Working paper identifies credit channel as a major malfunctioning component of the eurozone monetary transmission mechanism and suggests possibilities for fixing it - including asset purchases
ECB's Cœuré backs committed liquidity facility
European Central Bank executive board member suggests a committed liquidity facility could help remove incentives for regulatory arbitrage in the Eurosystem
Maltese politicians clash over new deputy governor appointment
Move to appoint a deputy governor in charge of financial stability at the Central Bank of Malta led to opposition accusations of politicisation
ECB's counsellor to the president crosses lines to Axa
Christian Thimann moves from central bank to financial services giant; takes on responsibilities as group head of strategy and public affairs
ECB holds rates but leaves new LTRO on the table
European Central Bank governing council decides against further rate cuts in Paris, but Mario Draghi says all options remain on the table to ensure money markets remain liquid
ECB research examines ‘inverted V’ yields around bond auctions
Working paper finds yields spiked around auctions during crisis-hit Italian bond issues, creating additional costs for the government that Germany did not face