European Central Bank (ECB)
Flu pandemic of 1918 hit poor economies hardest – ECB paper
Researchers say evidence indicates lower income countries may be worst hit by Covid-19
Netherlands nominates Frank Elderson to the ECB board
NGFS chair would replace Yves Mersch, whose term expires in December 2020
ECB has ‘no room for complacency’, Lane says
Chief economist stresses ECB is ready to expand stimulus after Lagarde appeared to downplay risks
Supply curves may be convex – ECB paper
Findings imply that Phillips curve is convex and fiscal policy is state-dependent, authors say
ECB leaves policy unchanged
Lagarde says she will not comment on euro’s exchange rate against the dollar
Euro failing to challenge US dollar in global reserves – CBI Benchmarks data
Among non-European central banks euro sovereign debt accounts for just 4.1% of reserves; negative rates act as a major barrier, say reserve managers
Modellers should not exclude pandemic-era data – ECB paper
Excluding pandemic data from time series would “vastly underestimate uncertainty”, authors argue
A fiscal alternative to stabilise the post-Covid economy
Columbia professor Michael Woodford calls on policy-makers to think beyond interest rates
ECB should scale back monetary stimulus after crisis – Weidmann
Knot says central bank should adopt symmetry in the implementation of PEPP purchases
Fed feeling its way with new inflation framework
Average inflation targeting is broadly dovish, and could see rates stay lower for even longer
‘Strict inflation targeting is past its expiry date’ – Klaas Knot
DNB president stresses the limits of central banks’ ability to micromanage inflation
Record-low inflation may require ECB to boost PEPP purchases
HICP index expected to decline year on year by 0.2% in August; core inflation at record-low 0.4%
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
DNB president talks about the temporary nature of unconventional policies, the importance of inflation target ‘bands’, the role of central banks as ‘circuit-breakers’ and ECB decision-making under Christine Lagarde
ECB ready to adjust its policy instruments – Philip Lane
MAS chairman warns that post-pandemic labour markets will need new public policies
Official institutions lead the Covid‑19 recovery charge
Tested by the Covid-19 pandemic, market consensus is that official institutions have been instrumental in mitigating market disruption. As economies work out how to adapt to a post-lockdown world, major public bodies are likely to play a key role in the…
Eurozone needs ‘forceful policy response’ – Schnabel
Banks in eurozone face “substantial pressure” from Covid-19, ECB board member warns
The eurozone’s eastern conundrum
Bulgaria and Croatia expect a net positive effect as they take final steps to join the euro, while the Czech Republic, Hungary and Poland remain reluctant
Financial indicators can warn of European growth risks – ECB paper
Index that aggregates financial variables in non-linear way provides most information – researchers
ECB paper sets out new dataset on trade invoicing currencies
Dataset sheds new light on the importance of “dominant currency paradigm”, authors say
ECB paper looks at Bayesian nowcasting
BVAR models have several advantages over Dynamic Factor Models, researchers say
LTV ratios need reform, ECB paper argues
Macro-prudential tools must now apply to real estate funds financed by non-bank loans – researcher
Lane stresses inflation will determine ECB’s PEPP purchases
Lower inflation outlook could mean the programme will remain longer than anticipated
ECB says pandemic measures have been effective
Response to Covid-19 pandemic lowered bond yields and may have stopped financial panic
Enria announces major change to ECB banking supervisor
SSM will have two new departments, and focus on banks’ business models, says Enria