Eurozone
Hurdles remain for euro as international reserve currency
Dollar’s incumbency, institutional deficiencies and rise of the renminbi hamper the euro’s progress
SRB should publish banks’ MREL requirements – EBA’s Enria
But market abuse rules need amending to avoid SRB disclosing confidential resolution actions
ECB board weighs external risks in policy meeting
Risks in growth outlook “broadly balanced”, ECB reports
Eurozone fiscal rules have major pro-cyclical effects – DNB paper
Researchers say strengthening fiscal buffers may modify stability pact’s effects
Draghi’s ‘whatever it takes’ cut bank risk-taking – BIS paper
Study examines Mexican markets to pick out effects of the ECB president’s intervention
Cash still reigns in euro area
Large number of countries still use cash for high-value payments, but national disparities remain
EC’s Cyprus ‘failure’ undermined Eurozone central bank independence – Demetriades
Barroso’s decision not to take legal action against Cyprus for undermining the independence of the central bank damaged the ECB’s authority and emboldened others, claims former CBC governor
Demetriades says EU-level AML enforcement vital to tackle ‘security risk’
Centralised and credible AML enforcement body needed to complete banking union and protect EU security, says former Eurosystem governor
Demetriades on political pressures on central banks and their governors
Former governor of the Central Bank of Cyprus speaks about the Cypriot banking crisis, the need for EU-wide AML oversight, independence and his fears for stability of the monetary union
People: Lagarde rules out transition to top EU jobs
IMF chief dismisses rumours linking her to upcoming changes in EU leadership positions; Bundesbank appoints executive board members; Thailand picks board member
ESM’s Pacciani says public bodies must balance risk and mission
Public institutions must meet their mandates without losing sight of sound risk management, the chief risk officer says
Weidmann urges Greece to implement further reforms
Deutsche Bundesbank president recommends additional reforms and “sound” fiscal policy
ECB unveils guidelines for hiring ‘ethical hackers’
“Tiber-EU” framework designed to help financial institutions toughen cyber defences
Banque de France paper analyses sovereign debt crisis
High NPL and sovereign debt holdings affected banks’ interbank funding access, paper finds
Regling defends ESM’s role in safeguarding eurozone integrity during crisis
ESM chief says completing banking union would reduce risk of future financial turmoil
ECB criticises proposed changes to EU’s claim assignment law
Changes should put assignments under one legal jurisdiction, not three, ECB says
ECB needed better data in 2008 crisis, says Lautenschläger
Money market data was “limited” and published too infrequently, says senior ECB official
GDP growth only raises profits for some banks – Bank of Italy paper
Banks with large loan portfolios benefit from GDP growth – researchers
Book notes: Unfinished business, by Tamim Bayoumi
Anand Sinha praises Bayoumi’s analysis of how the euro crisis and US housing crash were, in fact, intertwined
Latvian prosecutor charges central bank governor with corruption
Bank making accusations was closed by regulators in 2016
Eurozone requires both banking and capital markets union – panellists
Status quo is highly procyclical and hampers risk sharing, IMF conference hears
Carney criticises EU stance on Brexit issues
Governor describes EBA analysis as “incomplete” and says time is running out for a deal on trillions of dollars in derivatives contracts
Eurozone governments’ post-crisis fiscal policies were ‘self-defeating’
Policies ended up being contractionary, IMF-organised conference hears
Italy’s trial
Francesco Papadia argues Italy is likely to suffer financial and economic damage under its new political leadership, but will still not leave the euro