European Central Bank (ECB)
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs related to remuneration and usage limits could have on the banking system, including during times of stress*
ECB announces 25bp rate raise and QE slowdown for July
September increase may be steeper, as ECB forecasts higher inflation and lower growth
People: Skingsley to head BIS Innovation Hub
New deputy governor in Philippines; BIS names new Asia-Pacific rep; and more
Eurosystem’s bond holdings may hamper market functioning – paper
Asset scarcity caused by Covid-19 emergency programme has lowered repo rates, researchers say
What is the right size for a central bank board?
There is greater consensus for smaller boards in theory than in practice
Global climate standards ‘badly needed’ but elusive, say central bankers
“I am not sure we are going to get there,” ECB president says
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
War in Ukraine raising eurozone stability risks, says ECB
Non-bank sector vulnerable to higher interest rates, financial stability review finds
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
Lagarde says ECB likely to abandon negative rates in September
Central bank would need to confirm end to asset purchases in June, and hike in July and September
ECB will hire young Ukrainian researchers
Up to 15 trainees will help evaluate impact of Russian invasion
ECB paper makes case for mixed ownership of banks
Foreign state-owned banks tend to play stabilising role during domestic banking crises, authors find
Digital euro could be reality by 2026 – ECB’s Panetta
ECB will step up engagement with authorities and investigate means of issuing CBDC
Lagarde signals first ECB rate hike in July
Nagel stresses risk of acting too late, as Villeroy says fiscal-monetary alignment no longer possible
ECB paper analyses financial crisis contagion
Crisis in one region can trigger more as investors reassess other markets, researchers say
ECB officials change to more hawkish tone
Schnabel and Villeroy de Galhau signal openness to July hike while Lane and Panetta stay cautious
Eurozone could improve fiscal pact – ECB paper
Reformed framework should combine expenditure growth rule with “debt anchor”, researchers say
Researchers try to measure public trust in ECB
“Reflective trust” is lower than “instinctive” reaction, especially among women, paper finds
ECB renews repo line for Romanian central bank
Move comes after ECB creates liquidity facility for Poland and renews four other repo lines
How high can the ECB take interest rates?
Despite rising inflation, eurozone central bank is seen as unlikely to take rates over 1.5% in coming years
Sudden carbon price rise risks major financial shocks – ECB paper
Model looks at impact on eurozone banks of different decarbonisation measures
Climate change, invasion, recession: policy-makers flag mounting risks
Christine Lagarde and Jerome Powell discuss “ripple effects” of war in Ukraine, while the Barbadian prime minister highlights need for reform at global institutions
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
ECB sticks to plan of gradual policy normalisation
Lagarde says net asset purchases should finish in the third quarter of the year