Eurozone
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, and ending interest on minimum reserves
Governors weigh macroeconomic risks at G30 event
Officials from Netherlands, South Africa, BIS and more consider debt, inflation and climate change
Suspended Bulgarian deputy claims he is fighting for central bank ‘independence’
Eurozone candidate country’s deputy breaks silence on suspension, and his fight to get reinstated
Countries with high import coverage invest more in non-SDR debt
Breakdown of asset allocations shows Europe holds nearly half of world’s ESG-focused bonds
BIS paper links interest rate risk to bank lending supply
Monetary tightening affects bank lending more when “duration gap” is larger, authors find
European Central Bank holds rates
Inflation set for return to target in 2025, as Lagarde defends ECB response to staff burnout
IMF warns of slowing disinflation path
Higher interest rates in advanced economies could trigger “harmful spillovers”, chief economist warns
ECB cuts policy rate by 25 basis points
Strong eurozone wage growth rules out commitment to further cuts, says governing council
Banknotes: April to June 2024
A round-up of news and salient issues that have affected central bankers in the past three months
ECB paper recommends central fiscal instrument
Governments’ ability to delay fiscal consolidation should be limited, researchers argue
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
Policy round-up: Switzerland and Czech Republic cut rates
Norges Bank holds rates in face of uncertainty
New study finds uneven impact of changing energy costs
Energy prices more likely to affect product prices than wage increases
Bundesbank and DNB announce large losses
Dutch central bank improves its profit forecast but Nagel anticipates continuing shortfalls
Eurozone rate cut is ‘fast approaching’, says Panetta
Bank of Italy governor warns that delaying looser policy could lead to financial instability
ECB holds rates as Lagarde expresses optimism
Several observers think rate cut before June is more likely as ECB says policy is working
De Guindos says eurozone faces technical recession
ECB vice-president says disinflation process is likely to slow in 2024
Inflation rises in Germany and France
German statistical office says energy price rise partly driven by base effects from earlier subsidy
Eurozone inflation affects fiscal policy, ECB paper finds
Authors say there is evidence of “turning point” for inflation’s impact on primary fiscal balances
Europe’s half-baked benchmark switch leaves some dissatisfied
Users frustrated by narrow scope of euro transition, but replacing Euribor was never a euro group objective
PEPP to become ECB’s weapon of choice
Facing high but falling inflation, the governing council is expected to hold rates