European Central Bank (ECB)
Eurozone countries still react differently to monetary policy, paper finds
Bank of Italy researchers find response has become more homogenous, but differences remain in the reaction of prices and unemployment
ECB's Constâncio welcomes SRM authority with no national veto
European Central Bank vice-president tells Singapore audience that banking union and European financial stability have important implications for the world economy
ECB's Cœuré welcomes commission proposal on Single Resolution Mechanism
Speaking in Paris, Cœuré says ‘strong central authority' needed as fundamental complement to the SSM
ECB monthly bulletin explains forward guidance
ECB's July bulletin sets out the thinking behind forward guidance, emphasising it is 'fully consistent with the ECB's mandate and monetary policy strategy'
Cœuré says ECB's non-standard monetary measures targeted at financial fragmentation
The ECB board member says unconventional policies were 'designed to tackle the peculiar euro area phenomenon of financial fragmentation'
European Commission releases 'radical' proposal to appoint itself resolution arbiter
Single Resolution Mechanism proposal would see the European Commission retain control over whether banks are resolved; argues this would be legal under current treaties, though doubts persist
ECB and Macedonian central bank complete co-operation programme
ECB's Jörg Asmussen says in Skopje that a strong EU has to be based on strong national institutions; report finds Macedonian central bank ‘equal or close to EU standards in many areas'
IMF's Lagarde supports negative rates in eurozone
IMF Article IV for the eurozone backs Draghi promise to keep rates low and says negative rates would support demand and ward off deflation; ECB chief concerned that financial transactions tax will hurt monetary policy efficacy
ECB researchers find evidence for ‘bank liquidity risk channel' for monetary policy
Non-standard policy at the ECB and the Fed has lowered bank funding volatility and increased the supply of loans, acting as an additional channel of monetary policy transmission
Cœuré says banking union vital to avoid a ‘lost decade' in Europe
Europe must act to break the sovereign-bank nexus and deal with zombie banks if it is to avoid a Japan-style decade of stagnant growth; backs ECB monetary policy to work toward this objective
Euro bank lending conditions were ‘softened’ ahead of crisis, ECB paper shows
Authors also found evidence of excessive risk-taking for mortgages loans
Eurozone’s unique policy framework creates communication confusion, ECB paper shows
Political communication has a quantifiable effect on sovereign bond spreads – at least in the short term, authors argue
ECB commits to keep interest rates down
Governing council says interest rate will remain at or below 0.5% for an ‘extended period of time’ despite previously refusing to pre-commit monetary policy
ECB paper aims to quantify effect of ‘inertia' in reserve currency use
Researchers say dollar's position as the dominant reserve currency is not insurmountable - but force of habit plays a significant role
Croatian membership boosts ECB capital
Croatia’s central bank has joined the European System of Central Banks (ESCB), with governor Boris Vujčić taking his place on the ECB’s general council
ECB paper considers how to conduct monetary policy without interest rates
Occasional paper studies development of Islamic finance in Europe, including the difficulties inherent in setting monetary policy given that sharia bans interest rates
Draghi calls for closer eurozone union ‘in all fields of economic policy'
Eurozone members need to sort out external imbalances and unemployment as well as acting together to secure banking union
Central bank statistics departments facing multiple strains, says ECB’s Schubert
Meeting new monetary, micro-prudential and macro-prudential data requirements is a major burden for central bank statistics departments, says ECB statistics head Aurel Schubert
Cœuré says ECB will not tighten ‘in near future’
ECB executive board member Benoît Cœuré says the prospect of tighter monetary policy in the eurozone remains distant; calls recent bout of market volatility ‘excessive’
ECB’s Asmussen urges greater efforts at global policy co-ordination
Executive board member says globalisation has led to greater interconnectedness and many more sources of risk, but institutions have not kept pace with the demanding environment
ECB paper proposes model for assessing European sovereign and bank spillovers
Working paper uses VAR model to quantify interdependencies between bank and sovereign CDS spreads
QE1 and QE2 operated in opposite directions, ECB researchers find
Researchers at the European Central Bank find that QE1 triggered a portfolio rebalancing out of EMEs into US equity and bonds, while QE2 acted in the opposite direction
ECB research dissects European competitiveness
Working paper separates competitiveness into political and factor price-driven elements; uses new index to show divergent outcomes across Europe
Draghi says ECB has not compromised its ‘ordoliberal' principles
ECB president tells Stanley Fischer farewell conference that the ECB's LTRO and OMT operations are 'controlled' and 'necessary for the pursuit of price stability'