ECB News: Last 30 days

• 18/05/2012
  Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates),  en
   
• 17/05/2012
  20120076 (OT,liquidity providing):300 mn USD alloted (fixed 0.66%, 100% allotment at margin),  more
   
• 16/05/2012
  20120075 (OT,liquidity absorbing):214000 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 54.1865% allotment at margin),  more
   
• 16/05/2012
  20120074 (MRO,liquidity providing):42988 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 16/05/2012
  Press release ECB operations during demonstrations planned in Frankfurt,  en
   
• 16/05/2012
  Speech Mario Draghi: Monetary Policy in unconventional times,  en
   
• 15/05/2012
  Announcing 20120074 (MRO,liquidity providing), for 7 days deadline 09:30,  more
   
• 14/05/2012
  Fine-tuning operation,  more
   
• 14/05/2012
  Euro area securities issues statistics,  more
   
• 14/05/2012
  No. 1435: Quantity theory is alive: the role of international portfolio shifts, by Roberto A. De Santis, description,  download
   
  (JEL: E31, E41, E51, E52, G58, F40) We challenge the view that the relationship between money and prices is too loose in countries with low inflation rates and argue that cross-border portfolio shifts are the root cause of the volatility in real money balances. The novelty of this paper is that we model jointly in the euro area and the United States (i) the equilibrium in the money market that takes into account the cross-border portfolio shifts, and (ii) the equilibrium in the domestic asset markets, by finding a no-arbitrage relation between domestic long-horizon expected stock and bond returns. We estimate a stable money demand in the long-run and find that the short-run correlation between annual inflation and model-based excess money growth is not statistically different from unity in both the euro area and the United States. We also find that the resulting long-run equity risk premium comoves counter-cyclically with quarterly real GDP growth in both economies.
• 14/05/2012
  No. 1434: Monetary policy deliberations: committee size and voting rules, by Vincent Maurin, Jean-Pierre Vidal, description,  download
   
  (JEL: D71, D78, D81, E58) How large should a monetary policy committee be? Which voting rule should a monetary policy committee adopt? This paper builds on Condorcet's jury threorem to analyse the relationships between committee size and voting rules in a model where policy discussions are subject to a time constraint. It suggests that in large committees majority voting is likely to enhance policy outcomes. Under unanimity (consensus) it is preferable to limit the size of the committee. Finally, supermajority voting rules are social contrivances that contribute to policy performance in a more uncertain environment, when initial policy proposals are less likely to be correct, or when payoffs are asymmetric.
• 10/05/2012
  20120073 (OT,liquidity providing):326.3 mn USD alloted (fixed 0.65%, 100% allotment at margin),  more
   
• 10/05/2012
  Speech Peter Praet: Managing financial crises: 
the role of the ECB,  en
   
• 10/05/2012
  Monthly Bulletin Monthly Bulletin, May 2012,  download
   
• 10/05/2012
  Statistics Pocket Book Statistics Pocket Book, May 2012,  download
   
• 10/05/2012
  Publication Article, Monthly Bulletin, May 2012, pp 79-94, A fiscal compact for a stronger Economic and Monetary Union ,  download
   
• 10/05/2012
  Publication Article, Monthly Bulletin, May 2012, pp 95-112, Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s ,  download
   
• 10/05/2012
  CON/2012/35 Opinion on supervision-related operating costs ,  en
   
• 10/05/2012
  CON/2012/36 Opinion on restrictions of settlements in cash,  en
   
• 10/05/2012
  CON/2012/34 Opinion on the protection against counterfeiting and the quality of cash circulation,  en
   
• 09/05/2012
  20120072 (OT,liquidity absorbing):214000 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 59.0556% allotment at margin),  more
   
• 09/05/2012
  20120071 (LTRO,liquidity providing):12988.1 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 09/05/2012
  20120070 (MRO,liquidity providing):39286.6 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 08/05/2012
  Announcing 20120071 (LTRO,liquidity providing), for 35 days deadline 09:30,  more
   
• 08/05/2012
  Announcing 20120070 (MRO,liquidity providing), for 7 days deadline 09:30,  more
   
• 08/05/2012
  Speech Peter Praet: Address at the event marking the first signatures to the T2S Framework Agreement,  en
   
• 08/05/2012
  Speech Mario Draghi: Address at the event marking the first signatures to the T2S Framework Agreement,  en
   
• 08/05/2012
  Press release Eurosystem signs T2S Framework Agreement with first Central Securities Depositories,  en
   
• 08/05/2012
  Speech Benoît Cœuré: Unexpected events and the global safety net,  en
   
• 08/05/2012
  CON/2012/33 Opinion on limitations on cash payments,  en
   
• 07/05/2012
  Fine-tuning operation,  more
   
• 07/05/2012
  MFI interest rate statistics,  more
   
• 07/05/2012
  No. 1433: When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets, by Livia Chițu, Barry Eichengreen, Arnaud Mehl, description,  download
   
  (JEL: F30, N20) This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market development appears to have been the main factor helping the dollar to surmount sterling’s head start. The finding that a shift from a unipolar to a multipolar international monetary and financial system has happened before suggests that it can happen again. That the shift occurred earlier than commonly believed suggests that the advantages of incumbency are not all they are cracked up to be. And that financial deepening was a key determinant of the dollar’s emergence points to the challenges facing currencies aspiring to international status.
• 04/05/2012
  No. 1432: Macroeconomic shocks in an oil market var, by Marko Melolinna, description,  download
   
