European Central Bank (ECB)
Draghi warns criticism of monetary policy may delay recovery
Mario Draghi says some politicians' criticisms of ECB policy might delay eurozone recovery; says easing policies are working but need time to bring about recovery
IMF director calls for fiscal expansion in eurozone
Greek attempts to consolidate fiscal position by increasing top tax rates ‘simply not working’, director says
People: ECB names HR director-general; BoE gets new MPC member
ECB appoints new head of human resources; Citigroup economist joins Bank of England’s Monetary Policy Committee; New York Fed’s chief lawyer to step down after twenty-one years in the role
Italian deputy governor calls for fiscal expansion in eurozone
Some eurozone countries should follow fiscally expansionary policies, Bank of Italy deputy governor argues; policy so far has been “less expansionary” than other major economies
Senior IMF figures support nominal negative rates
Negative nominal interest rates can help deliver additional monetary stimulus, senior figures at the IMF "tentatively" conclude
Visco warns of danger of revising wages down if inflation undershoots predictions
Some Italian contracts will be downwardly revising elements of pay if inflation undershoots expectations, Ignazio Visco says; general adoption of this rule could harm the ECB’s policy
Lower real interest rates may harm productivity growth, researchers say
Lower real interest rates may reduce productivity growth rates, researchers say; Italy and Spain have suffered low or negative TFP growth during existence of euro
Praet says ECB policy is working
Analysis shows that eurozone finances would be considerably tighter without ECB’s unconventional monetary policy, executive board member says
ECB voices concerns over Hungarian National Bank
ECB expresses concern over recent actions by Hungary’s central bank, including purchase of art, land and Budapest stock exchange; says foundation money must not be used for state financing
Investors to sue Portuguese central bank over asset writedown
A group of bondholders in a failed bank are bringing a lawsuit against the Portuguese central bank over its writedown of their holdings in a failed commercial bank
ECB had to act to forestall fall in inflation expectations, Praet says
The ECB had to expand its unconventional monetary policy to prevent a downward shift in long-term eurozone inflation expectations, Peter Praet says; inaction of others “no excuse”
Fibre optics raise concentration of forex trading - paper
Barry Eichengreen and co-authors find technological gains from submarine fibre optic cables helped increase the concentration of foreign exchange trading
Eurozone monetary policies ‘virtually exhausted’, Dutch central bank head says
Eurozone monetary policy is “virtually exhausted”, Dutch central bank head warns; structural reforms are needed to restore growth rates
ECB clarifies national supervisory discretions
European Central Bank publishes a guide and regulation aimed at harmonising supervision of major banks within the eurozone
Central banks struggle to manage price expectations
Large central banks have responded aggressively to falling levels of inflation and inflation expectations, but with divided and limited success. What can policy-makers do to restore confidence?
European Central Bank outlines three models underpinning macro-prudential analysis
First biannual macro-prudential bulletin lays out details of three key models, dealing with capital requirements, household finances and bank vulnerabilities
Weidmann says latest ECB package went ‘too far’
Bundesbank president says the council was agreed on the need to act in the wake of weaker economic projections, but the eventual measures, including an expansion of QE, were too much
Negative rates one of many pressures on bank business models, Lautenschläger says
ECB supervisory board vice-chair says business models must cope with a range of challenges, of which low rates are just one; Nouy and Lautenschläger field questions following annual report
Villeroy de Galhau calls for eurozone finance minister
Banque de France governor calls for single eurozone finance minister to co-ordinate fiscal and structural policy; warns of dangers of “overburdening monetary policy”
ECB’s Mersch provides update on infrastructure work
Yves Mersch says business requirements being gathered from market participants ahead of instant payments; highlights plans for review of harmonisation of collateralisation procedures
Four largest eurozone economies show different reactions to monetary policy, paper finds
The economies of Germany, France, Italy and Spain show marked differences in responding to policy rate rises, researchers argue
Low profitability and NPLs remain top of the eurozone supervisory agenda
European Central Bank presents annual report for supervision, with major concerns including profitability and non-performing loans; supervisors are working closely with the single resolution board
Vítor Constâncio calls for macro-prudential tools to reach beyond banks
Authorities should be granted wider powers over alternative investment funds and shadow banking sector, including margins and haircuts on derivatives and securities financing, Constâncio says
Eurozone not at zero lower bound, Praet says
ECB chief economist Peter Praet has said the eurozone is not at its zero lower bound; remarks may not contradict earlier guidance by ECB president Draghi