scholarly journals Corporate Loans, Banks’ Internal Risk Estimates and Central Bank Collateral: Evidence from the Euro Area

2021 ◽  
Author(s):  
Alessandro Calza ◽  
Julius-Benjamin Hey ◽  
Alessandro Parrini ◽  
Stephan Sauer
Keyword(s):  
Central Bank ◽  
Euro Area ◽  
Risk Estimates ◽  
Collateral Evidence

Deflation Risk in the Euro Area and Central Bank Credibility

2016 ◽  
Author(s):  
Gabriele Galati ◽  
Zion Gorgi ◽  
Chen Zhou
Keyword(s):  
Central Bank ◽  
Euro Area ◽  
Central Bank Credibility

Dramatis Institutiones

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
European Union ◽  
Central Bank ◽  
International Monetary Fund ◽  
Euro Area ◽  
European Central Bank ◽  
The European Union ◽  
European Central ◽  
Regime Complex ◽  
Basic Facts ◽  
Institutional Conflict

The regime complex for crisis finance in the euro area included the European Council, Council of the European Union, and Eurogroup in addition to the three institutions of the troika. As the member states acted largely, though not exclusively, through the council system, these bodies stood at the center of the institutional mix. This chapter reviews the institutions as a prelude to examining the dilemmas that confronted them over the course of the crises. It presents a brief review of some of the basic facts about their origins, membership, and organization. Each section then delves more deeply into these institutions’ governance and principles to understand their capabilities and strategic challenges. As a consequence of different mandates and design, the European Commission, European Central Bank, and International Monetary Fund diverged with respect to their approach to financing, adjustment, conditionality, and debt sustainability. This divergence set the stage for institutional conflict in the country programs.

scholarly journals Complexity, Uncertainty, and Monetary Policy: Can the ECB Avoid the Unconventional Becoming the ‘New Normal’?

2019 ◽  
Vol 16 (1) ◽  
Author(s):  
Christopher A. Hartwell
Keyword(s):  
Monetary Policy ◽  
Structural Change ◽  
Central Bank ◽  
Euro Area ◽  
European Central Bank ◽  
Unresolved Issue ◽  
Unconventional Monetary Policy ◽  
New Normal ◽  
European Central

Abstract Worries about Italy and the unresolved issue of euro governance – coupled with uncertainty surrounding Brexit – means that the European Central Bank (ECB) may already be facing its next crisis in the euro area. Unfortunately, the ECB is still fighting the last war, deploying the tools of unconventional monetary policy to address lingering problems while unable institutionally to address needed structural change. This paper looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help to bolster the economy of the euro area. Indeed, given the complexity of money, the effects of expectations, and continued uncertainty, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe.

Deflation risk in the euro area and central bank credibility

2018 ◽  
Vol 167 ◽  
pp. 124-126 ◽  
Author(s):  
Gabriele Galati ◽  
Zion Gorgi ◽  
Richhild Moessner ◽  
Chen Zhou
Keyword(s):  
Central Bank ◽  
Euro Area ◽  
Central Bank Credibility

Hardening German attitudes on Greece risk a rupture

2015 ◽  
Keyword(s):  
Central Bank ◽  
Euro Area ◽  
Capital Controls ◽  
Financial Assistance ◽  
Content Type ◽  
Bank Deposits ◽  
Reform Programme ◽  
System Collapse ◽  
Greek Government ◽  
The Government

Significance Pressure is intensifying on the negotiators representing the Greek government and its creditors -- most importantly Germany -- to reach some form of agreement allowing the release of sufficient financial assistance for Greece to meet its payment obligations due by the end of June. However, the governing Greek coalition does not appear stable enough to adopt the reform programme demanded by its creditors. Meanwhile, German economic opinion on Greece is hardening, in the gathering belief that the risks to the rest of the euro-area from any concessions to Athens are now greater than those of a possible rupture. Impacts If the Greek negotiations drag on, the government may have to introduce capital controls to stem the outflow of bank deposits. Greece's central bank remains reliant on the ECB to continue authorising ELA, but opposition to ELA in Germany is growing. If the ECB withdrew ELA, Athens's choices would be to meet its creditors' demands, see a financial system collapse or exit the euro.

scholarly journals Lending-of-last-resort is as lending-of-last-resort does: Central bank liquidity provision and interbank market functioning in the euro area

2016 ◽  
Vol 28 ◽  
pp. 32-47 ◽  
Author(s):  
Carlos Garcia-de-Andoain ◽  
Florian Heider ◽  
Marie Hoerova ◽  
Simone Manganelli
Keyword(s):  
Central Bank ◽  
Euro Area ◽  
Interbank Market ◽  
Liquidity Provision
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