Europe
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
ECB sticks to plan of gradual policy normalisation
Lagarde says net asset purchases should finish in the third quarter of the year
ECB expected to pause amid uncertain impact of war
Governing council could discuss QE backstop to prevent wider sovereign bond spreads
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
ECB praises eurozone’s economic response to Covid-19
EU capital markets need to deepen to allow green and digital transformations, ECB says
Eurozone inflation reaches record high of 7.5%
Observers think ECB is increasingly likely to accelerate plans to tighten monetary policy
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Central Banking Awards 2022: third group revealed
Awards recognise payments, currency, regulatory technology and financial market infrastructure
Financial stability initiative: ECB’s SSMnet
Online tool fosters cohesion, agility and effectiveness for supervisors working across member institutions of the European Single Supervisory Mechanism
ECB opens €10 billion swap line with National Bank of Poland
Central bank extends repo lines with non-eurozone counterparts until January 2023
Are central banks ahead of banknote counterfeiters?
Antti Heinonen analyses data on recent trends in counterfeiting
ECB announces phased end to Covid-19 collateral loosening
Conditions for access to liquidity schemes will tighten but Greek sovereign debt waiver will remain
Collateral management services: Vermeg
The firm has added another G7 central bank to its list of clients, and is immersed in a major project to build the eurozone’s new collateral management system
ECB supervision and the state of the eurozone’s banks
ECB banking supervision has passed the first stage of the Covid-19 test. But many challenges remain, including banks’ internal governance and data processing, excessive leveraged lending in some segments, and a lack of progress towards a more competitive…
Central Banking Awards 2022: first winners unveiled
Governor of the year, Risk manager, two Green initiative awards and more announced today
Governor salaries range as high as $1 million
Base pay tends to rise with GDP per capita, but there is wide variation, benchmark data shows
Ukraine war could affect eurozone growth and inflation – Lagarde
Philip Lane says eurozone inflation still largely driven by transitory factors
No bank meets ECB expectations on climate disclosures
Supervisor sees progress since 2020 report, but significant gaps remain unaddressed
Energy firms call for central bank support to cover margin spikes
Trade body warns energy market participants risk being unable to meet “unprecedented margin requirements”
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
ECB accelerates end of QE programmes
New forward guidance hints rate rise will not immediately follow end of asset purchases
Markus Brunnermeier on the need for CBDCs
The Princeton academic co-authored a paper for the European Parliament exploring the potential pitfalls of CBDCs. But they are still needed, he says
Bundesbank raises inflation forecast
Nagel calls for policy normalisation and says Bundesbank could increase risk provisioning again
Eurozone inflation reaches new record high of 5.8%
Energy inflation remains main factor boosting prices, at 31.7% in February