Europe
Europe doubles RMB transactions with Greater China in one year
European hubs fuel growth in renminbi usage with 10% share of global payments, after major financial hubs sign swap agreements with the People's Bank of China
US and Europe more vital for Australian trade than thought
Australian goods being exported to western markets indirectly via east Asia, skewing statistics, according to paper using ‘complementary' estimates of value-added trade
Central Bank of Hungary buys $1.8m vacation home
Rural ‘castle hotel' boasts swimming pool, beer pavilion and a bowling alley; will be used for ‘recreation purposes' by staff and create local jobs, bank says
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
Reza Moghadam quits IMF to join Morgan Stanley in London
IMF's Europe chief to 'return home' after 22 years with the Fund, lately ‘spearheading the Fund's response from one crisis to the next'; Thomsen promoted on an interim basis
Finland paper: Loans-to-deposits among best indicators of banking crises
Paper examines banking crises in 11 EU countries between 1980-2013; growth rates and trend deviations of loan stock variables also yield 'useful' signals of impending crises
Belgians call for ‘strong co-ordination’ to hold EU prudential regime together
Article in National Bank of Belgium's financial stability review evaluates the institutional structures that will influence macro-prudential policy in Europe
Europe’s ‘bloated’ banking system could be harming growth, says ESRB committee
Report by advisers to European Systemic Risk Board says the banking system is ‘overweight’ and prescribes a number of remedies, including securitisation of SME loans
US regulation of foreign banks follows 'pattern set by the EU', says Fed's Tarullo
Basel rules are ‘floors, not ceilings', the Federal Reserve's Daniel Tarullo said yesterday, following accusations that the US is treating foreign banks unfairly
Bail-in rules the 'bedrock' of European banking union, says BoE's Cunliffe
Head of the UK's Prudential Regulation Authority also cautions that despite far-reaching reform efforts, regulators would struggle to resolve 'a failing global giant'
EU banks fear capital hit from CCP approval delays
For banks to apply a 2% risk-weight, non-EU CCPs must be approved by Esma and their home-country rules by the EC; banks fear that will not happen by June 15 deadline in some cases
Europe card fraud up after five-year decline, ECB data show
Growth in online shopping blamed for increase in card payments fraud, which totalled €1.33 billion within the Single Euro Payments Area in 2012 - up 21% on the previous year
Political impasse threatens SRM progress
European parliamentarians express frustration with the slow negotiations over the single resolution mechanism; Martin Schulz urges finance ministers to pick up the pace
Albania governor calls for Balkan payments system in annual conference speech
The Bank of Albania's 10th annual international conference celebrated the 20th anniversary of the central bank and the 100th anniversary of its declaration of independence
ECB unveils new Euro Retail Payments Board
New board will be the driving force behind retail payments integration in Europe; will replace the Sepa council and take a more proactive approach than its predecessor
ECB launches public consultation on mobile payments security recommendations
The governing council of the ECB asks market participants to comment on draft recommendations intended to make mobile payments more secure; interested parties have until January 31 to weigh in
Belgian paper warns central bank policies could worsen financial shocks
Working paper studies optimal monetary policy configurations for price and financial stability in Eastern Europe; finds central banks may worsen credit shocks by taking action against them
Banks respond differently to capital target deviations, ECB paper shows
Working paper finds banks tend to reshuffle risk-weighted assets or increase holdings when above Tier I ratio, but more inclined to increase equity levels when below target
Netherlands Bank says ECB’s asset quality review necessary to restore market confidence
Dutch central bank says lack of market confidence is making it difficult for European banks to build stronger balance sheets, and that the ECB’s asset quality review will help address this
Robert Pringle’s Viewpoint: ECB needs to play ‘chicken’ to force reform of Europe’s banks
The ECB won a game of brinkmanship with governments to secure the establishment of the bail-out fund. It needs to use the same tactic with three clear elements to force through bank reform
Politically-aligned governors more likely to 'survive', research finds
Paper unearths evidence that central bank governors with the same political leanings as the government in power last significantly longer in their roles
Financial crisis caused significant shift in the euro area Beveridge curve
ECB paper finds that labour market consequences of the crisis have been heterogeneous across countries, with Spain and Germany diverging the most
European Commission launches shadow banking onslaught
Commission looks to impose more stringent liquidity and capital requirements on money market funds; industry body hits out at 'ill-considered' proposals
Financial contagion function of reputation rather than size of banks
Bank clustering and large in-coming interbank loan more important than leverage ratios, while central bank intervention reduce contagion only slightly, Bank of Finland discussion paper finds