Europe
Pressure from Facebook may speed up digital euro development – panellists
ECB does not plan to announce whether it will proceed with digital euro proof of concept until mid-2021
Centralisation key to digitising central banks – ECB conference
Bank of Italy studies use of machine learning to boost supervisory capabilities
Pandemic accelerates decline in eurozone cash usage – ECB
During 2016-19 cash gradually declined as means of payment, but was still first option
Eurozone unemployment falls slightly
Unemployment falls to 8.4%, but youth joblessness is much higher at 18%
Income levels have little bearing on economics staffing
European central banks have on average more staff in statistics; non-European institutions have more research economists
Early estimate says eurozone inflation staying put
Eurostat estimates for November show core inflation also remained stable at 0.2%
ECB paper looks at cross-border macro-prudential effects
Imposing capital buffers cuts risk-taking and lending by foreign subsidiaries, researchers find
ECB’s asset buying should drop ‘market neutrality’ – Rehn
Finnish governor says ECB should adopt green principles, but Bundesbank’s Weidmann is opposed
Monetary-fiscal policy co-operation and the ‘slippery slope’
Barry Eichengreen assesses the risks central banks face from their closer links to fiscal policy
ECB sets new climate risk requirements for banks
Survey of eurozone banks shows most do not disclose basic climate-related data, ECB says
Rehn says ECB should adopt average inflation targeting
Finnish governor says current target has “asymmetric downward bias”
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
ECB highlights new channel reinforcing sovereign-bank nexus
State guarantees indirectly increase banks’ exposure to sovereign risks through corporates
People: Bangladesh appoints deputy; Elderson has bumpy ride
Bangladesh Bank names new deputy; Elderson passes EU parliament vote despite opposition
Eurozone inflation remains at -0.3%
Persistent deflation will be key focus at next ECB policy meeting on December 10
Lower r* demands new ECB inflation target – economists
Average inflation targeting is one possible alternative, says Jordi Galí
Eurozone’s ageing is lowering interest rates – BoI paper
Natural real interest rate is likely to reach its lowest point around 2030, researcher finds
ECB announces independent inquiry into Target2 outage
Main findings on RTGS failure will be published by second quarter of next year, ECB says
De Guindos calls for higher liquidity buffers for non-banks
ECB official argues a comprehensive macro-prudential framework is needed
Eurozone must not cut fiscal support too soon – IMF official
Environment favours public investment, but spending must be transparent, says fiscal affairs director Vítor Gaspar
Bank of Italy paper looks at flatter Phillips curve
Weaker collective bargaining has played key role in flattening relationship, researchers say
Lagarde signals Covid-19 stimulus will remain active for longer
Asset purchases and bank lending programmes will be key ECB tools; rate cut not mentioned
Weak banks could reverse effects of policy rate cuts – ECB paper
Countercyclical buffers play crucial role in preventing “reversal interest rate” events, researchers find
EBA wants Basel to revisit prudential rules on software
Banking regulator set to soften capital impact of IT assets, but proposals are still out of line with US