European Central Bank (ECB)
ECB documents success of eurozone retail payment systems
European Central Bank releases comprehensive overview of the payments systems, including underlying concepts and the role of the central bank; book notes success of Step1 commercial payment system
ECB’s González-Páramo highlights flaws in collateral framework
European Central Bank executive board member José Manuel González-Páramo acknowledges risks in central bank’s willingness to accept broad range of collateral
Trichet to be first head of European Systemic Risk Board
European Central Bank president Jean-Claude Trichet will chair continent’s new systemic risk board until the end of his term; proposal reflects compromise between parliament and national governments
Trichet advocates debt reduction to avoid “lost decade”
European Central Bank president Jean-Claude Trichet warns of potential perils facing Europe
Regression analyses should use more growth variables: ECB
European Central Bank research says accuracy of partial coefficients in small models not clear
High public debt will choke long-term growth: ECB
European Central Bank paper finds debt to GDP ratio of 70% enough to drag growth down
Eurozone lending gathers steam: ECB
European Central Bank figures show growth of bank lending in single currency area increased in July; data follow signs of pickup in loan demand
Payments providers split over Sepa end dates
Comments released by the European Commission show that European institutions and banking associations disagree over Sepa proposals to seperate end dates
ECB paper: global finance has little impact on Mediterranean
Real economy, not finance, impacts Mediterranean, research published by the European Central Bank posits
Spanish bank borrowing from ECB continues to balloon
Spanish banks continue to depend on European Central Bank after stress tests exposed capital shortfalls
Banks can deal with refinancing burden: ECB
European Central Bank gives vote of confidence to lenders, pointing out banks were able to refinance $2.4 trillion in maturing debt between 2007 and June this year
BIS’s Hannoun flags dangers of exceptional measures
Bank for International Settlements’ Hannoun calls on central banks to shrink balance sheets
Monetary policy has scant impact on commodity prices
European Central Bank research finds the impact of monetary policy on prices is rather limited, though statistically significant
ECB flags concerns over new capital rules
New capital rules may incentivise banks to dump risky assets on central bank
Romania to review calls to ban coin featuring anti-Semite
National Bank of Romania to reconsider circulation of coin portraying religious leader who called for exile of Jews from country; move follows protests from Jewish community
Europe has turned a corner: Trichet
European Central Bank president Jean-Claude Trichet says economy back on track; slower growth expected despite positive figures in second quarter
Greece passes first hurdle of bailout programme
European-IMF review of Greek economic programme says country is on track to receive second tranche of funds
ECB closes in on inferior collateral with new haircut scheme
European Central Bank’s new discount schedule increases haircuts levied on troublesome collateral, such as asset-backed securities; analysts expect move to discourage pledging of risky assets
Eurozone banks tighten standards as loan demand grows
European Central Bank’s second quarter lending survey shows banks toughening standards for borrowers, reflecting unease from sovereign debt crisis spillover; demand, meanwhile, increases
ECB insists stress tests are credible
ECB denies claims stress test scenarios were not severe enough
ECB: Crisis amplified monetary policy channels
European Central Bank study on credit channels finds the financial crisis amplified the impact of monetary policy on the economy
ECB will always end up bailing out sovereigns: Buiter
Former Bank of England rate-setter Willem Buiter says ECB will lose in “game of chicken” with finance ministries over who rescues sovereigns
Hungary prepares bracing bank tax, wage caps
Hungarian parliament set to approve hefty bank levy to shear budget deficit; public sector wage freeze will affect central bank employees, despite ECB protests
Estonia upgraded on euro accession; Ireland knocked down on banks’ weakness
Fitch lifts Estonian credit rating two notches, citing benefits of eurozone membership and strong fiscal performance; Moody’s downgrades Ireland on poor growth projections, worries over bad bank