Guy Debelle
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months
Debelle: regulation could be ‘helpful’ to FX code
As EU weighs regulation of spot market, GFXC chair dismisses key industry argument
Monetary policy can help buffer Covid-19 impact – RBA’s Debelle
Deputy governor says rate cuts will boost spending despite lag and reduce exchange rate volatility
BIS calls for wider adoption of FX Global Code
Some industry participants question the benefits of voluntary principles
Many firms not following global forex standards – RBA deputy governor
Guy Debelle says global forex committee shifting focus to algo trading
RBA open to unconventional policy measures – deputy governor Debelle
Quantitative easing may be on the cards if central bank cuts rates to 0.5%
A climate of change
Central banks are striving to take practical steps to tackle climate change risks. Can they succeed?
Central bankers call for ‘practical action’ to tackle climate risks
Leading central bankers and supervisors attending a Network for Greening the Financial System event at the Banque de France called for immediate action to be taken to tackle climate risks – they said the time for talking is over
Now is a ‘critical time’ for Ibor transitions – Bailey
Global regulators convene in Washington, DC to tackle the transition to new benchmark rates
Should central banks be more aggressive on climate change?
Discussion weighs up whether central banks should take more drastic action via monetary policy channels, but some warn they may overreach
Climate change matters for monetary policy – RBA’s Debelle
More frequent and acute climate disruptions need inclusion in economic models
Re-pricing of assets could dampen global recovery, RBA deputy warns
Debelle says equities may be mispriced and says interest rates show “puzzling” features
RBA looking to handle uncertainty better, says Debelle
Reserve Bank of Australia to change way it presents forecasts in order to avoid false impression of precision
Debelle calls for more thought on financial stability independence
RBA deputy says financial stability needs its own intellectual framework; panellists warn independence likely to face tougher challenges ahead
Bank swap rate reforms going well, Australian deputy governor says
Guy Debelle says BBSW rate will be strengthened by changes
Central banks stress commitment as FX Global Code launches
Central banks worldwide are quick to state they will comply with the new global forex code and expect their counterparties to do the same
Debelle: central banks can benefit from lack of covered interest parity
Increase in the “basis” or deviation from CIP is not always a sign of trouble and can offer reserve managers increased returns, RBA deputy says
Debelle sets timeframe for adoption of forex global code
Market participants will have six to 12 months to adjust practices once the code is published on May 25
New forex code will not be a set of rules – Debelle
New code of conduct will force participants to think about their actions, Debelle says; rules are easier to “arbitrage” than principles
Forex code working group liaising with regulators – Debelle
Many regulators are interested in understanding how the code could be used to monitor market activity, working group chairman says; both FCA and Asic are in talks
BIS fails to find single cause of sterling ‘flash crash’
Report finds “numerous” factors which amplified the effects of the depreciation, including “inexperience staff” and “fragile” market conditions; lessons must be learned, BIS warns