European Central Bank (ECB)
Draghi pushes for greater fiscal integration in eurozone
European Central Bank president Mario Draghi says new fiscal pact is needed between eurozone countries to deepen economic integration
Major central banks take co-ordinated action
Central banks reduce US overnight index swap rate from 100 basis points to 50 basis points above market rate to flood financial system with dollar liquidity
Eurozone bolsters EFSF’s lending capacity
European Financial Stability Facility to guarantee between 20% and 30% of new bond issuance by beleaguered eurozone states; new measures will enable fund to leverage €250 billion of funds
Vices of monetary policy must be addressed: ECB's Stark
European Central Bank executive board member draws on the ‘virtuous’ and ‘vicious’ relationship between globalisation and monetary policy
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
ECB’s González-Páramo identifies sources of contagion in euro area
European Central Bank executive board member José Manuel González-Páramo says announcement of Greece referendum was one example of contagion spreading in euro area
France confirms Cœuré as ECB nominee
Finance ministry puts Benoît Cœuré forward as nominee to replace Bini Smaghi on European Central Bank’s executive board; firm favourite choice confirmed
ECB’s Praet highlights challenges in identifying asset-price bubbles
European Central Bank executive board member Peter Praet says detection of house price booms in advance is extremely difficult
ECB offers CSDs financial incentives for early T2S adoption
European Central Bank offers central securities depositories (CSDs) financial incentives to sign up to T2S early; governing council gives CSDs until the end of April to agree
National Bank of Hungary takes swipe at government
Central bank rejects cabinet selection of official to attend meetings on foreign currency loan problems in Hungary; sign of continued poor relationship
Commission unveils contentious Eurobond proposals
European Commission unveils three options for Eurobonds in bid to restore stability in Europe; analysts say the measures are politically unviable and ineffective
Draghi exasperated with eurozone leaders over EFSF
European Central Bank president Mario Draghi expresses frustration at delays from member states to issue new powers to eurozone rescue fund
Bank relationships diminish risk of default: ECB paper
European Central Bank study shows building a relationship with a bank reduces the risk of customers defaulting on their loans
Emerging market central banks lead gold rush
World Gold Council Global Demand Trends report shows central banks were net buyers of gold in third quarter of 2011, led by Russia, Bolivia and Thailand
Insurers and pension funds may retreat from long-term investments, says Praet
European Central Bank executive board member Peter Praet says new regulatory initiatives and low-yield environment is limiting scope for long-term investments
Lender of last resort not an option for ECB, say analysts
A financial backstop is needed to address the eurozone crisis, analysts say, but full lender of last resort status for the European Central Bank remains politically unpalatable
Monetary policy and financial stability intrinsically linked: ECB’s Praet
European Central Bank executive board member Peter Praet, says central banks must lean against, rather than clean-up, imbalances under new financial stability paradigm
Lorenzo Bini Smaghi to leave the ECB
Lorenzo Bini Smaghi will join Harvard University’s Center for International Affairs in January; ends term at ECB more than a year early
Stark demands financial sector refocus
European Central Bank executive board member Jürgen Stark says financial sector became too “self-referential” in recent decades and must refocus activities on banking services
Italy reaches crisis point as bond yields soar
Announcement that Italian prime minister Silvio Berlusconi will resign does little to calm markets; bond yields hit euro area record high, raising the stakes for a potential default
Undercapitalisation of banks raised financial distress during crisis: ECB paper
European Central Bank study shows that size, capitalisation of banks and degree of credit expansion contributed to stress in banking sector during the crisis
Papademos flies to Athens as Greece decides on new leader
Former European Central Bank vice-president Lucas Papademos rushes to Athens as Greek officials discuss leadership choice for new coalition government
ECB’s González-Páramo calls for more stringent EU fiscal policy
European Central Bank executive board member José Manuel González-Páramo urges eurozone governments to conduct fiscal policy with clear medium-term objectives
IMF to supervise Italy on debt reduction plan
Italian prime minister Silvio Berlusconi agrees to invite International Monetary Fund to Rome to oversee its fiscal consolidation efforts but turns down option for financial support