Europe
European banking union insufficient to withstand next crisis – Portuguese governor
Common supervisory and resolution tools are in place, but Europe lacks a deposit insurance scheme
Bank of Lithuania lures fintech firms with e-licensing tool
Portal promises to streamline approval process as country seeks to become fintech hub
ECB warns EU may be making wrong assumptions on ageing
Eurostat projections more favourable than those of other agencies – ECB bulletin
People: new RBI deputy; Ingves to chair Toronto Centre
ECB appoints director general of micro-prudential supervision; HKMA has new executive director of financial infrastructure; Liberia appoints new board
European regulator says insurers must prepare for Brexit risks
Firms must put measures in place to ensure continuity for cross-border contracts – Eiopa
Eurozone requires both banking and capital markets union – panellists
Status quo is highly procyclical and hampers risk sharing, IMF conference hears
Central bank digital currency would be unsafe – senior ECB official
Lack of finality in payment could cause major instability, Benoit Coeuré says
Carney criticises EU stance on Brexit issues
Governor describes EBA analysis as “incomplete” and says time is running out for a deal on trillions of dollars in derivatives contracts
Eurozone governments’ post-crisis fiscal policies were ‘self-defeating’
Policies ended up being contractionary, IMF-organised conference hears
EU and UK firms unprepared for Brexit, warns EBA
Banks must speed up examination of Brexit risks and cannot rely on public sector, authority says
ECB’s Nouy says policymakers must reform banking governance
Only half of supervisors carry out ex-ante ‘fit and proper’ assessments, Nouy says
Issuing “foreign-law” debt can cut costs in times of crisis – ECB paper
Eurozone countries’ bonds issued abroad showed major premiums during debt crisis – researchers
Leading governors analyse evolving inflation-employment relationship
Powell, Draghi, Lowe and Kuroda assess causes keeping wage growth low across the world
UK lawmakers ‘satisfied’ with Visa response to outage
Visa has promised an independent inquiry into the incident that saw 5.2 million payments fail; firm reveals details of its recovery efforts
SNB should clearly assign policy tools, IMF report says
SNB can avoid impression of exchange-rate targeting through better communication, says IMF
Italy’s trial
Francesco Papadia argues Italy is likely to suffer financial and economic damage under its new political leadership, but will still not leave the euro
People: Bank of Canada deputy resigns and returns to San Fran Fed
Nigerian president nominates new deputy governor
ECB commits to tapering bond purchase programme
Unanimous decision says bond purchases will taper if data confirms medium-term outlook
ECB unlikely to commit to QE end date in June meeting
Most economists expect gradual reduction of asset acquisitions, and an open-ended programme
QE boosts bond prices above ‘fundamental’ level, Banque de France paper finds
Paper uses experimental techniques to simulate QE’s effects on bond markets
Sia given green light to access Eurosystem’s instant payment system
ECB permits first network provider to give access to new Tips platform
Bank of Finland working on payments backup system
Board member says Finland must be able to maintain control of “critical infrastructure” should disruptions occur
Banks must understand artificial intelligence – ECB official
Artificial intelligence must not become another “financial craze”, Hakkarainen warns
Weidmann calls for fiscal consolidation and sovereign risk reform
Bundesbank president maintains tough stance on key policy issues