ECB

thinker

Central banks should reflect on monetary policy

J. L. Martínez Campuzano (Spanish Banking Association) | The BoJ has begun a period of reflection to try to answer the question of why expansionary monetary measures are not being reflected in higher inflation. I honestly believe that this is a reflection which other central banks should undertake. But, in the end, the easiest thing will always be to continue with more measures without a clear strategy of what their final objectives are.


ECB on inflation

TARGET 2: Capital Flight From Italy And Spain Continues

Miguel Navascués | Take a look at the outstanding balances in the ECB’s TARGET2 payments system, which maintains an up-to-date record of the debts and loans each country has with the other. As can be seen from the table below and the subsequent graphics, Italy, where the banks have 360 billion euros of doubtful loans, as well as Spain, have again begun to show signs of weakness.


Europäische Zentralbank EZB

European Government Bonds: A Sense Of Pragmatism

Julius Baer Research | We share the view of Mario Draghi, President of the European Central Bank, that his ultra-accommodative monetary policy stance alone cannot push the eurozone economy out of its current weakness but needs to be complemented with fiscal impulses.


ECB's tapering

ECB, Nothing New: Rates at 0%

The European Central Bank kept its interest rates and policy plans unchanged on Thursday and said the immediate stress caused to markets by Britain’s shock vote to leave the European Union had been contained.


BOFAML

Vigilant Of Second Round Effects

BoAML | We have remained quite bearish on Euro area inflation for the past few years, particularly compared with ECB forecasts (but also consensus), and have highlighted the many downside risks to the inflation outlook.


germany-economy

GDP Deflators Show Germany A Relative Loser, Long May It Continue

James Alexander via Historinhas | While still waiting for the 1Q16 official Eurostat NGDP figure for the Euro Area of 19 countries it has been interesting to have a look at the implied deflators for the currency bloc and its constituents. (Ireland, Slovakia, Cyprus and Luxemburg are all hopelessly late delivering GDP figures, and the first two don’t even seem to do it to Eurostat standards for calendar-adjusted data.)



European central bank president Mario Draghi

Draghi Put On Hold

Mario Draghi can hardly make a move, while Janet Yellen seems bound to do so, no matter the consequences. This summary offers some hindsight on the dilemma facing those at the helm of global financial stability.


Popular1TC

Popular Opens Banking Sector Dance Card

For once, BBVA chairman’s words have been a kind of premonition. Last week, when he said rather desperately that “negative interest rates are killing us,” he was not referring to Popular. But the fact remains that a few days later, the bank with Angel Ron at the helm announced a capital hike for 2.5 billion euros, slightly less than half of its stock market value. The aim of the operation is to offset the impact of future regulatory requirements and the shortfall related to the “floor clauses,” calculated at nearly 4.7 billion euros.