Euro
Financial crisis caused significant shift in the euro area Beveridge curve
ECB paper finds that labour market consequences of the crisis have been heterogeneous across countries, with Spain and Germany diverging the most
ECB's Cœuré defends OMTs in Berlin speech
Executive board member tells German audience that OMTs do not remove the incentive from governments to reform, and says risk transfer within the monetary union is unavoidable anyway
German voters want to keep the euro - but not to save it, poll finds
Two-thirds do not believe the next chancellor has mandate to support eurozone countries financially after the September 22 elections; a third supports break up of eurozone and return to deutschmark
Sovereign default spreads drove European bank risk exposures during crisis
Systemic risk of European banks reached its height in late 2011 at around €500 billion, based on a measure introduced in a recent Fed working paper
Sector-specific variables more relevant than thought in determining default risk
The effect and magnitude of risk drivers across sectors is highly heterogeneous, which should be taken into account when designing stress-testing analytical tools, research paper argues
‘Striking similarities' between eurozone and the pre-1914 gold standard
Both monetary arrangements provide underdeveloped peripheral countries with easy access to capital from the core countries, triggering asset price booms via the banking system in peripheral countries
Monetary union leads to too much fiscal discipline, research paper finds
Paul de Grauwe and Yuemei Ji argue that sovereignty lost with the creation of the eurozone prompted dramatic effects that were largely overlooked by the currency area's designers
IMF reports show French and German banking sectors are key to European stability
IMF urges France to do away with tax disincentives to deposits in an effort to broaden banks' funding sources; emphasises Germany's role in forging a robust eurozone financial architecture
Polish economists call for dismantling of eurozone, and new role for ECB
Former Polish vice-minister of finance and bank chief economiss call for Germany to lead an exodus of the eurozone's strongest economies, to save the European Union
Euro's international role hampered by continued fragmentation
ECB study finds reserve manager confidence in the euro is recovering, but a leading fund manager says the euro cannot challenge the pre-eminence of the dollar without issuing federal bonds
Eurozone’s unique policy framework creates communication confusion, ECB paper shows
Political communication has a quantifiable effect on sovereign bond spreads – at least in the short term, authors argue
Croatian membership boosts ECB capital
Croatia’s central bank has joined the European System of Central Banks (ESCB), with governor Boris Vujčić taking his place on the ECB’s general council
Latvia to adopt euro in 2014
European Commission gives Latvia the green light to become eighteenth eurozone member after it comfortably meets convergence criteria, but ECB voices concerns over price and financial stability
Germans clash over banking union treaty change
ECB board member opposes German finance minister's plan to introduce limited version of banking union to allow time for treaty change
Icelandic finance minister backs euro switch
Katrín Júlíusdóttir says adopting euro could help to restrain inflation and boost investment; Central Bank of Iceland publishes annual report
CNB paper formulates optimal policy for transition to euro
Working paper examines how Czech monetary policy should respond to uncertainty during the transition to the euro; finds exchange rate should be stabilised if transition is likely to be long
Booknotes: Making the European Monetary Union
A history of the Committee of Central Bank Governors for the period 1964 to 1993, for which the author, Harold James, had access to the archives
Booknotes: Europe's Unfinished Currency
Mayer has grasped the essential truth about Europe’s single currency – that the project not only has an economic context but also an historical one and, above all, a political one.
Renminbi internationalisation to get boost from 60m overseas Chinese
Use of the renminbi by the 60-million strong Chinese diaspora will accelerate the currency’s use in global trade and reserves management. By Gary Smith.
Constâncio sets out ECB's priority tasks in European banking union
European Central Bank vice-president aware of reputational risks from single supervisory mechanism; says ECB must work with EBA to develop a manual of supervisory practices
Banks could be forced into Euribor submission
European Commissioner Michel Barnier says banks could be compelled to take part in rate-setting process under new legislation
French president calls for euro exchange rate policy
François Hollande says the single currency cannot be left vulnerable to the whims of the market and a valuation that wipes out efforts to improve competitiveness
SNB profits halve in 2012
Swiss National Bank reveals expected profits for 2012 are less than half the figure for 2011
Disparities emerge in euro counterfeit figures
Figures for euro counterfeits seized in 2012 show wide differences between countries, though not all central banks report totals; ECB unveils security features on new €5 note