  (JEL: C01, C32, E32) This paper studies oil market and other macroeconomic shocks in a structural vector autoregression with sign restrictions. It introduces a new indicator for oil demand, and uniquely, performs a sign restriction set-up with a penalty function approach in an oil market vector autoregression. The model also allows for macroeconomic shocks in the US. The results underline the importance of the source of an oil shock for its macroeconomic consequences. Oil supply shocks have been less relevant in driving real oil prices, and had less of an effect on US inflation than demand shocks. Overall, the effects of oil shocks on US real activity have been relatively limited, as also highlighted by a counterfactual experiment of recent oil market developments.
• 03/05/2012
  20120069 (OT,liquidity providing):532.2 mn USD alloted (fixed 0.64%, 100% allotment at margin),  more
   
• 03/05/2012
  Press conference Mario Draghi: Introductory statement to the press conference,  en
   
• 03/05/2012
  Press release Monetary policy decisions,  en
   
• 01/05/2012
  20120068 (OT,liquidity absorbing):214000 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 62.4809% allotment at margin),  more
   
• 01/05/2012
  20120067 (MRO,liquidity providing):34419.6 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 30/04/2012
  Euro area economic and financial developments by institutional sector,  more
   
• 30/04/2012
  Monetary developments in the euro area,  more
   
• 30/04/2012
  Occasional paper no. 133 Shadow banking in the Euro area: an overview , by Klára Bakk-Simon, Stefano Borgioli, Celestino Giron, Hannah Sabine Hempell, Angela Maddaloni, Fabio Recine and Simonetta Rosati,  download
   
• 28/04/2012
  Announcing 20120067 (MRO,liquidity providing), for 7 days deadline 09:30,  more
   
• 27/04/2012
  Fine-tuning operation,  more
   
• 27/04/2012
  Press release Report on the results of the survey on the access to finance of SMEs in the euro area – October 2011 to March 2012,  en
   
• 27/04/2012
  Speech Vítor Constâncio: Shadow banking – The ECB perspective,  en
   
• 27/04/2012
  Working paper no. 1431 Productivity in the Euro area: any evidence of convergence? , by David Sondermann,  download
   
• 27/04/2012
  Working paper no. 1430 The export-magnification effect of offshoring , by Joern Kleinert and Nico Zorell,  download
   
• 27/04/2012
  Publication Bridging the reporting requirements regarding ESCB balance sheet and interest rate statistics with EBA guidelines on FINREP, COREP and large exposures, pocket manual ,  download
   
• 27/04/2012
  Publication Survey on the access to finance of small and medium-sized enterprised in the euro area, October 2011 to March 2012 ,  download
   
• 26/04/2012
  20120064 (LTRO,liquidity providing):21337.9 mn EUR alloted ( % allotment at margin),  more
   
• 26/04/2012
  20120066 (OT,liquidity providing):1132.3 mn USD alloted (fixed 0.64%, 100% allotment at margin),  more
   
• 26/04/2012
  20120065 (OT,liquidity providing):5199.4 mn USD alloted (fixed 0.64%, 100% allotment at margin),  more
   
• 26/04/2012
  Press release Statement by the European Commission, the ECB and the IMF on the review mission to Ireland,  en
   
• 26/04/2012
  Speech Mario Draghi: Welcome remarks at the ECB-EC conference on financial integration and stability,  en
   
• 26/04/2012
  Press release Setback for financial integration in 2011,  en
   
• 26/04/2012
  Publication Financial integration in Europe ,  download
   
• 26/04/2012
  Publication Changes in bank financing patterns ,  download
   
• 26/04/2012
  ECB/2012/8 Decision of the ECB of 26 April 2012 amending Decision ECB/2011/8 on the environmental and health and safety accreditation procedures for the production of euro banknotes ,  en
   
• 26/04/2012
  ECB/2012/7 Decision of the ECB of 26 April 2012 amending Decision ECB/2010/22 on the quality accreditation procedure for manufacturers of euro banknotes ,  en
   
• 25/04/2012
  Announcing 20120064 (LTRO,liquidity providing), for 91 days deadline 09:30,  more
   
• 25/04/2012
  20120063 (OT,liquidity absorbing):214000 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 63.7947% allotment at margin),  more
   
• 25/04/2012
  20120062 (MRO,liquidity providing):46368.9 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 25/04/2012
  Speech Vítor Constâncio: Presentation of the ECB Annual Report 2011 to the Committee on Economic and Monetary Affairs of the European Parliament,  en
   
• 25/04/2012
  Press release Results of the April 2012 bank lending survey for the euro area,  en
   
• 25/04/2012
  Speech Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament,  en
   
• 25/04/2012
  Annual Report Annual Report 2011 ,  download
   
• 24/04/2012
  Announcing 20120062 (MRO,liquidity providing), for 7 days deadline 09:30,  more
   
• 24/04/2012
  Longer-term refinancing operation,  more
   
• 24/04/2012
  Publication Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament ,  download
   
• 24/04/2012
  Publication Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament ,  download
   
• 24/04/2012
  Publication Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament ,  download
   
• 23/04/2012
  Fine-tuning operation,  more