European Central Bank (ECB)
Esma says regulators should wait before imposing quantitative SFT haircut triggers
Decision on policy change should wait until 2018, authority says; chairman says “sheer size” of market makes transparency important
Mersch says eurozone deposit rates are only ‘mildly’ negative
ECB board member says rates can be “mildly” but not “wildly” negative before costs outweigh benefits; calls for faster progress on banking union
ECB paper aims to improve small-scale models for assessing policy shocks
Paper outlines a structural factor model, which the authors say better accounts for the asset price impact of monetary policy shocks
Maskin: technocrats should set eurozone fiscal policy
Harvard economist argues a technocratic body similar to a central bank could set spending and revenue targets in eurozone before allowing politicians to determine the details
Draghi defends ECB policy to German lawmakers
Monetary policy not causing low profitability at some German banks, ECB president says; calls on policy-makers to initiate structural reforms
Rajan and co-authors present paper to ECB research conference
Paper introduces “pledgeability” as analytical tool; concept helps explain prolonged financial downturns, authors say
ECB publishes online newsletter on financial market infrastructure
Newsletter will be published three times a year, covering central bank’s work as operator and overseer of financial market infrastructure
ECB says it has learned lessons from simulated cyber attack
Federal Reserve, eurozone central banks and private firms took part in exercise to test Target2 payment system
Non-banks’ asset purchases should be capped, paper argues
Researcher puts forward model of impact on economy of secondary market trading
New model shows eurozone output gap remains large, researchers argue
Other models fail to capture interplay of inflation and output, paper says
ECB officials and Borio disagree on falling real rates
Vítor Constâncio and François Villeroy de Galhau emphasise importance of saving-investment mismatch, while Claudio Borio stresses financial cycle, but speakers find some points of agreement
ESRB publishes guide to OTC derivatives database
Draghi repeats pledge to extend central clearing regulation to all forms of derivatives; ESRB paper sheds light on “opaque” markets
Eurozone employment-to-GDP-growth ratio has recovered strongly – ECB
Employment growth concentrated in Spain and Germany; productivity remains “stagnant at pre-crisis levels”
Liquidity stress testing ‘essential’ – ECB supervisor
Supervisor warns conference that banks will need to shape up their internal liquidity adequacy assessment process responses for 2017
ECB paper examines use of eurozone bank lending survey
Changes in credit standards in the ECB’s bank lending survey serve as leading indicators for GDP and bank loan growth, researchers say
Target2 balance surge not a sign of eurozone ‘stress’ – ECB’s Praet
European Central Bank’s chief economist says €400 billion increase in outstanding euro real-time gross settlement claims is largely due to ECB’s asset purchases, rather than eurozone weakness
Cœuré mulls advantages and problems of GDP-linked bonds
ECB board member Benoît Cœuré says GDP-linked bonds could protect taxpayers but pricing might be difficult; says international financial institutions could play “catalytic” role
ECB’s QE policies have significant spillovers into CESEE economies, paper argues
Researchers examine effects on investment of quantitative easing by the European Central Bank
Eurozone exchange rate pass-through has declined over time – researcher
Italian exchange rate pass-through has behaved very differently from other major eurozone economies – particularly Germany’s – paper finds
ECB consults on bad debt guidance
ECB “strongly encourages” the use of the European Banking Authority’s definition of non-performing exposures, but does not impose its own single measure for the eurozone
ECB paper finds ‘sizeable’ impact from QE
Authors find empirical evidence of various channels through which asset purchases affect the eurozone economy, before testing them in a general equilibrium model
Bank of Finland looking to streamline and upgrade payments simulator
Economist sheds light on the bank’s plans for adding new features, improving efficiency and integrating agent-based modelling
ECB delays decision on policy redesign
Mario Draghi says committees will investigate “smooth implementation” of asset purchases, but offers no new policies today; highlights signs of greater willingness for government action
ECB's Mersch cautions against ‘extreme’ policy measures
Central bank cannot fulfil mandate with “mathematical equations”, says Mersch, warning currency can be undermined by “extreme measures”