Europe
Bank of Albania governor says banking is country's 'greatest driver of growth'
Ardian Fullani added that European integration was the best way to withstand the current crisis and guarantee stable economic growth in the long term
CEE business cycles still out of sync with eurozone, Polish paper finds
Despite some convergence, differences remain - particularly when it comes to agents' intra- and inter-temporal choices, which account for a large proportion of output fluctuation in the CEE region
Polish economists call for dismantling of eurozone, and new role for ECB
Former Polish vice-minister of finance and bank chief economiss call for Germany to lead an exodus of the eurozone's strongest economies, to save the European Union
Lagarde advocates closer European integration
IMF managing director tells Romanian audience the ‘right future’ for Eastern Europe is greater integration with its EU neighbours; implores region not to turn its back on European project
Lithuanian governor lays out economic priorities for Council of EU
Vitas Vasiliauskas says European policy-makers have proven they are ‘ambitious architects’ but must now demonstrate they are ‘good constructors’
ECB paper considers how to conduct monetary policy without interest rates
Occasional paper studies development of Islamic finance in Europe, including the difficulties inherent in setting monetary policy given that sharia bans interest rates
IMF paper weighs effect of shifting bank funding in eastern Europe
Researchers from the International Monetary Fund find banks rebalancing their funding sources away from foreign loans; warns global regulation may make this process too rapid
ECB research dissects European competitiveness
Working paper separates competitiveness into political and factor price-driven elements; uses new index to show divergent outcomes across Europe
EC recognises member state fears that FTT will hurt clearing
Tax liability could send CCPs "directly into insolvency" warn Czech officials in leaked document
European rates: UK and Norway on hold as Denmark and Poland cut
Bank of England marks time ahead of Mark Carney’s arrival and Norges Bank keeps policy steady, while Denmark and Poland take action
ECB’s head of financial stability says SSM is not enough
Ignazio Angeloni says banking union will be ‘decisive’ in restoring stability to the eurozone, but the single supervisory mechanism will not be sufficient on its own
IMF paper contrasts European countries’ capital accounts
Finds capital accounts rebalanced faster in emerging European countries than in the periphery; attributes difference to faster wage and public sector adjustment
IMF research identifies ‘strong macro-financial linkages’ in eastern Europe
Working paper finds macroeconomic factors closely tied to non-performing loans in central, eastern and southeast Europe; warns of ‘strong feedback effects’ between banks and economy
De Larosière slams US protectionism and EU Solvency II rules
Former IMF and Banque de France chief Jacques de Larosière says the introduction of a swathe of new regulations in Europe – by contrast to the US – may jeopardise the continent’s growth
The trade-off between bank regulation and economic growth
The pendulum has swung firmly in favour of financial services regulatory reform. But economic growth is likely to suffer – particularly in Europe – unless some of the rules are changed
Draghi backs single resolution mechanism as banking union next step
ECB chief says single resolution authority should be set up when single supervisory mechanism is in place; suggests failure to do so would leave central supervisor toothless
ECB paper scrutinises fiscal multipliers in high-debt countries
Researchers assess impact of fiscal stimuli at different debt levels in Europe; caution that high debt levels may impair government’s ability to stimulate the economy
European recovery stalls as UK politicians warn of complacency
Latest GDP figures reveal eurozone economy contracted by 0.5% in 2012; OECD calls for wider and stronger reform efforts
IMF issues reality check on European banking union
Researchers say it could take five years to fully implement banking union in Europe, and warn a piecemeal approach could actually make the situation worse
Ireland aims to cut cheque use by two thirds in three years
Central Bank seeks to reduce cheque usage in line with European average, with the potential for significant reductions in the cost of payments
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
French president calls for euro exchange rate policy
François Hollande says the single currency cannot be left vulnerable to the whims of the market and a valuation that wipes out efforts to improve competitiveness
‘Crisis in the eurozone is not over’, says MAS chief
MAS's Ravi Menon offers a roadmap to central banks and governments to help ‘normalise’ the global financial system; hits out at loose monetary policies and says fiscal policy debate is misinformed
BoE paper finds impatience increases austerity costs
Discussion paper finds close link between a country’s time preference and its fiscal multiplier, implying that countries wanting a slower fiscal adjustment face higher costs to austerity