European Central Bank (ECB)
Banking union divides Europe
The European Central Bank is set to gain responsibility for the supervision of the continent’s banks in a move unlikely to restore trust with an already sceptical German public
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
ECB in danger of being forged from fiscal fragility
Mario Draghi has made his mark at the helm of the European Central Bank. But Europe also needs a core set of values that must not be violated
Systemic risk in Europe heightened by Target trap
Huge Target liabilities may explain why Germany sanctioned proposals for ECB bond-buying and the formation of the ESM. But this will not solve Europe’s problems
Hungarian governor slams government’s economic policies
András Simor says economic recovery in Hungary will require fiscal discipline, higher bank lending and price stability – and the government is failing at all three
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target
ECB’s Cœuré champions accountability in Europe
Executive board member wants clear ‘network of responsibilities’ and advocates creation of a euro area treasury
ECB paper models heterogeneous shock transmissions
Working paper examines macroeconomic and financial linkages between countries; finds significant but heterogeneous transmission of shocks
Iceland’s Guðmundsson identifies flaw in banking union plans
Már Guðmundsson warns lack of foreign currency lender-of-last-resort provisions is an important omission from economic and monetary union plans
ECB’s Cœuré wants structural co-ordination
Executive board member appeals for the cohesive implementation of Volcker, Vickers and Liikanen proposals
ECB’s Constâncio advocates sovereignty transfer
The vice-president says some aspects of decision-making should be moved from a national to a European level
Ireland’s Elderfield sees tension between micro and macro objectives
Deputy governor of the Central Bank of Ireland says micro-prudential emphasis on ‘more and faster’ capital requirements could fuel pro-cyclicality and harm debt sustainability
Robert Pringle’s Viewpoint: How governments are undermining world finance
Central bankers need to forcefully express their concerns about the unintended consequences of new regulatory policies
ECB’s supervisory board must oversee all banks, Draghi says
ECB president emphasises potential for smaller financial institutions to be systemically important
Mersch appointed to ECB amid continuing controversy
Appointment to ECB board finalised despite challenge over lack of female candidates; Sharon Bowles says democracy has been shown to be discarded when ‘its truths are inconvenient’
ECB’s Cœuré concerned about online card fraud
Benoît Cœuré says greater innovation is needed in the internet payments market
ECB paper highlights locational importance of asset bubbles
Working paper finds asset bubbles have differing effects on the economy depending on whether they are located with banks or ordinary savers, with implications for macro-prudential policy
ECB’s Cœuré backs European control of national budgets
European Central Bank board member says yielding budget control to central bodies would enable countries to ‘recover’ sovereignty
ECB’s Cœuré champions retail payments integration
Benoît Cœuré says the Single Euro Payments Area increases efficiency and lowers costs; wants governing council to have a ‘self-regulatory focus’
Bundesbank concerned by escalating stability risks
German central bank’s financial stability review warns of a build-up of risks with echoes of past crises, but says the German financial system has become more robust during the past five years
European fiscal stimulus assessed by Fed paper
Economic Recovery Plan had a sizeable but short-lived impact on GDP
Collateral eligibility policy is neglected, says BIS paper
As number of assets accepted as collateral by ECB grows, so does the credit risk faced by Europe’s central bank
Europe more fiscally balanced than US, Japan and UK, says Draghi
ECB president says euro area has made ‘amazing’ progress with fiscal consolidation
Greek mythology character to adorn new euro notes
New ‘Europa’ series of bank notes unveiled by ECB with five-euro note bearing the image of a Greek mythological princess first to be introduced in May 2013