European Central Bank (ECB)
Impact of ECB unconventional policies depends on bank capitalisation, finds Belgian paper
ECB crisis measures have greater impact on GDP growth in countries where banks are well capitalised, researchers find
2014: The year in review
The past year has seen central banks across the globe grapple with reform, at an institutional and global level – we look back at the biggest stories of 2014
Banque de France paper says asset purchases may struggle to anchor rates
Working paper suggests asset purchases could be a way to anchor interbank rates, but the policy faces a number of difficulties; absorbing excess liquidity another option
ECB to publish unattributed ‘accounts’ of policy discussions
European Central Bank will publish ‘accounts’ four weeks after every meeting; they are designed to improve the general public’s understanding of the governing council’s thought process
Credible fiscal plans reduce pressure on sovereign bond market, study finds
A credible macro-fiscal framework ‘can lead to stable expectations’ around a country’s sovereign bond market, reducing its expected risk premium, ECB paper finds
Women still hold less than 10% of top jobs
Central banks continue to become 'more equal employers' in 2014, but only 18 of 189 institutions are led by women
Weak TLTRO demand increases pressure on ECB
Banks borrow €129.8 through ECB's second operation; pressure increases on governing council to launch new measures in January or March 2015
Praet explores QE transmission channels
ECB chief economist considers scope of portfolio rebalancing and signalling effects for both corporate and sovereign bond purchases
Draghi plans showdown ‘early next year’
Governing council will reassess monetary stimulus in 2015; Draghi says he does not need unanimity to launch quantitative easing
Lautenschläger against QE for now
Executive board member says the costs outweigh the benefits ‘at this current time’ and raises a host of questions to consider before the ECB can start buying government bonds
ECB statistics chief calls for greater co-operation on data reporting
Aurel Schubert says crisis exposed bank's traditional aggregated statistics as ‘insufficient for comprehensive analysis'; new approach needs to avoid double reporting
ECB paper uses financial conditions indices to help predict growth developments
Working paper presents indices for three industrialised and five emerging economies; authors say they are a potential leading indicator for eurozone external environment
ECB research explores use of NSFR as macro-pru tool
Economists consider how the net stable funding ratio could be used to tackle the build-up of systemic liquidity risks; research is still at an early stage
ECB fears ‘abrupt reversal’ of global search for yield
Central bank says an end to the hunt for yield is the main threat to financial stability in the eurozone; Constâncio concerned by impact on investors’ balance sheets
Constâncio wants to ‘broaden’ European macro-prudential toolkit
ECB vice-president wants a broader macro-prudential toolkit to help smooth the financial cycle, including new instruments for the shadow banking sector
EC vice-president urges ECB to play its part in historic investment push
Jyrki Katainen highlights need for policy co-ordination as public-private EU investment fund is announced; ECB's Constâncio suggests no decision on QE in December
ECB’s Cœuré calls for 'deeper analysis' of CCP crises
Benoît Cœuré warns questions still remain in the area of CCP failure; highlights needs to consider impact of multiple CCPs entering recovery at the same time
Policy discussion makes up between 5% and 70% of central bank minutes, study finds
Report by Central Bank of Ireland shows great variation in scope and characteristics of minutes, with word count ranging from 600 to 13,000
Draghi sets sights on capital markets at SSM inauguration
Mario Draghi says policy-makers can draw on new model for banking supervision when working to integrate capital markets; Danièle Nouy calls for consistent regulation across countries
Klaas Knot: It’s up to governments now
Netherlands Bank president tells parliament that European governments will have to boost growth and ‘stir up’ inflation themselves; latest central bank bulletin reinforces point
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions
The ECB's approach to central banking without data borders
Data sharing and access to confidential information – on a need-to-know basis – remain a legal, cultural, technical and organisational challenge at the ECB and elsewhere, writes Aurel Schubert
Draghi says sovereign bond-buying is on the table and under scrutiny
ECB staff preparing plans for various unconventional policies, with sovereign bond-buying very much under consideration, president says; dismisses concerns that low rates defer government action
Praet: Covered bond supply ‘dynamised’ by ECB purchases
European Central Bank executive board member Peter Praet identified ‘a number of supply side reactions’ to covered bond purchases, which hit €10.5 billion last week