Governance
IMF leadership race heats up
Central bankers from around the world have differing views; Lagarde still leads
Strauss-Kahn bows to pressure and quits
Dominique Strauss-Kahn resigns from his post as managing director of the IMF; continues to deny all allegations
Azerbaijan working to improve banking sector
Helped by the IFC and the World Bank, central bank is training bank board members in oversight and risk management best practices
IMF could remove Strauss-Kahn from post if required
IMF rules allow for removal of managing director “when the executive board so decides”
Bernanke urges government to promote R&D
Federal Reserve chairman Ben Bernanke says government can support research and development by fostering better climate for private investment
Council of the EU recommends Mario Draghi for ECB presidency
The Council of the European Union recommends the nomination of Mario Draghi as president of the European Central Bank
Pay cut for next Dutch central bank chief
Nout Wellink to leave in July; successor to receive 23% less pay
Bank of Israel forms two appointment committees
Bank of Israel sets up committees to replace directors of research department and market operations department
Strauss-Kahn denies all charges following arrest in New York
Lipsky takes helm; Strauss-Kahn remanded in custody until court hearing on Friday
Draghi favourite to next head ECB: poll
CentralBanking.com poll shows 43% of respondents say Bank of Italy governor Mario Draghi should be next European Central Bank president
Lipsky to leave IMF in August
First deputy managing director John Lipsky says he will not seek a second term; will stay on as special adviser until the autumn
Fed critic Ron Paul to run for Republican presidential candidacy
Ron Paul announces he wants to be Republican candidate for presidential elections; fierce Fed critic wants central bank abolished
Lambert will not take up seat on Bank’s FPC
Former Monetary Policy Committee member Sir Richard Lambert says he no longer wishes to become one of four external members of macroprudential body
Frank’s FOMC attack offers further evidence of the politicisation of Fed policy
Attempts to rescind regional Fed presidents’ voting rights as members of the Federal Open Market Committee manifest an unfortunate trend in US monetary policy, Thomas F. Cargill believes.
Draghi secures German backing for ECB presidency
Angela Merkel offers support for Mario Draghi to become the next president of the European Central Bank; says he is “interesting” and “experienced”
India should have monetary policy committee: Subbarao
Reserve Bank of India governor calls for full “legally-backed” autonomy for the central bank; necessary for the establishment of a monetary policy committee
Bair to leave FDIC in July
Federal Deposit Insurance Corporation chair Sheila Bair set to depart in the summer after five years at the helm
Rwanda promotes vice-governor
Claver Gatete, the vice-governor at the National Bank of Rwanda, is promoted to governor; former governor Francois Kanimba takes government role
Bini Smaghi favourite to next lead Bank of Italy
Analysts say European Central Bank executive board member Lorenzo Bini Smaghi is strong candidate to lead Bank of Italy should current governor Mario Draghi move to Frankfurt
EU governance reform falls short of quantum leap: Trichet
European Central Bank president Jean-Claude Trichet calls for less discretion to application of Stability and Growth Pact
Grameen Bank dodges Yunus departure by appointing Nobel Laureate as chairman
Bangladesh’s Supreme Court rejects appeal to dismissal of Nobel Laureate Muhammad Yunus from Grameen Bank; microlender appoints Yunus to chair its board instead
Estonia ousts deputy governors
Supervisory board rejects re-election of current deputy governors, new candidates already named
Barney Frank in bid to revoke regional Fed presidents’ FOMC votes
Former chair of House Financial Services Committee says regional Fed presidents shouldn’t vote because they are appointed by business, not Congress
SNB turns profit in first quarter following steep loss in 2010
First quarter profits likely to come as relief after criticism that greeted $20.7 billion loss in 2010