Methodological Note on 2016 EU Banking Sector Stress Tests published by European Banking Authority

The European Banking Authority published a Methodological Note on the 2016 EU banking sector stress tests and asset review on 24 February. The note covers credit risk; market risk, counterparty credit risk (CCR) and credit value adjustment (CVA); conduct risk and other operational risks; and non-interest income, expenses and capital. There are four tabular annexes: a list of banks in the sample; stress test template overview; summary of qualitative information to be provided by banks; and a summary of key constraints and other quantitative requirements. The EBA Methodological Note has been linked from the EUI Library ECB data resource page. EUI members have access to the Bankscope (BvD) global public and private banking sector database.

ECB Launches new ‘Our Statistics’ Data Visualisation Tool

The ECB has launched a new data visualisation resource – Our Statistics – to facilitate the comparison, analysis and download of Euro area and member state statistical data, aiming “to facilitate the understanding, use and comparison of euro area and national statistics… The set of statistics presented is publicly available in databases at the ECB, NCBs and Eurostat, and can be viewed using PCs, tablets and mobile devices. It constitutes a core set of official statistics which will be gradually extended on the basis of demand.” The ECB Statistics Division is invites feedback via: [email protected]. The EUI Library maintins a Eurozone, EU and European Statistical Data directory, providing access to a wide range of Europe-related resources.

First-ever Account of ECB Governing Council Monetary Policy Meeting

For the first time, the ECB has published an official account of a Governing Council monetary policy meeting. The account, issued on 19 February, covers the meeting of 21-22 January 2015 – providing background on the decision to approve a Euro area sovereign bond purchase programme (‘quantitative easing’) set to run from March 2015 to September 2016. A review of financial, economic and monetary developments and policy options is followed by a synopsis of the Governing Council’s discussion and monetary policy decisions. A PDF version is available at this link. The next monetary policy account is due for release on 2 April, via ECB > Press > Monetary policy accounts. The EUI Library maintains a Euro Resources directory and a European Data directory.

ECB announces sovereign bond purchase programme, to commence in March 2015

The ECB has announced a Euro area sovereign bond purchase programme (‘quantitative easing’) of €60bn per month, to run from March 2015 to September 2016. The text of ECB President Draghi’s presentation is on this ECB page. A webcast of Thursday’s press conference is at this link. The programme includes sovereign debt, asset-backed securities and covered bonds. The European Central Bank publishes Monthly Bulletins, Financial Stability Reviews and regular alerts for new publications and policy positions. The EUI Library maintains a Eurozone resource page, with bibliography and a Eurozone/European Union statistical data directory.

ECJ Advocate General delivers opinion on legality of ECB right to purchase Eurozone bonds

The opinion of the Advocate General of the European Court of Justice, Pedro Cruz Villalón, regarding an ECB-related case brought to the Federal Constitutional Court of Germany by Peter Gauweiler and others, was given on 14 January 2015. The Advocate General found that the 2012 ECB decision on Outright Monetary Transactions (establishing a competence to purchase Eurozone government bonds) “falls within the monetary policy for which the Treaty makes the ECB responsible and does not constitute an economic policy measure, provided that, throughout the whole period of implementation of any OMT programme, the ECB refrains from any direct involvement in the financial assistance programmes to which the OMT programme is linked.” The full opinion is on this Court of Justice page. A commentary is available from the Jurist legal news and research service. The EUI Library maintains a Eurozone Guide and Bibliography and a European Statistical Data Directory.

ECB banking supervisory mandate begins

The ECB’s new banking sector supervisory mandate – the Single Supervisory Mechanism – was launched on 20 November with presentations on ‘Reshaping Banking Supervision in Times of Crisis’ by ECB President Draghi, European Council President Van Rompuy and Danièle Nouy, first President of the Supervisory Council (ECB). Texts of the presentations are available with video on the ECB site. The EUI Library’s Eurozone Directory and Bibliography are on this page.