Germany
Bundesbank accelerates Weber’s UBS start
Bundesbank permits Axel Weber to take on role as an “adviser” to UBS three months early; investment bank needs him to help fill top management void after scandal
Liquidity concerns explain high level of cash transactions: Bundesbank paper
Bundesbank study says high percentage of cash transactions due to consumers' willingness to monitor liquidity
Greece will receive bailout funds despite missing target, say analysts
Greece finance ministry says country will fall short of its fiscal deficit reduction target for 2011; analysts still expect Troika to approve sixth bailout tranche
Germany backs new EFSF powers
Concerns over firepower of European Financial Stability Facility remain despite its new enhanced powers after Berlin passes new legislation with majority vote
Papandreou appeals for German support
Greek prime minister George Papandreou travels to Berlin to seek solution to sovereign debt crisis; due to meet German chancellor Angela Merkel
US and Japan generate largest spillover effects: IMF paper
Fund study finds slow-growing countries benefit most from growth spillover effects from US and Japan
Greece tranche decision delayed till October: Juncker
Eurogroup chairman Jean-Claude Juncker says decision to release sixth bailout tranche to Greece will be delayed until October; sovereign may default sooner than expected, says analyst
European Commission to consider euro bond options
European Commissioner José Manuel Barroso says options for common eurozone bond will be reviewed; Bundesbank's Jens Weidmann says bond would lead to "socialisation" of debt
OECD asks central banks to hold rates
OECD asks for rates hold and revises growth forecasts downwards; chief economist says further QE in the US "could be appropriate”
German courts stand by Greece bailout
Federal constitutional court rules Greece bailout as legal; clears way for establishment of eurozone bailout vehicle; says parliamentary budget committee must authorise future budgetary plans
Buba’s Weidmann welcomes new president of Hanover branch
Stephan Freiherr von Stenglin is new president of regional branch; takes over from Werner Ehlers who retires
Capital preservation measures create moral hazard: Bundesbank research
Bundesbank dicussion paper finds that capital preservation measures create moral hazard in banks
EU no-bailout rule must be strengthened, says Buba
German Bundesbank says eurozone bailout reduces incentive to commit to sound fiscal policy; calls for strengthening of no-bailout rule in EU treaty
Germany denies eurobond option
Talk of a common bond for the euro area dominates discussions ahead of meeting with European leaders on economic governance reform; Germany says topic will not feature on agenda
Buba paper identifies positive spillover effects of financial aid
Bundesbank study say German foreign afilliates benefit from effects of domestic aid policies
Euro area leaders thrash out Greece deal
Leaked document shows euro area leaders agree to extend maturities on Greece loans through European Financial Stability Facility; compares second bailout for Greece to Marshall plan
Draghi says sovereign credibility must be earned
Bank of Italy governor Mario Draghi says solvency of euro area countries must be earned by putting public finances in order
Helaba withdrawal hints at 'fundamental value' in stress test results, says analyst
German bank Helaba’s withdrawal from the European stress-testing process indicates there could be 'fundamental value' in the results, an analyst says
Germany and China heighten cooperation
People’s Bank of China and Deutsche Bundesbank meet in Frankfurt to discuss financial stability and trade partnership; China stresses confidence in euro area
Euro finance ministers delay Greece deal
Eurogroup says second tranche for Greece will be delayed until at least early July as European finance ministers flesh out new deal for sovereign
Buba’s Dombret on drawing up shadow banking sector
Bundesbank executive board member Andreas Dombret says monitoring and regulating shadow banking sector will be key to financial stability
Vienna Initiative agreement sets in motion Greece deal
German Chancellor Angela Merkel takes softer approach to Greece; says Vienna Initiative could form part of bailout deal
Greece debate grips European markets
Dutch finance minister Jan Kees de Jaager says private credit holders of Greek debt should bare 30% of losses on paper; Fitch says any exchange of distressed debt would constitute a default
Germany’s Schäuble calls for bond swap on Greek debt
Trichet has some sympathy in Vienna Initiative-style arrangement for Greece; German finance minister calls on ECB to go one step further with swap deal