European Central Bank (ECB)
ECB’s Asmussen highlights increasing roles of central banks
Jörg Asmussen says central banks have assumed new crisis management responsibility; sets out vision of ECB’s future roles when crisis ends
European Commission divulges banking oversight proposals
ECB at the heart of the new single supervisory mechanism; EBA given the task of developing a handbook to ensure coherence in banking supervision across member states
Finland’s Liikanen calls for equal transmission of monetary policy
Bank of Finland governor says monetary policy should transmit equally around Europe; access to funding should not be hampered by “unfounded risk premia”
ECB’s Constâncio stresses need for banking union
ECB vice-president says banking union will help tackle increasing divide of markets along national borders; could guide intervention in market risk
ECB appointment hearing postponed due to lack of female candidates
Hearing to discuss Yves Mersch’s appointment to the ECB’s executive board on hold; talks with Eurogroup president taking place
Swiss franc expected to retrace its fall as ECB news sinks in
The euro rallied against the Swiss franc for the first time in six months after yesterday’s announcement of new measures from the ECB, but FX strategists expect it to fall back towards 1.20
ECB unveils details of bond purchase plans
Mario Draghi sets out plans for European Central Bank to buy debt of ailing eurozone economies; questions remain over impact
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
Moody’s changes EU credit rating outlook to negative
Credit rating agency says move reflects alterations to rating outlooks for core eurozone countries; all eyes on ECB for rate decision later this week
ECB’s Cœuré highlights information content of inflation-linked securities
Benoît Cœuré outlines use of inflation-linked financial products as indicators of inflation expectations; says information content is useful but methods require further study
ECB paper scrutinises sustainability of OECD public finances
European Central Bank working paper investigates public finances in sample of OECD countries; analyses causality between revenues and expenditures
Draghi rallies German public to support eurozone reforms
President of the ECB says “exceptional measures” may be required to ensure price stability; reaffirms commitment to independence and acting within mandate
Dombret proposes alternative to ECB-led supervision of banks
Deutsche Bundesbank’s Andreas Dombret discusses an EU-wide supervisory structure for banks; suggests it does not necessarily need to be headed by the ECB
Draghi pulls out of Jackson Hole speech
President of the ECB stays in Europe on account of his “heavy workload”; statement comes shortly before plans for single banking supervision mechanism announced for eurozone
The puzzle of monetary policy
The centrepiece of macroeconomic management, inflation targeting by central banks, remains virtually unchallenged despite the crisis of the past five years. This needs to change, argues John Gieve
Germany's concerns about the ECB’s bloated balance sheet
The ECB’s unconventional monetary policy actions have caused a stir in Germany. The Bundesbank's Joachim Nagel speaks with Klaus Engelen about the risks the ECB now faces
The flaws in the Fed's new macro stress test proposals
New macro stress test proposals by the Fed and ECB appear to conflict with rules put forward by the UK, and are raising concern in countries where financial institutions are relatively robust
ECB paper models economic impact of 'disaster risk'
Working paper finds expectations of severe recessions impact equity prices; effects feed through to the economy
ECB hiring may not be enough to cope with workload, says Ipso chief
Union head says European Central Bank’s plan to recruit 40 additional staff to help cope with increased workload is unlikely to be sufficient
Bundesbank criticises ECB bond-buying proposals
Decision to share solvency risks should be taken by European governments not the ECB, says Deutsche Bundesbank; warns German government debt ratio likely to rise this year
ECB paper finds new commodity transmission link for inflation
European Central Bank working paper explores relationship between demand shocks and inflation; reveals commodity prices indirectly magnify the effects
ECB paper investigates policy effect on bank risk-taking
Working paper finds both positive and negative impact of monetary policy on bank risk-taking; suggests this makes it impossible for regulators to design optimal capital requirements
ECB paper warns of capital control externalities
Working paper examines spillover from tax on capital inflows into Brazil; identifies significant direct impact amplified by signalling effects
Banque de France predicts output contraction in Q3
Survey on Industry and Services shows French businesses expect growth to contract by 0.1% in third quarter of 2012; figures show steady deterioration in sentiment since mid-2010