Europe
Centralising supervision may trigger more integration, ECB paper finds
Working paper suggests centralising supervision could create the need for even more centralisation; calls for ‘perimeter of banks’ supervised by central authority to be flexible
Nouy sees banking union driving deeper integration
ECB report finds financial integration back to levels achieved before sovereign debt crisis; Danièle Nouy expects banking union to help create ‘deeper integration of a higher quality’
Public to vote on design of €2 commemorative coin
Eurozone residents invited by European Commission to pick one of five designs for a coin marking the 30th anniversary of the EU flag; partly a tool for raising awareness of economic governance
Nouy sets out SSM priorities for 2015
Supervisory board chair Danièle Nouy reveals focus on profitability drivers of largest banks in eurozone, as well as their risk appetite and governance; first annual report published
Greek governor paints bleak picture of life without the euro
Yannis Stournaras insists leaving the eurozone is ‘not an option’ for Greece, as it would impose ‘huge costs’ on the financial system and real economy alike
Hellwig and Wolf question efficacy of financial reforms
Martin Hellwig and Martin Wolf discuss flaws in financial reforms aimed at breaking the sovereign-bank linkage in book on country and political risk
Third TLTRO sees extra €98 billion borrowed from ECB
Latest allocation of cheap loans pushes total amount borrowed to €310 billion; measures aimed at repairing transmission mechanism and encouraging loans to real economy
Protestors clash with police as ECB opens new premises
Demonstrations organised to coincide with inauguration of new ECB building lead to outbreaks of violence; Draghi calls for economics and politics of integration to be ‘reconciled’
Riksbank: Economic activity in Sweden ‘at a standstill'
Central bank survey shows companies still being hampered by the slow recovery in Europe, leading them to try cutting costs to increase margins
ECB publishes new economic bulletin
The first in the new series, introduced to ‘mirror’ new governing council meeting cycle, features an assessment of the Chinese economic outlook
Researchers find evidence of ‘European unemployment cycle’
Working paper published by The Netherlands Bank separates the different origins of unemployment in Europe, finding the continent- and country-level factors most influential
IMF report says ‘time has never been more right' to reform securitisation markets
Staff report emphasises need to make securitisation practices more robust while spurring demand; calls for standardised classifications of underlying risk characteristics
Mersch lays out path to capital markets union
ECB executive board member says harmonised regulation and ‘institutional adjustments’ needed in Europe; suggests change in securities markets
BoE’s Cunliffe wants better allocation of capital in Europe
Better functioning capital markets would encourage savings to be put to better use, allow greater risk sharing and provide alternative sources of finance, deputy governor says
Rohde mulls higher capital requirements if Denmark stays out of bank union
Danish governor wants country to join the European banking union in 2015; banks have lower capital buffers than counterparts in other non-member countries
EBA moving to iconic Canary Wharf tower
European Banking Authority will soon vacate its current offices in the City of London and take up residence in Canary Wharf
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
BoJ paper finds US crisis policy more impactful on markets than European measures
Authors test policy responses to the global financial crisis including monetary, liquidity and financial sector policies, finding US announcements led to higher abnormal returns
ECB’s Godeffroy sees clear path to 2015 T2S launch
Director-general leading Target 2 Securities project says testing is largely going to plan; platform to create ‘survival of the fittest’ environment for European CSDs
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'
Fears surface over lack of trust among resolution authorities
Countries still do not trust one another enough to cooperate fully during the resolution of a globally systemic bank, participants at Chatham House event warn
Swift resists ‘political pressure' to disconnect Russian and Israeli banks
Brussels-based cooperative says calls for exclusion undermines ‘systemic global character' of its services; previously condemned EU parliament resolution in September
Olli Rehn: Scotland would need central bank to join EU
Independent Scotland would not be able to both keep the pound sterling and join the EU, former commissioner argues, referring to ‘core part' of union treaty
Bank of Portugal initiates administrative proceedings against 14 banks in first half of 2014
Throughout the period the Portuguese central bank also issued 357 recommendations 'to require the correction of irregularities and infringements detected'