European Central Bank (ECB)
ECB reallocates subscribed capital after Brexit
Eurozone central banks will increase their total paid-up capital by €1.2 billion over the next two years
ECB reveals large banks’ individual capital requirements
Enria warns banks to improve profitability, saying “challenging environment” will not change soon
ECB’s Mersch warns of negative side-effects of ultra-loose policies
Policies may be contributing to risk-taking, high asset-price inflation and inequality, board member says
Lagarde promises wide-ranging review as ECB holds rates
ECB’s monetary policy review will look at green finance and engagement with citizens – Lagarde
Should the ECB increase the transparency of governing council meetings?
Observers and former officials weigh pros and cons of greater disclosure for policy efficacy and independence
Sovereign debt needs strong collective action clauses – ECB paper
CACs with bond-by-bond voting fail to prevent creditor holdouts, researchers find
Book notes: The long journey of central bank communication, by Otmar Issing
This book is a “masterly exposition on central bank communication, its evolution and continuing challenges”, writes Anand Sinha
European companies’ credit demand shrinks despite ECB stimulus
In Q4 2019, credit demand from non-financial corporations declined for first time in six years
Cœuré and Cunliffe to lead research group on CBDCs
Six central banks and the BIS will explore use cases and share knowledge
ECB calls for changes to German draft CCP recovery law
Law should be rewritten to provide more transparency on Bafin’s procedures and approach, ECB says
ECB willing to provide further stimulus – minutes
Governing council stresses inflation remains below its medium-term goal
ECB largely welcomes move to expand German macro-pru powers
ECB says measures giving BaFin greater powers are “appropriate”, but need better data
BoE will get back €58 million from ECB after Brexit
Decision yet to be made on who will make up the capital shortfall; UK will also see its membership of EIB rescinded
ECB paper looks at role of uncertainty in central bank comms
Researchers use machine learning to study market reactions to BoE inflation reports
Slovenian central bank demands courts rule on bail-in law
Bank of Slovenia says law would break EU Treaty as bitter dispute over bail-ins escalates
Phillips curve still explains eurozone inflation movements – research
Results may become a focal point of debate in the forthcoming ECB strategy review
EU central bankers urge UK to stay close on regulation
Klaas Knot and Luis de Guindos warn UK could lose out if it diverges from EU regulations, but Mark Carney says UK needs autonomy
Lagarde awards Schnabel key policy role in renewed ECB board
Panetta leads market infrastructure and payments, banknotes and international relations
Central bank research may be too focused on narrow topics – paper
Network analysis finds many central banks are limited in the scope of their research
ECB paper offers tiering solution to CBDC structural concerns
Separating CBDC functions between tiers could disincentivise use during crisis periods, but disintermediation of the banking sector still a risk, author warns
Eurochain: CBDC project seeks secure anonymity
Proof of concept blends anonymity with AML/CFT regulation
2019: The year in review
The past year was marked by a persistent weakening of the global economy, and some radical financial innovations
People: Ingves elected ESRB vice-chair
Appointments at ESRB and ECB; official resigns from the Central Bank of Colombia
Schnabel and Panetta appointed ECB executive board members
The final distribution of responsibilities in January will determine the new members’ portfolios