European Central Bank (ECB)
ECB 'conflict of interest' puts effective supervisory mechanism at risk
The European Parliament's rapporteur on the SSM fears a conflict of interest inherent in the ECB stands in the way of creating an SSM that is up to the task
ECB's Cœuré argues integrating SSM in ECB has benefits for monetary policy
Executive board member sees benefits to monetary policy in bringing supervisory mechanism into the ECB
Ireland passes emergency liquidity restructuring bill
Irish parliament passes bill to transform promissory notes into long-term sovereign bond, and wind up 'bad bank'
Draghi says markets should have final say on currency strength
ECB president re-affirms the central bank's independence; emphasises ‘accommodative' monetary policy, as governing council votes to hold rates again
‘Crisis in the eurozone is not over’, says MAS chief
MAS's Ravi Menon offers a roadmap to central banks and governments to help ‘normalise’ the global financial system; hits out at loose monetary policies and says fiscal policy debate is misinformed
ECB paper tweaks the evaluation of early warning systems
Research proposes changes in the way the costs and benefits of early warning systems are calculated
Constâncio concerned about credibility in wake of SSM
ECB vice-president says problem in banking industry could damage the central bank’s reputation; denies any conflict of interest between monetary and supervisory functions
ECB’s Praet warns against ‘hazardous’ policy experiments
Executive board member says he is ‘very sceptical’ of suggestions to raise the inflation target, but cautions against complacency over policy toolkits
Banks rush to repay LTROs at first opportunity
Repayments of the European Central Bank’s long-term refinancing operations exceed many analysts’ expectations, as 278 banks choose to pay back nearly 30% of the total
Dutch paper attempts to fill gaps in European unsecured lending data
Working paper develops algorithm to extract information on unsecured money-market loans from Target2 data, then uses the new data to identify trends in lending
ECB working paper highlights success of LTROs
Researcher finds three-year long-term refinancing operations significantly boosted European growth prospects and eased lending conditions
Mixed reactions from banks as ECB prepares to wind down LTROs
Repayment window for LTROs set to open on January 30; some commentators raise concerns over possible monetary tightening, while others view early repayments as sign of financial health
Draghi optimistic as ‘darkest clouds’ in euro area subside
ECB president Mario Draghi praises the euro area’s achievements in 2012, and urges countries to be unrelenting in their pursuit of reform
ECB working paper posits improved volatility measure
Paper proposes new measure of volatility that provides information on whole market rather than single maturities; authors say results are simpler and more robust than existing models
Irish deputy lays out arguments for banking union and SSM
Gerlach says while monetary policy and bank supervisory bodies should be separate, siting them together can bring benefits
ECB's Benoit Cœuré calls for sweeping structural reform of eurozone economies
Cœuré says monetary policy 'no substitute' for structural shifts in the economy, in order to maintain Europe's social contract
Bundesbank deputy stresses need for SSM improvements
Sabine Lautenschläger says foundation of Europe’s single supervisory mechanism needs work; legal and governance structures unfinished at present
ECB’s Cœuré examines trend towards secured transactions
Benoît Cœuré highlights increasing proportion of secured money market transactions and greater use of central counterparties in Europe, but warns this can cause problems
Banking union no ‘magic answer’ to Europe’s woes, says BoE’s King
Bank of England governor says no sign of any significant progress in resolving the core issues afflicting the eurozone. But banking union may help in dealing with too-big-to-fail banks
Macro-prudential policy needs cross-border co-ordination, says ECB paper
Legal working paper says co-ordination is a ‘daunting challenge’ for central banks and other national authorities involved in macro-prudential oversight
Disparities emerge in euro counterfeit figures
Figures for euro counterfeits seized in 2012 show wide differences between countries, though not all central banks report totals; ECB unveils security features on new €5 note
Draghi denies calls for rate cut as ECB holds again
European Central Bank's governing council holds rate, as inflation and growth remain steady; Mario Draghi optimistic about growing financial market confidence
Fed’s Bullard blasts ‘fiscalisation’ of ECB
James Bullard defends central bank independence while criticising the European Central Bank for mixing monetary and fiscal policy in its outright monetary transactions
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff