European Central Bank (ECB)
Eurozone starting to see ‘light at the end of the tunnel’ – de Guindos
ECB’s ‘Financial stability review’ highlights pandemic’s uneven effect across countries and sectors
ECB paper offers model of interbank contagion
Researchers say policymakers can use their work to prevent and manage financial crises
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
German court dismisses challenge to ECB bond-buying
Constitutional court ends long-running challenge to asset purchase programme
Policymakers should consider adjusting ECB’s target – BdF paper
Lower eurozone r* points to adjustment of monetary policy strategy, researchers find
Don’t dismiss inflation risks but don’t overreact, say central bankers
Sbordone, Smets and Vlieghe weigh up challenges for central banks in the “return towards normal”
EU banks that were stress-tested reduced credit risk – ECB paper
Banks that were subject to 2016 stress tests reduced risk compared with control group, researchers find
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
ECB rate-setters ‘broadly agree’ with loose policy
Governing council members warned financing conditions were still tighter than in December 2020
ECB officials suggest dropping market neutrality
Isabel Schnabel and Frank Elderson say climate change requires new approach to bond purchases
Asset managers should face minimum cash levels – ECB paper
Researchers say macro-prudential measure would improve market allocation of financial resources
Bank of Israel accelerates work on CBDC
Central bank has been exploring pros and cons of issuing a digital shekel since 2017
People: ECB appoints head of climate change centre
Bank of Italy names new head of financial supervision; Kansas City Fed appoints assistant vice-president
Implementing Basel III accords must not be delayed – ECB’s Enria
Financial sector is calling for further postponement but this will bring no benefits, supervisor warns
ECB paper measures economic uncertainty in eurozone
Researchers present method to monitor changes in uncertainty in eurozone and its trading partners
Foreign banks can reduce harm of ‘doom loop’ – ECB paper
Cross-border banks in eurozone countries soften effects of sovereign stress on credit
Central banks halt longer-term dollar liquidity auctions
Major central banks will no longer offer dollar liquidity at the 84-day maturity
Eurozone’s public debt rose sharply in 2020 – official figures
Public debt in the bloc jumped to 98% of GDP in wake of Covid-19, Eurostat says
ECB makes no change as Lagarde warns of uncertainty
Lagarde says price pressures remain weak and cautions over possible Covid-19 variants
ECB watchers say divisions on council could hamper decision-making
Analysts say central bank’s strategy of lower purchases could be tested later in 2021
Is the ECB implementing yield curve control?
The eurozone has adopted a hybrid system – lying somewhere between the Fed’s QE and the BoJ’s yield curve control – that targets wider financing conditions
ECB’s digital euro consultation says public worried over privacy
Nearly half of responses to ECB come from Germany
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
MMFs should increase public debt investment – ECB paper
Regulatory framework for money market funds has “fragilities”, researchers argue