European Central Bank (ECB)
Uncertainty over ECB’s TPI muddies monetary and fiscal impact
Analysts say anti-fragmentation tool exposes long-standing flaws in EU fiscal framework
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
ECB uses bond reinvestments to support Italy and Spain
Central bank rebalanced its bond holdings in June and July away from France, Germany and the Netherlands
CBDCs could hugely improve cross-border payments – ECB’s Bindseil
“Holy grail” of secure, instant universal payments could be a reality in next 10 years, authors say
ECB paper examines unanchored inflation expectations
Public reacts more strongly to larger and downward inflation surprises, researcher finds
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Eurozone needs macro-prudential tools for climate change, says ECB
Regulators are struggling to address climate change risks, joint ECB-ESRB report finds
Eurozone debt likely unsustainable without QE – BIS paper
Authors find benefits of ECB’s PEPP extend beyond the end of the bond-buying programme
Markets likely to test ECB’s anti-fragmentation tool
ECB could struggle to avoid political disputes over TPI instrument, some observers warn
ECB surprises markets with a 50bp rate hike
Central bank unveils new instrument to prevent sharp increases in sovereign bond spreads
ECB readies first hike since 2011 as it faces policy ‘trilemma’
Central bank may be forced to choose two options among price stability, fragmentation risk and market functioning
ECB paper examines equity markets’ treatment of climate risk
Researchers look at public perceptions, investors’ judgement and firms’ risk premia
Croatia gets green light to become 20th eurozone member
Eurozone expands for first time since 2015
Crypto emissions will lower valuations, says ECB paper
European banks must incorporate crypto into estimates of climate transition risks
Europe’s banks must change climate risk approach, ECB says
ECB’s first climate change stress test finds 60% of lenders lack stress-testing frameworks
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
ECB introduces green asset policy
Moves aim to “gradually decarbonise” Eurosystem’s bond holdings, ECB says
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
Banking systems’ long-term systemic risk has grown – ECB paper
Assets became safer but banking systems’ failures were more harmful, analysis finds
Crypto a ‘wake-up call’ for central banks
Digital economy needs CBDC as risk-free asset, say panellists at ECB’s Sintra conference
North Macedonia makes third 25bp hike
Central bank moves to increase local currency deposits, while inflation reaches double digits
ECB emergency meeting pledges sovereign bond support
Governing council says eurozone will accelerate efforts to create “anti-fragmentation mechanism”
The signal and the noise: cash forecasting in uncertain times
From big data tools to Arima models and structural time series, cash forecasting methods are evolving. The work could prove critical to the future of cash during uncertain times
ECB paper argues for existence of ‘liquidity coverage channel’
Researchers analyse impact of eurozone central banks’ actions after onset of Covid-19 pandemic