Europe
ECB paper argues for existence of ‘liquidity coverage channel’
Researchers analyse impact of eurozone central banks’ actions after onset of Covid-19 pandemic
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs related to remuneration and usage limits could have on the banking system, including during times of stress*
Average RTGS system processes millions of payments yearly
Benchmarking data shows wide range of transaction volumes
Less than 10% of RTGS systems meet ISO 20022
Most non-compliant central banks plan to implement messaging protocol by 2025
ECB announces 25bp rate raise and QE slowdown for July
September increase may be steeper, as ECB forecasts higher inflation and lower growth
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers
Eurosystem’s bond holdings may hamper market functioning – paper
Asset scarcity caused by Covid-19 emergency programme has lowered repo rates, researchers say
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, though final figure will depend on complex talks
Global climate standards ‘badly needed’ but elusive, say central bankers
“I am not sure we are going to get there,” ECB president says
Three-quarters of central banks exploring CBDCs for retail payments
Though research is common, only a few have moved to pilot or roll out the technology
Majority of central banks only have one RTGS contingency site
More than half of institutions have had RTGS outages since 2020
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
Many central banks plan RTGS upgrades in coming year
Over 80% expect to renovate systems within five years
War in Ukraine raising eurozone stability risks, says ECB
Non-bank sector vulnerable to higher interest rates, financial stability review finds
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
Riksbank launches 24/7 instant settlement system
Rix-Inst operates on same technology as ECB’s Tips system
Lagarde says ECB likely to abandon negative rates in September
Central bank would need to confirm end to asset purchases in June, and hike in July and September
Communications Benchmarks 2022 – executive summary
Key findings of the 2022 report, including the ongoing shift to social media and the impact of Covid-19
ECB will hire young Ukrainian researchers
Up to 15 trainees will help evaluate impact of Russian invasion
Digital euro could be reality by 2026 – ECB’s Panetta
ECB will step up engagement with authorities and investigate means of issuing CBDC
Lagarde signals first ECB rate hike in July
Nagel stresses risk of acting too late, as Villeroy says fiscal-monetary alignment no longer possible
Small drop in US CPI hints at inflation reprieve
Economists estimate US is past inflation peak, but other G7 nations may still be on the upward leg
Central bank websites vary greatly in popularity
Some get hundreds of page views per month, while others get millions
ECB officials change to more hawkish tone
Schnabel and Villeroy de Galhau signal openness to July hike while Lane and Panetta stay cautious