Europe
Draghi says ECB’s asset purchases should stay ‘open-ended’
ECB president rejects calls for September end to purchases as inflation forecasts rise slightly
Stress tests find vulnerabilities in European pension funds
More than a quarter of institutions could not fulfil their commitments following an adverse scenario
Denmark ‘not heading for cashless society’ – research
Central bank recognises cash transactions are in decline, but says consumers will always have the option to pay with cash
Policymakers need wider range of systemic risk models – paper
Researchers attempt to combine systemic importance and systemic risk approaches
ECB approves major financial infrastructure programmes
ECB plans for Target2 and T2S to merge, plus new collateral management system for Eurosystem
Ingves: Riksbank ‘will soon take a stance’ on e-krona
The executive board will examine whether e-krona could be the gateway to central bank money, as the decline in cash continues in Sweden
Italian central bank launches fintech initiative
New communication channel will allow firms to directly engage with the central bank
Eurozone must improve management of national cash cycles, paper argues
Researchers find wide variations between cash quality in eurozone countries
European Commission proposes creating a European Monetary Fund
The new EU institution would replace the European Stability Mechanism in 2019
People: Fiji appoints deputy; Commission proposes new SRB chair term
Esala Masitabua will become deputy governor in Fiji on January 1, 2018; European Commission proposes extending Elke König’s mandate as chair of the SRB; and more
Portuguese finance minister named new head of Eurogroup
ESM manager praises Mário Centeno as a “passionate economist”
BIS top body poised to approve Basel III
The GHOS meets on December 7, and all signs indicate it will finally give Basel III the green light
Doubts cast on Europe’s IFRS 9 transition period
Dynamic transition viewed as too complicated for banks to use or investors to understand
Income convergence in eurozone faltered before euro, research finds
Strong financial cycle concealed lack of productivity growth since 1990s in Spain and Italy, implying euro may not be to blame
Instant payments crucial to stop crypto disruption – Mersch
ECB board member reiterates concerns around viability of crypto-currencies, while encouraging banks to adopt instant payment networks
Stronger growth improves financial conditions in Europe – ECB review
Manufacturing activity and consumer sentiment bolsters growth across the region
Implementation of new ECB rules on NPLs may be delayed
Daniele Nouy dismisses criticisms as “myths and misinterpretations”
Constancio praises Reis’s studies of monetary policy
Work helped to open “new chapter in research on expectation formulation”
ECB and 14 European central banks commit to forex code of conduct
Bank of England and rest of the European Union central banks set to follow suit in early 2018
ECB’s public sector asset purchases pushed down repo rate, BdF paper finds
Effect was particularly strong before January 2017, researchers say
ECB should not raise rates until 2020 – OECD
OECD says European Central Bank should “gradually” taper asset purchases in 2018
Most UK banks withstand ‘disorderly Brexit’ stress tests – BoE
Majority of banks unfazed by tests “more severe than the financial crisis”, but a few struggle with lingering issues
EBA highlights ‘cliff-edge Brexit’, cyber and NPL challenges
No-deal scenario could affect banks' ability to fulfil contracts
ECB officials disagree on open-ended QE
Agreement on keeping private-sector purchases sizeable, which would increase their importance