European Central Bank (ECB)
Troika maintains pressure on Greece
Officials from the European Commission, ECB and IMF will return to Greece in September to check on reform progress; central bank chief reportedly tells government the country is being 'defamed'
Draghi says ECB ready to make further bond purchases
ECB president says central bank is prepared to intervene in sovereign bond markets to prop up ailing eurozone economies; ECB holds rates, as does Bank of England
ECB reports decline in card fraud
First oversight report of card payment schemes in Sepa shows decline in fraud since 2007; lauds technological advances including chip and pin use for increasing the security of transactions
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
Mersch gets green light from ECB to join executive board
European Central Bank’s governing council delivers opinion on appointment of Luxembourg candidate to top board; process of Yves Mersch’s selection still far from complete
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
Luxembourg nominates new central bank chief
Replacement must be found for Yves Mersch before he moves to European Central Bank; new director-general nominated from finance ministry
ECB reports drop in seized counterfeit euro banknotes
Number of fake euro banknotes withdrawn from circulation falls to 251,000; lowest amount of fake notes found since 2003
Bundesbank paper studies changes in European monetary transmission
Discussion paper considers effect of financial crisis on transmission of European Central Bank monetary policy; finds decrease in sensitivity of Euribor to changes in central bank rates
ECB paper analyses risk-sharing in emerging markets
Working paper finds evidence of pro-cyclicality of capital gains on domestic stock markets; argues countries can hedge against risk by encouraging foreign investment
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability
‘Unofficial dollarisation’ raises significant stability risks, ECB study finds
Emerging markets with large holdings of ‘hard’ currency assets and liabilities are exposed to substantial stability risks and policy failure, finds ECB study
ECB paper studies sovereign debt and growth links
Working paper studies relationship between different levels of sovereign debt and growth; finds increasing debt only boosts short-run growth up to a certain threshold
Eurogroup decides on three senior appointments
Decisions end speculation over leadership of the Eurogroup and the European Stability Mechanism; nomination also put forward for empty seat on ECB executive board
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
ECB’s Asmussen stresses importance of central bank communication
ECB board member Jörg Asmussen underscores need for effective communication by central banks; says crisis has ‘shifted the goalposts’
Hungarian central bank blasts government tax plan
National Bank of Hungary says government plans for financial transaction tax threatens central bank independence; levy is latest development in conflict between central bank and government
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
Second wave of CSDs sign T2S framework agreement
A total of 15 central securities depositories sign T2S framework agreement in second wave; system set to go live in June 2015
ECB relaxes collateral eligibility rules
Broader range of lower quality assets now acceptable under ECB collateral rules; move should help Spanish banks after results of stress test reveal a potential €62 billion capital shortfall
Bank of Finland paper assesses impact of eurozone crisis response
Discussion paper considers the effect of initiatives in response to the eurozone crisis on countries’ sovereign debt; finds some policy decisions had 'significant' short-term effect on bond markets