Italy
Italy could face more swap terminations
Italian politicians claim Morgan Stanley's swap termination in January will be a one-off - but dealers say Italy's debt office is subject to other clauses that could have the same effect
IMF paper studies decline in vertical fiscal imbalances
IMF working paper highlights reasons behind the decline in vertical fiscal imbalances in four European countries; says VFIs always come under scrutiny at times of fiscal austerity
Italy’s Visco issues call to action for banks
Governor of the Bank of Italy says banks must not “starve” the economy of credit; explains now is the time to intensify efforts to strengthen balance sheets
Ignazio Visco’s battle to emerge as governor of the Bank of Italy
Ignazio Visco emerged as the new governor of the Bank of Italy after a lengthy battle few thought he would win. How did he pull it off? Isabella Bufacchi reports
Moody’s alters sovereign debt ratings of nine EU countries
Austria, France and the UK see outlooks on Aaa ratings changed to negative; Spain and five other countries’ ratings are downgraded
Heightened uncertainty promoted precautionary savings post-crisis, says IMF paper
Fund study says precautionary motives promoted households in advanced economies to significantly increase savings following the global financial crisis
Italian banks may need state aid to hit 9% core capital, says Saccomanni
Bank of Italy director-general says country’s banks may require government assistance to meet stricter 9% core Tier I capital ratio; new deputy director Salvatore Rossi optimistic growth outlook
ECB paper captures effect of eurozone sovereign risk on bond spreads
European Central Bank study says both country-specific and contagion risk contributed to widening of sovereign bond spreads against the German Bund during the financial crisis
IMF fears eurozone crisis will stall global recovery
World Economic Outlook slashes growth projections for 2012 as downside risks to eurozone economy intensify; IMF warns spill-over effects could slow economic activity globally
ECB in talks with dealers on buying inflation-linked bonds
Dealers will present their case as to why the ECB should buy linkers as well as nominal bonds in a conference call today
Interview: Gerard Hartsink
European Payments Council chairman Gerard Hartsink tells Yusuf Yassin he welcomes the decision to set end-dates for Sepa migration, but says concerns about the regulation, raised in October, remain
Bank of Italy selects Rossi to join governing board
Bank of Italy names secretary-general Salvatore Rossi as deputy director-general, filling seat left open by governor Ignazio Visco on central bank board
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
IMF’s European director Antonio Borges quits
Director of European department, Antonio Borges, steps down for personal reasons; succeeded by strategy director Reza Moghadam in shake-up at Fund
Italy reaches crisis point as bond yields soar
Announcement that Italian prime minister Silvio Berlusconi will resign does little to calm markets; bond yields hit euro area record high, raising the stakes for a potential default
IMF to supervise Italy on debt reduction plan
Italian prime minister Silvio Berlusconi agrees to invite International Monetary Fund to Rome to oversee its fiscal consolidation efforts but turns down option for financial support
Former Bank of Italy governor sentenced
Antonio Fazio convicted again over rigging sale of Italian banks; jail term will not begin until final level of appeal fails
Visco confirmed as Bank of Italy governor
Bank of Italy’s Ignazio Visco promoted to governor following confirmation by Italian president Giorgio Napolitano
Italy’s Visco wins governor nomination in surprise twist
Italian prime minister takes unexpected step by naming Bank of Italy deputy director-general Ignazio Visco as governor ahead of three frontrunners
Bini Smaghi in line for top Italian central bank job
European Central Bank executive board member Lorenzo Bini Smaghi is expected to be selected as the next governor of the Bank of Italy
Debt fears rise as Italian prime minister wins confidence vote
Italian prime minister Silvio Berlusconi wins vote of confidence in parliament as concerns grow over his government's ability to fulfil its fiscal consolidation package
ECB celebrates Italian culture
European central bank announces 2011 cultural days will focus on Italian culture; events include classical and jazz music concerts, film screenings, literary and art events
EU plans coordinated action to recapitalise banks
European Commissioner Olli Rehn says capital positions of European banks must be reinforced; calls for comprehensive strategy to restore confidence in Europe
Leaked letter reveals ECB austerity demands on Italy
Trichet and Draghi asked for 'pressing action' from Italian authorities; puts rumours of such communication to rest