Europe
Asset purchase programme is key to central bank credibility – ECB paper
Researchers analyse market reactions to unconventional monetary policy decisions
Commission should have power to order CCPs to relocate to EU – Cœuré
The power would be one among many, says ECB executive board member
Europe must learn right lessons from crisis – Olli Rehn
Moral hazard should not dominate policymaking, Finnish board member says
Little evidence to support ‘global slack’ thesis, ECB paper argues
Researchers say global spare capacity is not increasing as an influence on eurozone inflation
EBA calls for tighter money-laundering curbs on crowdfunding
EC should make consumer protection a “key” part of its fintech approach, the EBA says
Greek bailout funds approved but debt relief still contentious
IMF agrees “in principle” to new support for Greece, unlocking European funds, but parties still fail to reach accord on debt relief
Former central bank governors debate unconventional monetary policy
Trichet, Shirakawa and Weber agree unconventional tools may have outstayed their welcome; costs of tools used during the crisis will not be known for some time, Weber says
ECB buys €500 million worth of renminbi for forex reserves
Belgian central bank also announces purchase of Chinese currency, plus South Korean won
ECB gives mixed reception to new macro-pru measures
Austrian proposals welcomed, but ECB raises concerns over Belgian draft law
ECB paper calls for EU-wide bond-issuing agency
Authors propose the ECB and a bond issuer should work together to stimulate eurozone
ECB provides detail on stress-testing methods
Top-down approach helped supervisors challenge banks’ results, ECB says
The ECB must reform Target2 to make it sustainable
Target2 has emerged as the eurozone’s financing entity for ballooning structural balance-of-payments gaps. The present system is unsustainable and needs reform, says Philip Turner
Cross-border deposit insurance would not be unfair – ECB article
Contributions to scheme should be on the basis of risk, researchers argue
Draghi flags wage weakness as he defends easing measures
“Very substantial” accommodation still needed, says ECB president; central bank is devoting resources to understanding low wage growth
Culture has ‘significant’ effect on Swiss saving – paper
Researcher uses data from linguistically different Swiss groups
ECB approves resolution of Spanish bank
Santander set to raise €7 billion to cover capital shortfall at Banco Popular Español
‘Home bias’ in expectations heightens shocks – paper
Researchers present a model where domestic variables shape expectations
Uncertainty over size of European ‘shadow banks’ – ESRB
Central banks are improving data collection, but many details remain unclear, report says
Dombrovskis praises idea of bundling European sovereign bonds
European Commission is “closely following” work on designing new instruments
EBA calls for reform of its funding and governance
Funding shortfalls are “unreasonable”, Enria says; some governance arrangements are “overly cumbersome”
European institutions agree vote on securitisation programme
Council of ministers and lawmakers will vote in the coming weeks
Paper examines how sovereign debt losses hit real economy
Researcher presents unique database on eurozone sovereign debt crisis
Spanish draft law would undermine financial reform, ECB says
Proposals on housing loan settlement would weaken “key pillar” of reform
Bulgarian financial system still faces risks – IMF report
Financial safety net presents “important challenges”, despite reform efforts, IMF staff say