ECB News: March 2012

• 30/03/2012
  Publication Euro area balance of payments and international investment position statistics - 2011 quality report ,  download
   
• 30/03/2012
  CON/2012/23 Opinion on implementing measures relating to recapitalisation,  en
   
• 29/03/2012
  20120049 (LTRO,liquidity providing):25126.6 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 29/03/2012
  20120051 (OT,liquidity providing):2880.9 mn USD alloted (fixed 0.63%, 100% allotment at margin),  more
   
• 29/03/2012
  20120050 (OT,liquidity providing):6250.2 mn USD alloted (fixed 0.63%, 100% allotment at margin),  more
   
• 29/03/2012
  20120048 (OT,liquidity absorbing):213500 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 84.3715% allotment at margin),  more
   
• 29/03/2012
  20120047 (MRO,liquidity providing):61078.1 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 29/03/2012
  ECB/2012/6 Decision of the ECB of 29 March 2012 on the establishment of the TARGET2-Securities Board and repealing Decision ECB/2009/6,  en
   
• 29/03/2012
  ECB/2012/6 Decision of the ECB of 29 March 2012 on the establishment of the TARGET2-Securities Board and repealing Decision ECB/2009/6,  en
   
• 28/03/2012
  CON/2012/22 Opinion on the deposit-guarantee scheme,  en
   
• 28/03/2012
  Speech Vítor Constâncio: How can macro-prudential regulation be effective? (slides from the presentation),  en
   
• 28/03/2012
  Monetary developments in the euro area,  more
   
• 27/03/2012
  Longer-term refinancing operation,  more
   
• 27/03/2012
  Speech Jörg Asmussen: Exchange of Views on the Economic and Social Crisis in Greece,  en
   
• 26/03/2012
  Fine-tuning operation,  more
   
• 26/03/2012
  Speech Mario Draghi: Remarks at the Annual Reception of the Association of German Banks,  en
   
• 26/03/2012
  Speech Benoît Cœuré: The monetary policy of the European Central Bank,  en
   
• 26/03/2012
  No. 1429: Fiscal policy and the great recession in the Euro area, by Günter Coenen, Roland Straub, Mathias Trabandt, description,  download
   
  (JEL: C11, E32, E62) How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of the European Central Bank’s New Area-Wide Model with a rich specification of the fiscal sector. A detailed modeling of the fiscal sector and the incorporation of as many as eight fiscal time series appear pivotal for our result.
• 23/03/2012
  ECB/2012/5 Recommendation of the ECB of 23 March 2012 to the Council of the European Union on the external auditors of the Banque de France ,  en
   
• 23/03/2012
  Speech José Manuel González-Páramo: Competencia y Sector Financiero,  es
   
• 23/03/2012
  Press release Consultation announcement - Oversight expectations for links between retail payment systems,  en
   
• 23/03/2012
  Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates),  en
   
• 23/03/2012
  Interview Mario Draghi: Interview with Bild Zeitung,  en
   
• 23/03/2012
  Press release Updated classification system between the reporting frameworks of the ECB and the EBA,  en
   
• 23/03/2012
  Publication MFI balance sheet and interest rate statistics and EBA guidelines on FINREP and COREP/large exposures ,  download
   
• 23/03/2012
  Publication Oversight expectations for links between retail payment systems ,  download
   
• 22/03/2012
  20120046 (OT,liquidity providing):1802.4 mn USD alloted (fixed 0.65%, 100% allotment at margin),  more
   
• 22/03/2012
  CON/2012/21 Opinion on (i) a proposal for a directive on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council; (ii) a proposal for a regulation on markets in financial instruments and amending Regul,  en
   
• 22/03/2012
  Speech José Manuel González-Páramo: Las líneas de defensa frente al riesgo soberano y al 'efecto contagio' en los mercados. ¿Qué papel puede y debe jugar la política monetaria?,  es
   
• 22/03/2012
  CON/2012/21 Opinion on (i) a proposal for a directive on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council, (ii) a proposal for a regulation on markets in financial instruments and amending Regul,  en
   
• 21/03/2012
  20120045 (OT,liquidity absorbing):218000 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 59.2662% allotment at margin),  more
   
