European Central Bank (ECB)
Do central banks have enough resources to meet tech challenge?
Accelerating technological evolution, difficulties accessing and retaining technical staff, and limited resources will present growing challenges for central banks in the future
Villeroy de Galhau calls for banking union to be completed
French governor proposes creation of common deposit mechanism
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Eurosystem calls for full Basel III implementation
Supervisors say output floor should be implemented through single set of risk-weighted assets
Lending rate rigidity weakens eurozone monetary policy – BdF paper
Asymmetric costs in changing bank lending reduce effects of looser policy
Greening the central bank balance sheet, or not?
Paul Fisher, fellow at the Cambridge Institute for Sustainability Leadership and senior adviser for Oliver Wyman, discusses how central banks can act to contribute to mitigating and adapting to climate change, and identifies some worthwhile interventions.
Germany should aim to cut corporate savings – ECB paper
Investment and banking reforms are needed to cut German firms’ savings, say researchers
Danish central bank positive on ECB strategy review
New 2% symmetric target could boost inflation, report says; climate change may impact price and financial stability
Eurozone inflation reaches 10-year high at 3%
Rapid rise in energy prices was main driver, according to Eurostat estimates
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
ECB council divided on forward guidance, minutes show
Some senior officials argued new formulation risks inflation overshooting
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
German inflation could be over 2% until mid-2022 – Bundesbank
Inflation is likely to drop from early 2022 as base effects end, central bank forecasts
New forward guidance is “elemental” for ECB strategy, Lane says
Chief economist implicitly disagrees with Belgian governor’s criticism of new wording
Bank dividend suspension proved effective – ECB
Lenders that reduced distributions increased both provisions and lending to the real economy
Green finance and mispricing: what role for central banks and governments?
Governments and central banks cannot stay on the sidelines if they are to fix market mispricing, says Sayuri Shirai
Link between US labour costs and inflation has weakened – ECB paper
US can sustain robust labour markets without risking inflation outbreak, researchers say
An assessment of the ECB’s strategy review
A number of aspects of the new framework raise challenges for implementation and credibility, while the inclusion of climate change may politicise the institution, writes euro architect Otmar Issing
The six key drivers for digital currency
Dave Birch breaks down the forces that are pushing central banks towards CBDC
Eurozone inflation up to 2.2% in July
Germany records 3.1% inflation rate, France 1.6%, Italy 0.9%
ECB stress test highlights importance of credit risk
Mid-sized banks suffer higher capital depletion due to lower income from interest and fees
Report finds major failings in eurozone’s RTGS management
ECB-commissioned Deloitte inquiry into system failures recommends series of reforms
Sanctioned disobedience: the challenge of protecting whistleblowers
Most central banks have policies on whistleblowing, but practice and usage vary widely
DLT handles major transaction volume in digital euro experiment
Test processed 300,000 payments simultaneously; carbon footprint smaller than current card payments