• Speech Benoît Cœuré: European capital markets - Priorities and challenges Link
    European Central Bank Tue 25 Jun 2019 17:26

    The past decade has seen remarkable achievements in strengthening global financial regulation, and in making our economies safer and more resilient, thanks in large part to the work of the international community under the auspices of the Financial Stability Board (FSB).

    But now, more than ten years after the crisis, priorities have shifted and there are concerns that the cooperative multilateral order that has underpinned past international achievements is increasingly being questioned.

    In my remarks this evening I will argue that dismantling regulatory standards would be a mistake, and would add to market fragmentation. I will also argue that the current low levels of financial integration in the euro area are inefficient, and that, as a response, we need to intensify our efforts if we want to achieve tangible progress in completing banking union and creating a true capital markets union (CMU).

    In the last part of my remarks I will briefly touch on the...

  • Speech Luis de Guindos: Euro area banks - The profitability challenge Link
    European Central Bank Tue 25 Jun 2019 07:26

    The resilience of the euro area banking sector has continued to improve over the past few years, supported by a sustained economic expansion. Banks’ aggregate Common Equity Tier 1 ratio, a key measure of capital strength, stood at 14.3% at the end of 2018, up from 12.7% in mid-2015. Cyclical factors have also helped banks’ profitability recover from its trough in the wake of the sovereign debt crisis.

    That said, banks’ return on equity (ROE), at around 6%, still falls short of their cost of capital, which is estimated at around 8-10% for most banks.[1] Euro area banks’ ROE also remains below that of some of their international peers, for instance US and Nordic banks. Recently, profitability concerns have again come to the fore as the operating environment for banks has become more challenging, with economic growth projected to slow down in 2019. Banks’ profitability prospects could thus be dampened by deteriorating growth expectations, adding to structural...

  • Speech Sabine Lautenschläger: Die EZB, das Geld und die Wirtschaft - Von A wie Aufschwung bis Z wie Zahlungsverkehr Link
    European Central Bank Mon 24 Jun 2019 11:10
  • The 2019 #ECBForum on Central Banking took place this week. This year we had a graphic facilitator in the room for… Link
    European Central Bank Fri 21 Jun 2019 13:47

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  • The 2019 #ECBForum on Central Banking took place this week. This year we had a graphic facilitator in the room for… Link
    European Central Bank Fri 21 Jun 2019 13:37

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  • Interview Andrea Enria with RTE Morning Ireland Link
    European Central Bank Fri 21 Jun 2019 09:27

    Andrea Enria was recently appointed Chair of the Supervisory Board of the European Central Bank. He's in Dublin today to speak at the conference of the Federation of International Banks in Ireland. Before he speaks at that event, he joins us in the studio. Good morning, you're very welcome.

    Enria: Good morning.

    Let's talk about Irish banks. Last month the Central Bank of Ireland imposed a record fine of €21 million on Permanent TSB over failings which affected two thousand customers with tracker mortgages. It was the biggest fine ever imposed by the Central Bank. Are fines like that enough of a punishment when banks get things wrong?

    Enria: Well, the mortgage trackers were a very serious topic and banks should not only comply with the rules, but should also treat their customers fairly. That's an important thing. And making them accountable and making them pay when they make mistakes is an important ingredient of the corrective actions that the public...

  • Speech Andrea Enria: Just a few bad apples? The importance of culture and governance for good banking Link
    European Central Bank Thu 20 Jun 2019 09:56

    It seems fair to say that the public image of banks has suffered quite a lot over the past few years. For a start, there was the financial crisis. Banks took on excessive risk, the entire sector came close to a meltdown and, to bail it out, taxpayers’ money had to be deployed on an unprecedented scale. Growth and jobs in our economies suffered greatly as a result.

    Then, the culture and practices that had become commonplace in the run-up to the crisis generated a wave of scandals, which further tarnished the image of banks. Banks helped to launder money and evade taxes; they manipulated market benchmarks, thus harming their own customers; and they tried to alleviate funding and profitability pressures by mis-selling their products to retail clients. Only some of them did this, of course, but they destroyed a great deal of trust in the sector as a whole.

    The initial reaction of banks was to attribute responsibility to a few “bad apples” and to distance themselves from...

  • Economic Bulletin Issue 4, 2019 Link (HTML) Link (PDF)
    European Central Bank Thu 20 Jun 2019 08:16

    Based on a thorough assessment of the economic and inflation outlook for the euro area, also taking into account the latest staff macroeconomic projections, the Governing Council took a series of monetary policy decisions at its monetary policy meeting on 6 June to support the convergence of inflation towards levels of below, but c lose to, 2%. Despite the somewhat better than expected data for the first quarter, the most recent information indicates that global headwinds continue to weigh on the euro area outlook. The prolonged presence of uncertainties, related to geopolitical factors, the rising threat of protectionism and vulnerabilities in emerging markets, is leaving its mark on economic sentiment. At the same time, further employment gains and increasing wages continue to underpin the resilience of the euro area economy and gradually rising inflation. Against this overall background, the Governing Council decided to keep the key ECB interest rates unchanged and adjust...