• 21/03/2012
  20120044 (MRO,liquidity providing):59543 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 21/03/2012
  ECB/2012/4 Decision of the ECB of 21 March 2012 amending Decision ECB/2011/25 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral ,  en
   
• 21/03/2012
  ECB/2012/4 Decision amending Decision ECB/2011/25 of 14 December 2011 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral,  en
   
• 20/03/2012
  No. 1428: Short-term forecasting of the Japanese economy using factor models, by Claudia Godbout, Marco J. Lombardi, description,  download
   
  (JEL: C50, C53, E37, E47) While the usefulness of factor models has been acknowledged over recent years, little attention has been devoted to the forecasting power of these models for the Japanese economy. In this paper, we aim at assessing the relative performance of factor models over different samples, including the recent financial crisis. To do so, we construct factor models to forecast Japanese GDP and its subcomponents, using 38 data series (including daily, monthly and quarterly variables) over the period 1991 to 2010. Overall, we find that factor models perform well at tracking GDP movements and anticipating turning points. For most of the components, we report that factor models yield lower forecasting errors than a simple AR process or an indicator model based on Purchasing Managers' Indicators (PMIs). In line with previous studies, we conclude that the largest improvements in terms of forecasting accuracy are found for more volatile periods, such as the recent financial crisis. However, unlike previous studies, we do not find evident links between the volatility of the components and the relative advantage of using factor models. Finally, we show that adding the PMI index as an independent explanatory variable improves the forecasting properties of the factor models.
• 19/03/2012
  Euro area balance of payments in January 2012,  more
   
• 19/03/2012
  Euro area investment fund statistics,  more
   
• 19/03/2012
  Fine-tuning operation,  more
   
• 16/03/2012
  CON/2012/20 Opinion on Italy’s participation in International Monetary Fund programmes in response to the financial crisis ,  en
   
• 15/03/2012
  20120043 (OT,liquidity providing):2317.5 mn USD alloted (fixed 0.62%, 100% allotment at margin),  more
   
• 15/03/2012
  Speech José Manuel González-Páramo: “What has Europe learnt from the crisis”?,  en
   
• 15/03/2012
  Press release Completion of banking supervision programme with the Central Bank of Egypt,  en
   
• 15/03/2012
  Monthly Bulletin Monthly Bulletin, March 2012,  download
   
• 15/03/2012
  Statistics Pocket Book Statistics Pocket Book, March 2012,  download
   
• 15/03/2012
  Publication Letter from the ECB President to Mr Chountis, Member of the European Parliament, on private sector participation in the restructuring of Greek debt ,  download
   
• 15/03/2012
  No. 1427: Do bank characteristics influence the effect of monetary policy on bank risk?, by Yener Altunbas, Leonardo Gambacorta, David Marqués-Ibáñez, description,  download
   
  (JEL: E44, E52, G21) We analyze whether the impact of monetary policy on bank risk depends upon bank characteristics. We relate the materialization of bank risk during the financial crisis to differences in the monetary policy stance and bank characteristics in the pre-crisis period for a large sample of listed banks operating in the European Union and the United States. We find that the insulation effect produced by capital and liquidity buffers on bank risk was lower for banks operating in countries that, prior to the crisis, experienced a particularly prolonged period of low interest rates.
• 15/03/2012
  CON/2012/19 Opinion on the appointment of the members of the Governing Council of Latvijas Banka ,  en
   
• 14/03/2012
  20120042 (OT,liquidity absorbing):218000 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 61.7247% allotment at margin),  more
   
• 14/03/2012
  20120041 (LTRO,liquidity providing):9754.35 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 14/03/2012
  20120040 (MRO,liquidity providing):42178.4 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 14/03/2012
  Press release International agencies release data on G20 GDP:
G20 GDP growth slows to +0.7% in the fourth quarter of 2011
,  en
   
• 13/03/2012
  Announcing 20120041 (LTRO,liquidity providing), for 28 days deadline 09:30,  more
   
• 13/03/2012
  Announcing 20120040 (MRO,liquidity providing), for 7 days deadline 09:30,  more
   
• 13/03/2012
  Speech Mario Draghi: Competitiveness of the euro area and within the euro area,  en
   
• 13/03/2012
  Publication The great financial crisis: Lessons for financial stability and monetary policy. An ECB colloquium held in honour of Lucas Papademos, 20-21 May 2010 ,  download
   
