European Central Bank (ECB)
Balance sheets could grow by 23% of GDP in largest advanced economies – BIS
Economists forecast balance sheets will remain large for the foreseeable future
ECB testing banks’ ability to deal with a second wave of Covid-19 – Enria
ECB head of supervision stresses banks are reluctant to use buffers because of market reaction
Euro carves out role as currency of choice for green finance
ECB report finds overall internationalisation of the currency was “stable” in 2019
ECB and Romanian central bank set up repo swap line
Romanian currency has fallen in recent months as central bank lowers rates in response to pandemic
Lane warns eurozone faces ‘substantially negative’ price pressures
Tighter financial conditions and falling inflation called for expanded QE, says ECB chief economist
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
ECB expected to sharply increase PEPP purchases
Central bank could start reinvesting PEPP securities and increase supranationals’ share
ECB’s Enria unsure banks will dip into capital buffers
Anxiety over investor and rating agency reaction may limit banks’ use of Covid relief measures
NGFS proposes five steps to integrate climate risks into supervision
Guidelines follow ECB’s public consultation on adding climate risks to its supervisory work
European Commission pushes for €750 billion budget expansion
Shared financial resources designed to support weakest EU members while spreading cost
Eurozone approaching ECB’s worst-case scenario – Lagarde
Economy likely to shrink by over 10% in 2020, says ECB president
French governor says ECB could directly fund loans
Villeroy de Galhau also calls for flexible emergency purchases but rules out yield curve control
ECB warns banks face significant losses due to Covid-19
Central bank stresses fiscal and monetary interventions have contributed to stabilise markets
ECB minutes hint at further easing measures
Governing council discussed expanding size and scope of pandemic purchase programme
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
ECB to integrate climate risks into supervision
Climate change is pushing banks to adapt risk management, disclosure, governance and business strategies
Lagarde welcomes Franco-German fund plan
Covid-19 response fund would be drawn from common EU budget
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
Eurozone saw limited price convergence from 2001–11 – Bank of Spain
Researchers say this limited long-term alignment should be added to central bank policy framework
Mersch says retail CBDC could destabilise financial system
Central bank digital currency could worsen bank runs and harm disintermediation, ECB official says
ECB widens scope of female recruitment targets
Central bank’s efforts to recruit women will now reach down past senior roles
ECB backs use of EU central banks for job subsidies
“Sure” scheme to pay job subsidy funds would be within EU law, ECB says
German court leaves Bundesbank caught between two legal decisions
Ruling may hamper ECB’s new PEPP programme as it is not constrained by PSPP limits
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move