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April 3, 2013

Europe
ECB Policy for a Fragmented Financial Market

The ECB meets tomorrow and is expected to remain on hold.  Of the 44 market participants surveyed by Bloomberg, only one thought that the ECB would lower interest rates at this week’s meeting.  Marke…

ECB Policy for a Fragmented Financial Market

October 27, 2014

Europe
European Banks: Balance Sheet Clarity But A Cloudy Future

The European banking assessment results, released yesterday, were generally well received by markets. The test looked like earlier U.S. and Spanish stress tests in terms of structure, the results wer…

July 20, 2017

Monetary Policy
Can the Fed and ECB Work Together To Reduce Imbalances?

Fed Governor Lael Brainard’s speech on central bank coordination last week was quite interesting—I think it should be read for far more than a signal on when the Fed is likely to next raise the polic…

November 3, 2014

Europe and Eurasia
The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

Relentlessly falling inflation is bad news for Eurozone banks.  It increases the real (inflation-adjusted) value of borrower debt and the real cost of servicing that debt.  It causes loan defaults…

The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

May 7, 2019

Turkey
Turkey’s Stretched Public Banks…

Watch the banking system's acces to lira funding as Turks shift toward foreign currency deposits...

Turkey’s Stretched Public Banks…

October 18, 2016

Monetary Policy
Large Scale Central Bank Asset Purchases, by Currency

In an earlier post, I added reserve purchases by the world’s major emerging market central banks, Japan and Switzerland to the bonds purchases by the Fed, the BoJ, the ECB and Bank of England. I want…

usd

October 20, 2016

Monetary Policy
Large Scale Central Bank Asset Purchases, Versus Supply

In earlier posts, Emma Smith and I added up central bank purchases of G-4 government bonds. This includes emerging market, Japanese and Swiss purchases for reserve accumulation and purchases by the F…

us-demand-supply

July 26, 2005

Europe
Mining European data

I spent some time over the weekend delving into the Eurozone balance of payments data published by the ECB in its monthly bulletin, looking for insights into the global flow of funds. But to jazz thi…

November 20, 2014

Europe and Eurasia
Bank Valuations Tank as ECB Flubs Its Stress Test

Low market valuations (i.e., price to book ratios) for euro area banks reflect market concerns over their capital cushions, opined the Bank of England just prior to last-year’s launch of the ECB s…

Bank Valuations Tank as ECB Flubs Its Stress Test

December 8, 2004

Budget, Debt, and Deficits
The central bank bid

It seems like America’s biggest creditors stepped up to the plate today. China’s rapidly growing reserves have to go somewhere ... From Bloomberg:"So-called indirect bidders, which include the forei…