ECB News: January 2012

 

Archive

 
31/01/2012
Announcing 20120016 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
30/01/2012
Euro area economic and financial developments by institutional sector, more
 
30/01/2012
Fine-tuning operation, more
 
27/01/2012
Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), en
 
27/01/2012
Monetary developments in the euro area, more
 
27/01/2012
Publication Letter from the ECB President to Ms Marisa Matias and Mr Miguel Portas, Members of the European Parliament , download
 
26/01/2012
20120014 (LTRO,liquidity providing):19579.95 mn EUR alloted ( % allotment at margin), more
 
26/01/2012
20120015 (OT,liquidity providing):7928.7 mn USD alloted (fixed 0.6%, 100% allotment at margin), more
 
26/01/2012
CON/2012/6 Opinion on pension reforms in the public sector, en
 
25/01/2012
Announcing 20120014 (LTRO,liquidity providing), for 91 days deadline 09:30, more
 
25/01/2012
20120013 (OT,liquidity absorbing):219000 mn EUR alloted (marginal 0.3%, weighted average 0.28%, 31.1797% allotment at margin), more
 
25/01/2012
20120012 (MRO,liquidity providing):130316.6 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
25/01/2012
CON/2012/5 Opinion on a proposal for a Directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and a proposal for a Regulation on prudential requirements for credit institut, en
 
25/01/2012
CON/2012/5 Opinion on a proposal for a Directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and a proposal for a Regulation on prudential requirements for credit institut, en
 
24/01/2012
Announcing 20120012 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
24/01/2012
Longer-term refinancing operation, more
 
24/01/2012
CON/2012/2 Opinion on measures for the stabilisation of the financial market, en
 
24/01/2012
CON/2012/4 Opinion on a guarantee scheme for the liabilities of Italian banks and on the exchange of lira banknotes, en
 
24/01/2012
CON/2012/3 Opinion on dematerialised securities, en
 
23/01/2012
Fine-tuning operation, more
 
20/01/2012
Euro area investment fund statistics, more
 
20/01/2012
Publication Technical Compilation Guide for Pension Data in National Accounts , download
 
19/01/2012
20120011 (OT,liquidity providing):5892.7 mn USD alloted (fixed 0.59%, 100% allotment at margin), more
 
19/01/2012
Press release Statement by the European Commission, the ECB and the IMF on the review mission to Ireland, en
 
19/01/2012
Press release Eurosystem and GCC central banks and monetary agencies hold third high-level seminar, en
 
19/01/2012
Euro area balance of payments in November 2011 
and international investment position 
at the end of the third quarter of 2011, more
 
19/01/2012
Monthly Bulletin Monthly Bulletin, January 2012, download
 
19/01/2012
Statistics Pocket Book Statistics Pocket Book, January 2012, download
 
19/01/2012
Publication Article, Monthly Bulletin, January 2012, pp 59-74, The interplay of financial intermediaries and its impact on monetary analysis , download
 
19/01/2012
Publication Article, Monthly Bulletin, January 2012, pp 75-86, Towards an integrated European card payments market , download
 
18/01/2012
20120010 (OT,liquidity absorbing):217000 mn EUR alloted (marginal 0.31%, weighted average 0.29%, 52.1762% allotment at margin), more
 
18/01/2012
20120009 (LTRO,liquidity providing):38733.9 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
18/01/2012
20120008 (MRO,liquidity providing):126877.2 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
18/01/2012
No. 1414: Has the Euro affected the choice of invoicing currency?, by Jenny E. Ligthart, Sebastian E. V. Werner, description, download
(JEL: F33, F41, F42, E31, C25) We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use unique quarterly panel data on the invoicing of Norwegian imports from OECD countries for the 1996-2006 period. We find that eurozone countries have substantially increased their share of home currency invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in producer currency invoicing by eurozone countries is primarily caused by a drop in inflation volatility and can only to a small extent be explained by an unobserved euro effect.
 
