European Central Bank (ECB)
ECB steps up work on climate change
Central bank launches climate change centre and invests in new BIS green bond fund
ECB reports historically low counterfeit volumes
€20 and €50 remain the most counterfeited, central bank data shows
ECB leaves stimulus unchanged
Lagarde says prompt implementation of EU-wide fiscal stimulus is key to eurozone recovery
Money market estimates vary significantly – Bundesbank paper
Policy-makers should be aware of widely differing research results
Eurozone bank credit tightens despite ECB stimulus
Banks expect credit to further tighten during the first quarter of 2021
Eurozone inflation remains stuck at -0.3%
Year-on-year inflation first fell into negative territory in August 2020
BoE reassures foreign banks on post-Brexit booking models
EU banks that lost passporting rights after Brexit are unlikely to have to establish UK subsidiaries
Eurozone needs major resolution reforms, Enria says
ECB supervisor says policy-makers should create new tools to deal with medium-sized banks
ECB says new data highlights stabilising effect of inflation expectations
Analysts argue that new approach to analysing surveys has “important practical advantages”
People: Rolle gets second governor term at Central Bank of Bahamas
Bahamas governor get second five-year term; new director-general for information systems appointed at ECB; Central Bank of Namibia recruits banking operations head, and more
Macro-prudential policies cut liquidity trap risk – ECB paper
Fall in systematic risk boosts natural interest rate and reduces intensity of liquidity traps, paper finds
Furlough schemes may conceal slack in EU labour market – ECB research
The longer the pandemic continues, the more job reallocation will be needed, authors say
Hernández de Cos encourages banks to use capital buffers
Basel Committee chair says it is “only a matter of time” before losses become apparent
ECB outlines changes to forecasting during Covid
High-frequency data, GDP-at-risk, changes to use of PMI and stringency index all useful, authors say
Tourism acts as Covid-19 amplifier in the eurozone
Shock is increasing fragmentation risks in the region due to its uneven effect across countries
Hernández de Cos says yield curve control ‘worth exploring’
ECB could target differential between OIS curve and riskier sovereign yields
People: San Francisco Fed appoints strategy and people officer
Dallas and San Francisco Feds appoint officials; new ECB comms chief takes up role; Bank of Greece adviser to head up payments network
The role of Tips for the future payments landscape
Tips could support euro CBDC plus cross-border payments in many currencies
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
What does 2021 hold for the ECB?
Former officials reflect on AIT, how the strategy review may affect normalisation, QE options and the need for new tools
ECB establishes tough conditions for banks to resume dividends
Dividends must remain below 15% of cumulative profits in 2019-20 and not higher than 0.2% of CET1 ratio
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from EMU to prepare for their own currency unions
ECB adds crucial tweak that could limit PEPP purchases
Hawkish governors secured wording that bond-buying allocation “need not be used in full”
ECB announces major boost to pandemic programmes
New TLTRO programme will offer banks financing at negative rates to maintain consumer lending