European Union (EU)
Mersch stresses importance of democratic legitimacy in Europe
Executive board member at the ECB wants to see the decision-making process in Europe enhanced; calls for a “shared EU-wide identity”
Reasons to be optimistic after Brexit
Both the UK and Europe can turn Brexit to their advantage, despite all the negative media reports
EBA chair calls for ‘deep-rooted changes’ in bank culture
Andrea Enria, writing in the Directory of Financial Regulators 2016, says more must be done to confine episodes of misconduct to the past
Dombret warns clearing and securities depository business may leave London
Bundesbank’s Andreas Dombret said London’s pull as a venue for euro trading would “shrivel” if the UK voted to leave the EU; warned EBA would need to find “new home”
BoE injects £3.1bn liquidity into UK banks
First post-referendum liquidity auction sees banks draw £3.1 billion in long-term repos, mostly against the weakest eligible collateral class
Bank of Israel sees ‘Brexit’ increasing risks to outlook
Monetary committee warns it is too early to tell whether short-term effect on financial markets has run its course; Flug stresses both central bank and finance ministry “keeping close watch”
Dombrovskis replaces Hill in leading work on Capital Markets Union
Britain’s European finance commissioner resigns following referendum to be replaced by former Latvian PM; political timetable likely to delay further integration moves, analyst says
Analysts see intervention challenge for central banks
Following the fallout of EU referendum result, central banks step in to stabilise currency movements; analysts expect volatility to continue, but see challenges to intervention
BoE seen shifting into easing mode
Many economists view Bank of England as likely to shift towards an easing bias, but the central bank may find itself with limited room for manoeuvre
EU exit vote throws up financial stability risks
UK plunged into uncertainty and markets hit hard, with bank stocks some of the worst affected, but more serious problems seem to have been avoided for now
Central banks offer reassurance as UK votes to leave EU
Mark Carney stresses UK authorities are “well prepared” for the outcome, as central banks across globe pledge liquidity if needed; narrow vote to leave sees David Cameron announce resignation
ECB bulletin article criticises EU fiscal arrangements
The eurozone's fiscal arrangements are "vague", article in the ECB’s latest economic bulletin says; criticises Commission's proposed fiscal metrics and calls for single eurozone treasury
BoE seen facing tough task in event of Brexit
Economists see Bank of England faced with task of stabilising financial markets while currency plummets and economy slows, making policy decisions tough; Carney hits back at critics
Irish banks prepared for Brexit but face material effects, deputy says
Effects on profitability and business models could be ‘material’ if UK votes to leave EU, Irish deputy warns, though central bank is satisfied with short-term contingency planning
EU could go it alone on leverage ratio, says MEP
Swinburne says clearing should be shielded from ratio “if Basel does not deliver”
European Supervisory Authorities launch joint website
Joint committee of three European Supervisory Authorities launches website; European Commission proposes extending remit to three more countries from within the EEA
IMF issues stark warning to UK on EU exit
Bank of England could find itself battling market dislocation and “substantial” economic slowdown if UK votes to leave EU, IMF warns; Christine Lagarde dismisses accusations of political meddling
Carney dismisses independence fears after EU referendum comments
Governor says BoE has responsibility to comment on short-term impact of EU referendum; fog of uncertainty makes policy-making unusually difficult, as MPC holds rate again
Esma finds CCPs resilient ‘overall’ in first stress test
European Securities and Markets Authority says first annual stress tests show European central counterparties are “overall” well prepared to face “extreme but plausible” market shocks
EBA publishes first complete list of European O-SIIs
European Banking Authority publishes first full list of other systemically important institutions in Europe; some national supervisors make more use of discretion than others
Carney stresses bank resilience in face of large shocks
UK banks display resilience when threatened with Brexit-like shock, stress tests show; London "unlikely" to retain global financial centre status if Britain leaves EU, Carney says
Bank of England to react ‘more cautiously’ to data in light of EU referendum
Uncertainty over referendum to affect macroeconomic data over next few months; inflation rising but still well below BoE target
Europe set for new Greek clash as Lagarde hits back over leaks
IMF chief has sharp words for the Greek prime minister after staff phone conversation is posted online by Wikileaks; debt relief remains a major sticking point as July repayment looms
Progress on resolution frameworks has slowed, FSB warns
Few jurisdictions have all the rules in place and legislative progress is slowing, Financial Stability Board says in its latest peer review of resolution regimes