• 12/03/2012
  Euro area securities issues statistics,  more
   
• 12/03/2012
  No. 1426: CISS - a composite indicator of systemic stress in the financial system, by Dániel Holló, Manfred Kremer, Marco Lo Duca, description,  download
   
  (JEL: ) This paper introduces a new indicator of contemporaneous stress in the financial system named Composite Indicator of Systemic Stress (CISS). Its specific statistical design is shaped according to standard definitions of systemic risk. The main methodological innovation of the CISS is the application of basic portfolio theory to the aggregation of five market-specific subindices created from a total of 15 individual financial stress measures. The aggregation accordingly takes into account the time-varying cross-correlations between the subindices. As a result, the CISS puts relatively more weight on situations in which stress prevails in several market segments at the same time, capturing the idea that financial stress is more systemic and thus more dangerous for the economy as a whole if financial instability spreads more widely across the whole financial system. Applied to euro area data, we determine within a threshold VAR model a systemic crisis-level of the CISS at which financial stress tends to depress real economic activity.
• 12/03/2012
  Fine-tuning operation,  more
   
• 08/03/2012
  20120039 (OT,liquidity providing):1595.5 mn USD alloted (fixed 0.6%, 100% allotment at margin),  more
   
• 08/03/2012
  Press release Eligibility of bonds issued or guaranteed by the Greek government in Eurosystem credit operations,  en
   
• 08/03/2012
  Press release Annual Accounts of the European Central Bank for the year ending 31 December 2011,  en
   
• 08/03/2012
  Press conference Mario Draghi: Introductory statement to the press conference,  en
   
• 08/03/2012
  Press release Monetary policy decisions,  en
   
• 08/03/2012
  Publication ECB staff macroeconomic projections for the euro area ,  download
   
• 07/03/2012
  20120038 (OT,liquidity absorbing):219500 mn EUR alloted (marginal 0.26%, weighted average 0.26%, 81.3588% allotment at margin),  more
   
• 07/03/2012
  20120037 (MRO,liquidity providing):17540.9 mn EUR alloted (fixed 1%, 100% allotment at margin),  more
   
• 07/03/2012
  CON/2012/18 Opinion on strengthened economic governance of the euro area,  en
   
• 07/03/2012
  CON/2012/18 Opinion on strengthened economic governance of the euro area,  en
   
• 06/03/2012
  Announcing 20120037 (MRO,liquidity providing), for 7 days deadline 09:30,  more
   
• 06/03/2012
  Speech Benoît Cœuré: The reform of financial regulation: priorities from an ECB perspective,  en
   
• 05/03/2012
  Speech José Manuel González-Páramo: De la crisis sub-prime a la crisis soberana: el papel del BCE,  es
   
• 05/03/2012
  Publication Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the use of €200 and €500 banknotes ,  download
   
• 05/03/2012
  Publication Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the international role of the euro ,  download
   
• 05/03/2012
  Fine-tuning operation,  more
   
• 05/03/2012
  ECB/2012/3 Decision of the ECB of 5 March 2012 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic in the context of the Hellenic Republic’s debt exchange offer ,  en
   
• 05/03/2012
  ECB/2012/3 Decision of the ECB of 5 March 2012 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic in the context of the Hellenic Republic’s debt exchange offer ,  en
   
• 02/03/2012
  CON/2012/17 Opinion on a proposal for a regulation of the European Parliament and of the Council establishing an exchange, assistance and training programme for the protection of the euro against counterfeiting (the ‘Pericles 2020’ programme),  en
   
• 02/03/2012
  MFI interest rate statistics,  more
   
• 01/03/2012
  20120034 (LTRO,liquidity providing):529530.81 mn EUR alloted ( % allotment at margin),  more
   
• 01/03/2012
  20120033 (LTRO,liquidity providing):6495.8 mn EUR alloted ( % allotment at margin),  more
   
• 01/03/2012
  20120036 (OT,liquidity providing):14524.5 mn USD alloted (fixed 0.62%, 100% allotment at margin),  more
   
• 01/03/2012
  20120035 (OT,liquidity providing):3464.4 mn USD alloted (fixed 0.61%, 100% allotment at margin),  more