European Central Bank (ECB)
Sepa migration at risk due to poor preparedness, says ECB
First progress report expresses alarm at some companies planning to migrate very close to deadline; payments could be disrupted if deadline missed, but Benoît Cœuré says ‘there is no plan B’
Major part of banking union set for mid-2014, says ECB official
National supervisors made 'gigantic mistakes', says ECB's financial stability head; outlines plans for SSM
T2S chief warns regulatory inaction could damage harmonisation process
Jean-Michel Godeffroy says CSD regulation must be passed this year to avoid harmonisation delays; conference panellists raise concerns over costs, limited participation and financial transaction tax
IMF urges ‘more forceful action’ to end Europe’s woes
Report on European financial stability says situation remains ‘tenuous’ in eurozone; calls on authorities to act fast to repair balance sheets and set up banking union
Nalm 2013: Delegates debate reigniting European ABS market
Participants at Central Banking event discuss mechanisms to get European financial markets off life support; particular focus on asset-backed securities
Nalm 2013: Kotz stresses necessity of exceptional policy despite moral hazard
Former Bundesbank board member says exceptional response by major central banks to the financial crisis was unavoidable as cost of inaction would have been ‘massive’
ECB’s Cœuré says financial fragmentation ‘remains high’
Executive board member Benoît Cœuré highlights evidence of receding fragmentation in the eurozone but warns overall level still too high
T2S programme hit by delays with costs set to soar
Europe’s new securities settlement system, Target2-Securities, faces tough implementation schedule, say Clearstream and Euroclear officials; ECB reaffirms commitment to price plan and timescale
Constâncio identifies benefits of banking union to non-members
ECB vice-president says European countries outside the new SSM will benefit from an enhanced banking union; stresses value of increased financing to real economies
ECB’s LTROs contribute to 12% drop in repo transactions
Icma report warns ‘abundant’ liquidity provided by ECB’s long-term refinancing operations is undermining the repo market in Europe; notes signs of increased risk appetite
Lagarde sets out case for ECB rate cut and wider use of OMT
IMF managing director says ECB has room to cut rates and a European recovery is constrained by a lack of demand; suggests OMT programme could help countries ‘regain market access'
ECB researcher views liquidity shocks through enhanced DGE lens
Model aims to more accurately capture equity premia, finding that this amplifies liquidity shocks and explains a ‘significant fraction’ of business cycle fluctuations
Draghi hints at governing council rate split
ECB holds rates again but Draghi reveals dissent among council members; central bank staff lower growth forecast
Bundesbank’s waning role in Europe dates back to Schmidt’s ‘Auschwitz’ comments
The loss of German central bank authority in Europe in the past two years dates back to an historic meeting with Helmut Schmidt, who used references to Auschwitz to drive home monetary integration
Monetary policy is ‘mirror image’ of financial shocks, says ECB paper
Study finds that monetary policy is effective in mitigating financial shocks because it is capable of reversing the impact of shocks on GDP and investment
ECB and BoE edge closer to more easing
Commentators home in on signs the ECB is shifting towards a more dovish stance; BoE could sanction more QE after three members voted in favour last time
ECB paper says government spending harms growth
Study analyses impact of government revenues and spending on long-term growth; finds income taxes and public investment can both have a negative impact
ECB lauds 2012 as year of ‘great achievement' for T2S programme
Annual report details progress in 2012 including 22 participating clearing houses and new governance and legal frameworks, though one deadline has already been missed
Benoît Cœuré says ECB can only 'buy time for political bodies to act'
ECB executive board member calls on Europe's governments to 'redefine the European social contract' - saying rebalancing is 'inevitable'
Latvia submits application for a seat at the euro table
Baltic nation sees membership of European single currency as the 'logical next step' of further integration into the European Union
ECB under pressure to act as eurozone unemployment hits new heights
Analysts see growing chance of rate cut as eurozone unemployment rises 10%, while it falls in the rest of the European Union
ECB's Mersch calls for 'true banking union' to unblock policy transmission channel
Yves Mersch says banking union and single supervisory mechanism are necessary to allow European Central Bank to effectively set monetary policy in the eurozone
Deutsche Bundesbank’s losing struggle in European integration battle
The Deutsche Bundesbank was once the cornerstone of European monetary stability but has become little more than a bargaining chip for politicians negotiating European integration.
Collateral problems in the euro area
The euro area sovereign debt crisis has caused remarkable growth in the operations of the Eurosystem. It also led to diminished collateral availability.