European Central Bank (ECB)
Stress tests uncovered new data on large banks – ECB paper
Market reactions differed in 2014 and 2016, researchers say
Lautenschläger warns of ‘fragmented’ regulation in eurozone
Regulators should have powers over investment companies, ECB official says
ECB paper looks at PSPP’s ‘flow effects’ on sovereign bond yields
“Flow effects” have limited but real impact, researchers find
ECB says EC must look at regulation of non-bank finance
Central bank calls for “careful balance” on securitisation proposals
Trade costs limit effects of internal devaluations – ECB paper
Researcher says trade costs explain Greek failure to boost exports
Nouy criticises EC’s regulation reform proposals
ECB supervisor questions a “one-size-fits-all” approach to supervision
Draghi stands firm on QE
Eurozone recovery seems stronger, ECB president says
Governors think unconventional tools may not stay – ECB survey
Advanced economies’ governors are more likely to favour keeping QE tools
DLT not ‘mature enough’ for eurozone usage, ECB says
ECB’s annual report explores progress with distributed ledger technology, emphasising it is still in its infancy; DLT could eventually be used for Europe’s payment and securities settlement systems
Little EME volatility spillover from Fed/ECB balance sheets
Central bank policies had little impact on volatility in EMEs’ real markets – researchers
ECB bond-buying has had ‘significant’ impact on Bund market
The impact of PSPP purchases is substantially higher in stressed markets – Bundesbank paper
Book notes: Architects of the Euro, edited by Kenneth Dyson and Ivo Maes
This biographical study of the 10 key players in the development of the Economic and Monetary Union provides a contrast to more historical analyses
Draghi and Praet say ECB will continue with QE
Praet says interest rates should remain low “past the horizon of our net asset purchases”
‘Ambitious’ capital markets union necessary – Constâncio
Better eurozone capital markets would smooth regional shocks, ECB vice-president says
Buyers of risk in CDS market highly exposed, ECB paper finds
Researchers analyse credit default swap market using data from 2011 to 2014
ECB set for €50 note launch
The European Central Bank is to launch the fourth banknote in the new Europa series on April 4; the new note will retain design elements from previous series, but will feature revamped security features
ECB criticises draft Polish law on foreign-denominated loans
Draft bill could be even more expensive than previously abandoned proposal, ECB says
Transparency International calls for major reforms of ECB governance
NGO says ECB should disavow role in ‘troika’ supervising Greek bail-out
Croatian governor warns of further financial crises
It is probably time for central banks to “get out” of expanded balance sheets, Boris Vujčić says
Finnish paper presents two explanations for eurozone weakness
Paper looks at fall in natural interest rate and output rate shocks
ECB may accept Brexit banks using UK models – Lautenschläger
Supervisor says a “hard Brexit” could see banks accepted on the basis of PRA-approved models
French paper examines impact of ECB’s PSPP on bond yields
Researchers use data from the French market to examine bond shocks
Hysteresis can explain eurozone peculiarities – Eichengreen and Bayoumi
Eurozone has not responded to shocks in the way economic theory would normally imply, with the German economy tied surprisingly closely to those of ‘peripheral’ countries
ECB issues final guidance on NPLs
Supervisors are writing to larger eurozone banks with high NPL levels