  • Economic Bulletin: Model evidence suggests that weaker confidence is weighing on investment in 2019
    European Central Bank Thu 20 Jun 2019 08:16
  • Economic Bulletin: Economic confidence and real activity are intrinsically linked
    European Central Bank Thu 20 Jun 2019 08:16
  • Economic Bulletin box: Confidence and investment Link
    European Central Bank Thu 20 Jun 2019 08:16

    Prepared by Malin Andersson and Benjamin Mosk

    Published as part of the ECB Economic Bulletin, Issue 4/2019.

    Economic agents’ confidence and developments in the real economy are intrinsically linked.[1] Periods of high confidence could, per se, spur activity, while currently lower confidence could reinforce the magnitude and persistence of the ongoing economic slowdown in the euro area. In terms of the expenditure components of GDP, business investment is particularly affected by changes in confidence and uncertainty, as firms may postpone their investment plans and choose to “wait and see” in times of high uncertainty.[2] This box looks at the potential propagation effects of lower confidence on investment in recent times.

    Following an extended period of improving sentiment, economic confidence in the euro area has worsened since the end of 2017. The deterioration in sentiment is not just a result of expectations of weaker economic fundamentals, but also...

  • Economic Bulletin: Liquidity provided through Eurosystem’s monetary policy portfolios decreased by €5.9 billion
    European Central Bank Thu 20 Jun 2019 08:11
  • Economic Bulletin: Average excess liquidity increased by €4.3 billion compared with the previous review period
    European Central Bank Thu 20 Jun 2019 08:11
  • Economic Bulletin box: Liquidity conditions and monetary policy operations in the period from 30 January to 16 Apri… Link
    European Central Bank Thu 20 Jun 2019 08:11

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  • Economic Bulletin: Euro area net financial outflows decline in line with reduction of current account surplus Link
    European Central Bank Thu 20 Jun 2019 08:06

    Prepared by Michael Fidora and Martin Schmitz

    Published as part of the ECB Economic Bulletin, Issue 4/2019.

    In 2018 the financial account of the euro area balance of payments recorded net outflows of 2.7% of euro area GDP (see Chart A). The decrease in net financial outflows, from 3.4% of GDP in 2017, is in line with the narrowing of the euro area current account surplus recorded in 2018 and partly reflects the stepwise reduction in the net purchases of the Eurosystem’s asset purchase programme (APP). The net outflows continued to be driven by portfolio investment in debt securities as well as – to a lesser extent – financial derivatives, foreign direct investment (FDI) and reserve assets. At the same time, the euro area recorded net inflows of portfolio investment in equity and other investment (largely comprising currency, loans and deposits).

  • Economic Bulletin box: The decrease in euro area net financial outflows in 2018 - Foreign direct investment retrenc… Link
    European Central Bank Thu 20 Jun 2019 08:06

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  • The 2019 #ECBForum is over. Thanks for following the discussions and see you again next year. Photos from all thre… Link
    European Central Bank Wed 19 Jun 2019 17:30

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  • Congratulations to the 2019 young economists’ competition winner – Leslie Sheng Shen from the United States – and t… Link
    European Central Bank Wed 19 Jun 2019 16:25

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  • LIVE: Interview with Leslie Sheng Shen from the United States – the winner of this year’s young economists’ competi… Link
    European Central Bank Wed 19 Jun 2019 15:20

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  • Starting shortly: the #ECBForum panel on the future of Economic and Monetary Union. Watch live on our website… Link
    European Central Bank Wed 19 Jun 2019 12:55

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  • Session 2 at the #ECBForum on Central Banking continues with a discussion on demographic changes, migration and eco… Link
    European Central Bank Wed 19 Jun 2019 10:50

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  • Occasional paper: Firm heterogeneity and trade in EU countries - a cross-country analysis Link
    European Central Bank Wed 19 Jun 2019 09:15
  • Session 2 at the #ECBForum on Central Banking kicks offs with a discussion on superstar firms and the effects of th… Link
    European Central Bank Wed 19 Jun 2019 09:00

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  • Economic Bulletin: Lower matching efficiency helps to explain past moderate wage growth in the euro area
    European Central Bank Wed 19 Jun 2019 09:00
  • Economic Bulletin: Lower matching efficiency is linked to differences in unemployment rates across countries and skill levels
    European Central Bank Wed 19 Jun 2019 09:00
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