Europe
ECB survey shows further recovery in bank credit in Q2
European Central Bank publishes latest bank lending survey, which reveals an increase in the share of banks reporting greater demand for loans to enterprises in the eurozone
Armenian annual report highlights growing European ties
Central Bank of Armenia strikes loan agreement worth €50 million with European Investment Bank and will use the money to fund SME projects
ECB rolls out new website
Central bank revamps website with new design that puts greater emphasis on images, graphs and statistics; builds on bank supervision site launched in November
Irish SME report shows growth in new lending
Report published by Central Bank of Ireland shows annualised gross new lending at highest level since 2011, with the largest share channelled to the agricultural sector
EBA calls for more risk-sensitive securitisation regulation
Opinion submitted to European Commission recommends end to ‘one-size-fits-all’ capital treatment of securitisations, with two-stage process to determine which should be subject to lighter touch
Minneapolis Fed research separates Greece and Puerto Rico debt crises
Staff report notes the debt crisis has spilled over to the private sector in Greece but not in Puerto Rico, given the latter’s inability to interfere with private external debt contracts
European leaders to meet as Greeks scramble to produce new proposals
Heads of state and finance ministers to meet on July 7, with Greek government expected to present new proposals; chief negotiator takes over as finance minister
Varoufakis out as Greeks vote No
Greek finance minister steps down despite 62.5% of voters backing the government’s position by rejecting the latest proposals; Eurogroup says ball in Greece’s court
Minutes show ECB happy to ‘look through’ volatility
Governing council carefully considered market volatility including the increase in government bond yields in June meeting, concluding it had not ‘materially altered’ economic outlook
Greek PM offers concessions but backs referendum
Leaked letter suggests Alex Tsipras is willing to accept many of the latest proposals in exchange for a new bailout programme; European leaders awaiting outcome of July 5 referendum
Non-financials may be caught by shadow bank rules
Banks warn of 'massive' impact from European Banking Authority proposals, which would limit credit lines
Juncker tells Greece to vote ‘yes’ in referendum
European Commission head Jean-Claude Juncker calls on Greeks to vote in favour of latest proposals, urging them not to ‘commit suicide because one is afraid of death’
Croatian governor: Europe has a way to go with structural reforms
Boris Vujčić points to benefits of greater labour market flexibility and easier equity financing at IIF conference; Hungarian council member stresses need for productivity growth
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Negative deposit rate ‘turbocharges’ QE, economists say
Former ECB board member Lorenzo Bini Smaghi says negative rate ‘creates a multiplier effect’ that boosts impact of QE, a view shared by other panellists at Frankfurt conference
Weidmann warns Greek ELA could raise ‘serious monetary financing concerns’
Bundesbank president says the ongoing provision of emergency funds to Greek banks will be a problem if the cash is used to buy sovereign debt
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
European presidents publish road map to closer union
Mario Draghi among senior officials to contribute to report calling for greater economic convergence, financial integration and ultimately more shared decision-making on fiscal policy
Eurozone recovery set to broaden, says ECB bulletin
Report presents growing body of good news for most eurozone economies as wages and consumption rise, inflation bottoms out and investment begins to return
Bank of England's Rule says reigniting securitisation market will take time
Executive director cautions against rushing to restart securitisation market, as a return to pre-crisis ‘fragile’ market would be counterproductive
Ireland to phase out one- and two-cent coins
Central bank will lead project that will see cash payments rounded to discourage use of low-value coins; decision follows successful trial in 2013
Overconfident forecasters may be ‘overrepresented’ in ECB survey
Working paper finds participation in the Survey of Professional Forecasters drops when uncertainty rises, suggesting the results may be biased
EU court rules OMTs are legal
ECB is vindicated as ECJ rules in favour of crisis measure that would see the central bank buy potentially unlimited amounts of sovereign debt to protect ‘singleness’ of monetary policy
Draghi defends ‘distributional consequences’ of QE
ECB president suggests easy monetary policy will benefit all citizens in the longer run; economists describe impact on inequality as “ambiguous” in research prepared for Econ Committee