European Central Bank

Isabel Schnabel: Interview with Süddeutsche Zeitung

Retrieved on: 
Wednesday, January 3, 2024

Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover effects to risk.

Key Points: 
  • Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover effects to risk.
  • Both monetary policy and communication shocks spill over to stocks, with euro area information spillovers being particularly strong.

Survey on the Access to Finance of Enterprises in the euro area - April to September 2023

Retrieved on: 
Wednesday, January 3, 2024

In recent years, large banks have significantly increased their ambition and now disclose more details regarding their net-zero targets.

Key Points: 
  • In recent years, large banks have significantly increased their ambition and now disclose more details regarding their net-zero targets.
  • There is also growing convergence, with the vast majority of G-SIBs now being part of net-zero alliances.
  • The paper gives an overview about potentially problematic disclosure practices with regards to their net-zero commitments.

An opportunity to review and improve the EU’s bank crisis management framework

Retrieved on: 
Wednesday, January 3, 2024

This article analyses the European crisis management framework for banks. It concludes that key areas for improvement are the crisis management options for small and medium-sized banks as well as preparedness for systemic crises. The European Commission’s reform proposal represents an opportunity to implement the lessons learned over the last decade.

Key Points: 


This article analyses the European crisis management framework for banks. It concludes that key areas for improvement are the crisis management options for small and medium-sized banks as well as preparedness for systemic crises. The European Commission’s reform proposal represents an opportunity to implement the lessons learned over the last decade.

Eurosystem staff macroeconomic projections for the euro area, December 2023

Retrieved on: 
Wednesday, January 3, 2024

In doing so, we provide a rare application of the NGFS climate scenarios to economic assessment through the lens of the macroeconomic modelling frameworks underlying the scenario construction (e.g.

Key Points: 
  • In doing so, we provide a rare application of the NGFS climate scenarios to economic assessment through the lens of the macroeconomic modelling frameworks underlying the scenario construction (e.g.
  • Full recycling through government investment yields the strongest output multiplier, whereas recycling through household transfers or reduced income taxes yields the lowest multiplier.
  • During the transition, euro area macroeconomic variables respond very similarly if two-pillar or price level-targeting monetary policy rules are followed.

Forecasting euro area inflation with machine-learning models

Retrieved on: 
Wednesday, January 3, 2024

The strategy review concluded in 2021 highlighted how most Eurosystem models used to forecast inflation are linear.

Key Points: 
  • The strategy review concluded in 2021 highlighted how most Eurosystem models used to forecast inflation are linear.
  • Linear models assume that changes in, for example, wages, always have the same fixed, proportional effect on inflation.

Hawkish or dovish central bankers: do different flocks matter for fiscal shocks?

Retrieved on: 
Wednesday, January 3, 2024

This column presents evidence on the role that US monetary policy plays in how fiscal spending affects the economy.

Key Points: 
  • This column presents evidence on the role that US monetary policy plays in how fiscal spending affects the economy.
  • A dovish Federal Open Market Committee (FOMC) delays policy rate increases, while a hawkish FOMC tightens monetary policy more promptly, following increased fiscal spending.

ESMA updates the parameters and methodology for MMF stress testing

Retrieved on: 
Tuesday, January 2, 2024

ESMA updates the parameters and methodology for MMF stress testing

Key Points: 
  • ESMA updates the parameters and methodology for MMF stress testing
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the Final Report on the Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR).
  • The Final Report combines an update of the methodology to implement the scenario related to the hypothetical changes in the level of liquidity of the assets held in the portfolio of the MMF, with the annual calibration of the risk parameters.
  • Based on feedback received from stakeholders, the revised methodology includes parameters reflecting the liquidity stress affecting the money market and a new risk factor to simulate the additional impact of asset sales under stress market conditions.
  • In calibrating the new risk parameters ESMA has worked closely with the European Systemic Risk Board and the European Central Bank.

ESMA presents methodology for climate risk stress testing and analysis of the financial impact of greenwashing controversies

Retrieved on: 
Tuesday, January 2, 2024

ESMA presents methodology for climate risk stress testing and analysis of the financial impact of greenwashing controversies

Key Points: 
  • ESMA presents methodology for climate risk stress testing and analysis of the financial impact of greenwashing controversies
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published two articles, one outlining an approach to modelling the impact of asset price shocks from adverse scenarios involving climate-related risks, the other exploring the use of ESG controversies for the purpose of monitoring greenwashing risk.
  • The analysis focuses on the overall direction of these effects, finding that investor outflows can worsen falls in fund values following an initial shock.
  • Dynamic modelling of climate-related shocks in the fund sector is part of ESMA’s work in relation to its mandates in the area of climate stress testing.
  • Risk article: Financial impact of greenwashing controversies
    The article highlights how data on ESG controversies can be useful to monitor potential reputational risks around greenwashing.

EQS-News: Trade Republic receives full banking license from ECB.

Retrieved on: 
Saturday, December 30, 2023

With the full banking license, Trade Republic underlines its position as Europe’s largest savings platform.

Key Points: 
  • With the full banking license, Trade Republic underlines its position as Europe’s largest savings platform.
  • Ahead its 5th birthday, Trade Republic has obtained a full banking license from the European Central Bank (ECB).
  • “The full banking license opens up a new chapter for Trade Republic”, says Christian Hecker, Co-Founder of Trade Republic.
  • As part of the full banking license, Trade Republic strengthens its corporate governance by establishing an experienced audit committee.

CNH Industrial: Periodic Report on $1 Billion Buyback Program

Retrieved on: 
Wednesday, December 13, 2023

CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company.

Key Points: 
  • CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company.
  • Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success.
  • As a truly global company, CNH Industrial’s 40,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.
  • For more information and the latest financial and sustainability reports visit: cnhindustrial.com
    For news from CNH Industrial and its Brands visit: media.cnhindustrial.com