European Central Bank (ECB)
Draghi: too early to judge impact of global events on eurozone inflation
Mario Draghi says slowing growth in EMs, strong euro and weak commodity prices have ‘renewed downside risks’ to outlook; Peter Praet says eurozone still ‘going through correction phase’
Belgian and French central banks get larger role buying asset-backed securities
The ECB makes the National Bank of Belgium the second central bank authorised to buy bonds under its asset-backed securities purchase programme; Banque de France role expanded
ECB paper traces roots of falling financial integration
Policy interventions beyond traditional capital controls may have ‘unintended’ impact on financial integration, including some macro-prudential measures based around currency
First Target2 data release sheds light on imbalances
Data on cross-border eurozone financial flows gives clarity as to the sharply different directions funds have been travelling, with Germany still comfortably the most popular destination
SMEs possibly worst hit by fragmentation of monetary policy transmission, ECB paper finds
Small and medium enterprises may have suffered most from fragmentation in monetary policy transmission following the financial crisis, according to research
Network theory allows systemic risk assessment of banks, paper argues
Analysing the network structure of the financial sector can help assess the systemic risk presented by individual European banks, and offers useful data for regulators, an ECB working paper says
ECB allows national central banks to disclose ELA provision
Bank of Greece becomes first central bank to make use of power to disclose ELA figures
ECB bulletin: risks to taxpayer funds gradually diminishing
An article in the European Central Bank's latest bulletin weighs the fiscal impact of financial sector support during the crisis, highlighting the benefits of a move towards banking union
ECB sees house prices undergoing ‘sustainable’ recovery
European Central Bank says eurozone housing markets appear to have undergone necessary corrections, in article released ahead of Economic Bulletin
Liikanen discusses logic behind publishing ‘accounts’
Bank of Finland governor says it is important central banks exhibit a ‘high degree’ of transparency, noting the ECB decided to begin publishing accounts as policy became more unconventional
Synthetic financial cycle model allows crisis predictions, paper argues
A model of a synthetic financial cycle performs better than the credit-to-GDP gap in predicting financial crises, a European Central Bank working paper argues
Danièle Nouy targets greater regulatory harmonisation
Supervisory board chair highlights efforts taken to harmonise regulatory framework in Europe but stresses more must be done; says SSM is ‘working very well’ as it approaches first anniversary
Cœuré warns ‘serious data gaps’ still exist
ECB executive board member says serious gaps, inconsistencies and inefficiencies still exist in many areas important for monetary policy and financial supervision
BoJ’s Shirai explains why negative rates fit Europe better than Japan
Policy board member Sayuri Shirai says impact of rates varies according to market structure, noting differences in the type of investors and credit conditions in the jurisdictions
ECB concerned by impact of draft German law on supervision
European Central Bank suggests proposals could impact consistency across the banking union and its own supervisory discretion in response to Federal Ministry of Finance
Former COO of BNP nominated as Banque de France governor
François Villeroy de Galhau picked by French president to succeed Christian Noyer as central bank head; past experience includes BNP Paribas and French treasury
ECB paper makes case for Bayesian model averaging in stress-test models
Working paper highlights the differences between using Bayesian model averaging and a series of handpicked equations
ECB spruces up premises with tree sculpture
Italian artist creates 17.5 metre sculpture of a tree using bronze and granite to be displayed at the main entrance of the European Central Bank’s headquarters
Draghi stresses willingness to act as ECB cuts inflation forecasts
Governing council holds policy as ECB staff cut inflation forecasts over the forecast horizon; Mario Draghi stresses QE could run beyond September 2016 if necessary
IMF urges central banks to retain easy monetary policy
Ahead of the G20 meeting in Turkey the IMF prepares a briefing on policy challenges; tells central banks to prevent real interest rates from ‘rising prematurely’
Household debt had modest impact on US consumption, research finds
Household debt in the US accounted only slightly for the decline in household consumption nationally in the 2000s, research published by ECB finds
Eurozone QE has ‘significantly increased inequality’, Bundesbank paper argues
Asset price changes following the introduction of eurozone quantitative easing have largely benefited the wealthiest households, a Bundesbank working paper says
Capital controls ineffective at handling policy trilemma, ECB paper finds
Emerging market capital controls have a limited impact on monetary policy trilemma variables and come with spillover effects, the authors warn
Limited liability distorts incentives for disaster planning, paper argues
Consequences of recent events with catastrophic financial ramifications have been greatly aggravated by policy-makers’ failure to prepare, says ECB working paper