Germany
ECB’s economic bulletin paints mixed picture of eurozone investment
Business investment recovering overall but several factors may limit further growth, ECB says
Draghi and Mersch seek to calm German fears
The ECB’s task will be harder if Germans feel discriminated against, Mersch says; Draghi points to evidence that QE helped German savers
Bundesbank board member calls for ‘moderate’ consolidation of German banking sector
Dombret criticises German banks for low cost efficiency and outdated business models
Maskin: technocrats should set eurozone fiscal policy
Harvard economist argues a technocratic body similar to a central bank could set spending and revenue targets in eurozone before allowing politicians to determine the details
Draghi defends ECB policy to German lawmakers
Monetary policy not causing low profitability at some German banks, ECB president says; calls on policy-makers to initiate structural reforms
Major economies show clear credit price cycles, researchers say
Housing markets are a key influence on credit prices cycles in the US and major European economies, an ECB paper argues
Bundesbank places first representative in Africa
South Africa is “fertile ground” for investment, says Andreas Dombret; Jenny Kilp to be placed in Pretoria to help foster projects between Sarb and Bundesbank
CFTC charges Deutsche Bank with reporting code violations
US regulator files legal complaint against Deutsche Bank for swap reporting violations; complaint is latest blow to German giant’s US operations
Tajikistan objects to Basel Institute’s anti-money-laundering criticisms
The Basel Institute’s grading of Tajikistan as the third-worst money laundering jurisdiction in the world is based on an “absolutely incorrect analysis”, the country’s central bank says
All eyes on Italy as EBA prepares to release stress test results
Portuguese, Austrian and German banks may also be the possible subjects of market attention after tonight's publication
Bank of Italy paper aims to improve on EC current account model
Research offers a new model of external adjustment; the EC’s model tends to mis-state cyclically adjusted current account balances of large eurozone economies, researchers argue
Chinese law doubts holding back RMB internationalisation – paper
A Bank of Italy occasional paper plots the development of renminbi trading in Europe; future development may be characterised by rapid advances followed by slower periods, authors say
Short-sale disclosure rules can distort securities prices, Bundesbank paper says
European Union transparency conditions may have led to distortions in the prices of German securities by deterring short-sellers, discussion paper argues
Irish paper proposes three-phase model of volatility in bond markets
Irish paper finds ‘good’, ‘bad’ and ‘ugly’ phases in eurozone sovereign debt markets from 2003 to 2014; crisis not caused by changes to the shock mechanism, but by pre-existing cross-country links
German Constitutional Court rules in favour of ECB programme
Germany’s Federal Constitutional Court rules ECB may undertake outright monetary transactions, but sets strict conditions to be monitored by the German government
Dombret flags demographic concerns in Tokyo speech
Bundesbank board member draws parallel between Germany and Japan as he notes risks to potential growth rate; stresses need for “growth-enhancing measures”
Further key decisions loom in Greek negotiations
Major decisions remain in negotiations over bail-out; IMF staff insist on cuts to primary surplus target that have met with opposition; ECB may restore eligibility of Greek bonds as collateral
Greek deal unlocks funds but delays debt relief
Deal allows possibility of future debt relief but drops IMF’s stronger demands; pushes most difficult decisions back
Germany needs structural surplus, Weidmann says
Bundesbank president counters arguments Germans are saving too much; says treatment of eurozone sovereigns must change, at odds with Bank of Italy governor
Eurozone finance ministers hold extraordinary meeting over Greece
Finance ministers meet in Brussels over Greek debt; recent negotiations marked by public disagreements between IMF and Greek government
German supervisors need more granular data – IMF staff
Staff say concerns about a housing bubble “look premature” but better data would help the authorities be prepared for imbalances; urge faster progress on structural reforms
People: Nagel leaves Bundesbank; GIC makes string of appointments
Joachim Nagel steps down from Deutsche Bundesbank executive board; Singapore’s sovereign wealth fund creates new posts and fills others; East African Community gets new secretary-general
Draghi points to savings glut in some eurozone countries
Germany and others are contributing to a global savings glut, Draghi argues; renews call for structural reform and rejects appeals to curtail monetary expansion
EBA publishes first complete list of European O-SIIs
European Banking Authority publishes first full list of other systemically important institutions in Europe; some national supervisors make more use of discretion than others