European Central Bank (ECB)
Hungarian government abandons central bank transaction tax
Hungary’s minister for the national economy says transaction tax will not be applied to central bank following pressure from European authorities and the IMF
Draghi says no backstop after OMTs; praises Spanish progress
ECB president Mario Draghi discusses OMTs, and the success of reforms in Spain and Portugal as ECB holds rates at 0.75%
Bank of Greece abandons 9% core capital requirement
Central bank suspends plans to raise core Tier I capital ratio as banks struggle to raise equity and data show contraction in lending continues
ECB research finds European retail payment costs about 1% of GDP
Study measures costs of retail payments across a sample of European countries; finds costs of retail payments account for a significant proportion of GDP
ECB paper examines ability of central banks to tackle dual liquidity crises
ECB study investigates how different monetary regimes impact on the ability of central banks to contain dual liquidity crises; finds less interference equates to more action
New report calls for CCP resolution regime
Centre for the Study of Financial Innovation report recommends resolution regime for 'risky' central counterparty clearings
ECB's Cœuré investigates collateral scarcity
Benoît Cœuré discusses rise in demand for high-quality assets in the eurozone and says changes needed if shift is permanent
Former ECB board members say OMTs are outside central bank’s mandate
Otmar Issing and Jürgen Stark both criticise ECB bond purchase plans in separate interviews; Issing calls political union a ‘dangerous idea’
ECB’s Draghi defends OMTs to German audience
European Central Bank president Mario Draghi stresses bond purchase plans are within the central bank’s mandate; says there are signs reforms are working
Cyprus governor urges fast implementation of SSM
Panicos Demetriades says the adoption of the single supervisory mechanism in Europe is a ‘matter of urgency’; says banking union is particularly important for Cyprus
Finland board member discusses banking union challenges
Bank of Finland board member identifies benefits of a European banking union but emphasises the complexity of resultant political issues
ECB communicates ‘intensively’ on fiscal policy, says paper
Research report compares central banks' communication on fiscal policy; ECB the most active commentator
Europe must tackle financial fragmentation, says ECB’s Cœuré
Benoît Cœuré says banking union will stem financial fragmentation in European Monetary Union; integration will require flexibility in the short run
ESRB’s first ‘risk dashboard’ shows some positivity
European Systemic Risk Board releases first set of 43 indicators of risk for European countries; highlights some signs of improvement in financial markets
ECB paper analyses factors driving portfolio flows
Working paper studies time-varying drivers of capital flows to emerging markets; finds investors are more sensitive to local factors during market stress, while extreme stress can cause a panic
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
Former Cypriot governor says OMTs will not suffice
Athanasios Orphanides says ECB's bond purchase programme will not achieve long-term financial stability; says a political problem requires a political solution
Bank of Greece sets out drastic cost-cutting measures
Greek central bank governor sends letter to ECB explaining steps taken to reduce operating costs and wages at the institution; includes cumulative 50% pay cut for top officials
Giff 2012: Central bank action enables Europe to reverse fiscal austerity, says Turkish deputy prime minister
Central banks have created a ‘window of opportunity’ for governments in Europe and elsewhere to embark on fiscal expansion to spur short-term growth, says Turkish deputy prime minister
ECB paper analyses euro stability measures
ECB research assesses eurozone stability measures; says a European-wide framework for recapitalising large and systemic banks is still needed
ECB paper finds US foreign bondholdings rooted in past
ECB research examines the link between past and present levels of foreign bonds held by US investors; finds similar investment patterns for both
Spain’s Restoy highlights ‘demanding’ timetable for single-supervision mechanism
Deputy governor of the Bank of Spain applauds 'well founded' eurozone-wide banking oversight plan; but says schedule for implementing the changes will be tough
French circus to perform as part of ECB cultural days
ECB reveals programme for cultural days 2012; spotlight for annual event falls on France and will for the first time feature a circus production