European Central Bank (ECB)
End of Bretton Woods has helped dollar reserves, says ECB paper
The collapse of the Bretton Woods System has resulted in significant upheaval of currency reserve trends, says an ECB working paper co-authored by Barry Eichengreen
Central banks need significant discretion to make swap lines work, says ECB
The pricing, size and maturity of standing currency swap lines when activated need to be left to central bank discretion, ECB says in latest Monthly Bulletin; language is 'intentionally unspecific’
Paper examines optimal monetary policy for wages and hours worked
Firms tend to pay too little for too many hours, economists argue in ECB-published paper; monetary policy should not target inflation too strictly, they say
Hungarian ruling party condemns ECB ‘pressure' on behalf of foreign banks
ECB concerned that new rules requiring banks to compensate Hungarian borrowers over foreign exchange loans could hit parent banks and threaten European financial stability
ECB publishes ‘manual' explaining eurozone banks' comprehensive assessment
Publication of the manual ‘demonstrates ECB's commitment to transparency' on how it is conducting the ‘rigorous' assessment of the eurozone's biggest banks
Book notes: Alexandre Lamfalussy, by Christophe Lamfalussy, Ivo Maes and Sabine Peters
This is a fascinating account of the life and career of a great European
Twenty-five defining moments
Central Banking identifies 25 of the most significant events to have shaped the official sector during the past 25 years.
The challenges for central banks
Demands are being made for central banks to consider financial stability alongside price stability, as a key component of their monetary policy. But that is nothing new for central banks
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
ECB hiring consultant to help design ABS programme
Mario Draghi says the preparations towards buying asset-backed securities are being made ‘with the expectation we will take action in this field’
Bundesbank economists propose indicator for price competitiveness
Working paper published by the European Central Bank develops new indicator for international price competitiveness in an attempt to provide a tool for policy analysis
ECB paper quantifies OMT benefits
OMT announcements depressed Italian and Spanish two-year government bond yields by roughly 200 basis points, but left their French and German equivalents ‘largely unaffected’
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled
ECB economists find ‘considerable heterogeneity’ in impact of crisis
Researchers say that while borrowers ‘benefited’ from low interest rates, debt burdens increased for poor households as their incomes fell
Opinion: Sepa opens borders for European money
ECB’s director-general of market infrastructure and payments reflects on the successful creation of the single euro payments area, its beneficial impacts and the payment cards challenge to come
Eurozone banks ease credit standards for first time since crisis hit in 2007
ECB bank lending survey shows that more banks eased credit standards than tightened them in second quarter of 2014
Spanish economists see short-run benefits in structural reforms
Working paper published by Bank of Spain says product and labour market reforms could boost output and employment now and in the future
ECB data stolen in blackmail attempt
Hackers raid ECB database that contains around 20,000 email addresses of people who have registered for its events; security breach did not impact internal systems
Cœuré spells out difficulties of global monetary policy co-ordination
European Central Bank’s Benoît Cœuré says he is 'not convinced' the existing approach to co-ordination should be overhauled; rejects feasibility of a 'global planner'
IMF staff note: Structural reforms 'more desirable' than nominal wage cuts in Europe
International Monetary Fund staff note says ‘many reforms’ are still needed in deficit countries; highlights benefits of greater fiscal integration in longer term
Euro banknote counterfeiting rises 4.4% year-on-year
‘Europa’ series will not address forgery problem until 2015; Eurosystem central banks urge consumers to ‘look, feel and tilt’ notes to look out for counterfeits
Robert Pringle’s Viewpoint: Start policy normalisation now!
Policy changes are needed to reduce the chances of another recession
Lagarde: monetary and fiscal policy must nurture eurozone back to growth
IMF managing director Christine Lagarde warns Europe of vicious cycle of economic decline if low inflation, high debt and high unemployment persist