liquidity

The big news today is based on a report by Bild, a German tabloid, which reported that Jens Weidmann, the head of Germany's central bank, offered to resign on multiple occasions due to his opposition to the ECB's plans to monetize euro zone…

I am off again this week and doing short duty on the blog. But I want to say a few words about the ECB and its impending monetisation plans given Mario Draghi's decision to pull out of the Jackson Hole event sponsored by the Kansas City…

I just wrote up a post on Goldman's thoughts on coming ECB policy moves. Goldman's musings are credible because the author is their chief European economist, who was until a year ago at the top of the ECB's Monetary Policy Stance Division.…

The big theme in today’s links is the ECB yet again. With the interview with Joerg Asmussen out, backing Mario Draghi’s previous statements, it is now more clear than ever where this is headed in Europe. The lead story here from Ambrose…

A while ago I posted a translation of Joerg Asmussen's Frankfurter Rundschau interview and my interpretation of his commentary. Here is the rest of the translation and some commentary. There are to be bond purchases once more. What makes…

An extremely important interview with ECB board member Joerg Asmussen was carried in the Frankfurter Rundschau recently. Below is a translation with key bits highlighted. Afterward I will interpret his remarks in light of ongoing…

It looks like the ECB is about to step forward and engage in quantitative easing, if reports from the German media are to be believed. I am sceptical that the ECB will follow through on this given political pressure in the euro zone against…

This week's second weekly-length post is just another review of the Price Waterhouse Coopers study that is big news in the German press. I have now seen the numbers in a bit more granular detail and I wanted to run through them for me…

It is clear that lending to Spanish banks is now funded entirely via TARGET2 (borrowing from the rest of the Eurosystem) rather than with deposits. In fact deposits at the Bank of Spain by the Spanish government and Spanish banks (excess…

Quick post here to highlight then continued losses in Spanish property markets and the effect on Spanish banks. House prices in Spain were down 11.2% year-on-year in July. That's the largest fall since March 2011 and it brings all in losses…