Euro
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
Draghi denies calls for rate cut as ECB holds again
European Central Bank's governing council holds rate, as inflation and growth remain steady; Mario Draghi optimistic about growing financial market confidence
Portugal's Costa demands greater European co-ordination
Bank of Portugal governor says individual countries’ adjustment programmes alone are not enough to boost Europe’s growth potential
IMF figures show fall in euro’s share of foreign exchange holdings
Euro-denominated foreign exchange reserve currency claims fell by $8.19 billion in the third quarter of 2012 as developing nations diversify their holdings
Fed’s Stein highlights transatlantic risks
Jeremy Stein discusses situations that may lead to a spike in dollar funding costs for European banks operating in the US; says renewed swap lines and new regulation will help
Target2’s missing settlement mechanism creates systemic risk
In the latest edition of the Central Banking Journal, Hans-Werner Sinn argues the lack of yearly ‘settling up’ in the European Target2 payments system is fuelling major imbalances within Europe
Paper finds flimsy productivity base for banks in Spain
A Bank of Spain working paper says two-thirds of pre-crisis banking productivity growth was attributable to the expansion of mortgage lending, a reliance on short-term finance and leverage
Danish governor laments lack of euro progress
Nils Bernstein says Europe will ‘muddle through’ the crisis, but is concerned that government’s grand promises are yet to deliver a practical solution
Greek mythology character to adorn new euro notes
New ‘Europa’ series of bank notes unveiled by ECB with five-euro note bearing the image of a Greek mythological princess first to be introduced in May 2013
Ballooning balance sheet yields further ‘profit’ for SNB
Swiss National Bank’s profits show continued growth in third quarter with the largest contribution from foreign exchange holdings; balance sheet has increased 45% during the year
Polish paper says euro would have destabilised economy during crisis
National Bank of Poland research examines how adopting the euro would have changed the impact of the financial crisis; fixed exchange rate would have exposed economy to greater shocks
Central bankers highlight merits of fixed exchange rate regimes
Bosnian and Barbadian governors discuss the importance of a fixed exchange rate for small and open economies
Finland paper reviews major currency blocs
Bank of Finland study appraising the euro and the US dollar currency blocs says, in equilibrium, the euro bloc would be larger than at present
ECB research finds European retail payment costs about 1% of GDP
Study measures costs of retail payments across a sample of European countries; finds costs of retail payments account for a significant proportion of GDP
IMF paper considers monetary union risks
Research published by the IMF compares the trading benefits and stability costs of entering a monetary union; highlights flaws in Emu set-up
Cyprus governor urges fast implementation of SSM
Panicos Demetriades says the adoption of the single supervisory mechanism in Europe is a ‘matter of urgency’; says banking union is particularly important for Cyprus
SNB bond-buying ‘exacerbating’ euro fragmentation – S&P
Rating agency says Swiss National Bank activity is deepening divergent market conditions for euro sovereign issuance
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management