18/01/2012
Publication Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament , download
 
17/01/2012
Announcing 20120009 (LTRO,liquidity providing), for 28 days deadline 09:30, more
 
17/01/2012
Announcing 20120008 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
16/01/2012
Press release ECB and partner institutions successfully complete programme for the western Balkans and Turkey, en
 
16/01/2012
Press release The number of monetary financial institutions in the euro area and in the EU decreased further in 2011, en
 
16/01/2012
Press release Biannual information on euro banknote counterfeiting, en
 
16/01/2012
Fine-tuning operation, more
 
12/01/2012
20120007 (OT,liquidity providing):5722.9 mn USD alloted (fixed 0.58%, 100% allotment at margin), more
 
12/01/2012
Press conference Mario Draghi: Introductory statement to the press conference, en
 
12/01/2012
Press release Monetary policy decisions, en
 
11/01/2012
20120006 (OT,liquidity absorbing):213000 mn EUR alloted (marginal 0.34%, weighted average 0.32%, 54.1148% allotment at margin), more
 
11/01/2012
20120005 (MRO,liquidity providing):110922.6 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
11/01/2012
Euro area securities issues statistics, more
 
10/01/2012
Announcing 20120005 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
10/01/2012
No. 1413: Risk-sharing or risk-taking? Counterparty risk, incentives and margins, by Bruno Biais, Florian Heider, Marie Hoerova, description, download
(JEL: G21, G22, D82) We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk-taking. News implying that a hedge is likely to be loss-making undermines the risk-prevention incentives of the protection seller. This incentive problem limits the capacity to share risks and generates endogenous counterparty risk. Optimal hedging can therefore lead to contagion from news about insured risks to the balance sheet of insurers. Such endogenous risk is more likely to materialize ex post when the ex ante probability of counterparty default is low. Variation margins emerge as an optimal mechanism to enhance risk-sharing capacity. Paradoxically, they can also induce more risk-taking. Initial margins address the market failure caused by unregulated trading of hedging contracts among protection sellers.
 
09/01/2012
Fine-tuning operation, more
 
05/01/2012
20120004 (OT,liquidity providing):25515 mn USD alloted (fixed 0.58%, 100% allotment at margin), more
 
05/01/2012
20120003 (OT,liquidity providing):6151.7 mn USD alloted (fixed 0.58%, 100% allotment at margin), more
 
04/01/2012
20120002 (OT,liquidity absorbing):211500 mn EUR alloted (marginal 0.44%, weighted average 0.36%, 48.1038% allotment at margin), more
 
04/01/2012
20120001 (MRO,liquidity providing):130622 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
04/01/2012
MFI interest rate statistics, more
 
04/01/2012
No. 1412: Global value chains during the great trade collapse: a bullwhip effect?, by Carlo Altomonte, Filippo di Mauro, Gianmarco Ottaviano, Armando Rungi, Vincent Vicard, description, download
(JEL: F23, F15, L22) This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French firms containing information on cross-border monthly transactions matched with data on worldwide intrafirm linkages as defined by property rights (multinational business groups, hierarchies of firms). This newly assembled dataset allows us to distinguish firm-level transactions among two alternative organizational modes of global value chains: internalization of activities (intragroup trade/trade among related parties) or establishment of supply contracts (arm's length trade/trade among unrelated parties). After an overall assessment of the role of global value chains during the trade collapse, we document that intra-group trade in intermediates was characterized by a faster drop followed by a faster recovery than arm's length trade. Amplified fluctuations in terms of trade elasticities by value chains have been referred to as the "bullwhip effect" and have been attributed to the adjustment of inventories within supply chains. In this paper we first confirm the existence of such an effect due to trade in intermediates, and we underline the role that different organizational modes can play in driving this adjustment.
 
04/01/2012
CON/2012/1 Opinion on the salaries of civil servants, en
 
03/01/2012
Announcing 20120001 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
03/01/2012
Press release Distribution of responsibilities among the members of the Executive Board of the ECB, en
 
02/01/2012
Publication Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament , download
 
02/01/2012
Publication Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament , download
 
02/01/2012
Fine-tuning operation, more