Eurozone
IMF paper relates fiscal consolidation and growth
Paper discusses relationship between fiscal consolidation and short- and long-run growth; warns that rapid consolidation can be harmful
Greek governor highlights importance of decisions made in Athens
Georgios Provopoulos tells president recovery is linked to decisions made in Athens not Brussels; again stresses importance of faster progress with reforms in the country
Riksbank survey gauges Swedish risk perceptions
Survey by the Riksbank assesses participants’ perceptions of risk in Swedish financial system; finds limited optimism tempered by uncertainty over eurozone problems
ECB executive urges greater European federalisation
José Manuel González-Páramo, a member of the executive board of the ECB, examines sovereign debt crisis; says deeper union is “essential” in eurozone
Bundesbank adamant on Greek reform programme
Monthly statement from Bundesbank says Greek access to aid should not be eased to avoid dampening of incentive to reform; EC’s Barroso sensitive to sacrifices made so far after meeting interim president
Malta governor reflects on turbulent eurozone
The governor of the Central Bank of Malta speaks on economic challenges in the eurozone; focuses on improving regulation and competitiveness to promote long-run growth
BoE minutes reveal ‘finely balanced’ decision on QE in UK
Minutes from May meeting of Bank of England’s Monetary Policy Committee show uncertainty among policy-makers over the decision to leave asset purchase programme at its current level
OECD laments fragile, uneven global recovery
Economic Outlook predicts slower GDP growth across OECD countries in 2012; discusses delicate recovery around the world
BoE’s King says eurozone is ‘tearing itself apart’
Latest Inflation Report from the Bank of England lowers growth estimates for the economy; King says situation in eurozone continues to put pressure on the UK
Differing growth predictions demonstrate uneven global recovery
European Commission estimates 0.3% contraction for eurozone GDP; Lithuania and Thailand meanwhile revise growth estimates upwards
First CSDs sign T2S Framework Agreement
Senior European Central Bank officials commend first nine European central securities depositories to sign Framework Agreement for T2S central settlement project
IMF warns of 'full-blown panic' eurozone break-up would cause
Latest IMF World Economic Outlook discusses possibility of a break-up of the eurozone; says disorderly exit of one member country would have untold knock-on effects
Reserve managers cling to the dollar but shun the euro, CBP survey finds
Central banks have reduced their euro reserve holdings and looked to diversify into non-traditional currencies due to ongoing eurozone tumult finds annual Central Banking Publications survey
Bank of Korea to invest in renminbi in 2012
Head of reserve management Heung Sik Choo confirms Bank of Korea will make first investments in Chinese renminbi this year
Asmussen offers ECB's take on Irish path to recovery
Jörg Asmussen says Ireland has come a long way but still has work to do; expresses confidence further emergency support from eurozone will not be necessary
Eurogroup boosts emergency funding facility
European finance ministers agree to combine two emergency financing vehicles currently running simultaneously in the eurozone; also add €500 billion to lending capacity
OECD’s Gurría wants ‘mother of all’ firewalls in Europe
OECD secretary-general demands expansion of emergency funds available to struggling eurozone sovereigns; wants monetary conditions to remain ‘supportive’
Draghi applauds team effort on euro turnaround
ECB president says every institution in the eurozone contributed to turnaround witnessed since November; warns there is more to be done
Juncker confirms release of latest funds for Greece
Eurogroup approves second adjustment programme in Greece; first instalment of €39.4 billion of emergency funding to be released
Draghi urges government action to spur recovery
President of the European Central Bank discusses internal and external eurozone competition and calls on countries to act during period of relative financial stability to advance economic reforms
Bank of Portugal studies synchronisation of macroeconomic fluctuations
Research paper expands on the assessment of synchronisation of macroeconomic fluctuations across countries and regions; past assessment has been crucial for the debate on economic integration
European Central Bank lends $712 billion to banks
ECB doles out €529.5 billion in low interest loans; analysts raise concerns about how effective the second round of the LTRO will be and the market reaction
Buba’s Weidmann defends German role in eurozone rescues
President of the Deutsche Bundesbank says criticising German authorities for their action, or lack of it, in helping struggling eurozone counterparts is “quite inappropriate”
Mixed market response as Greece deal is proposed
Regional stock indexes show different impact as eurozone agrees on more bail-out funds for Greece; price of gold edged higher as euro rose after news broke