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IMF prepares to overhaul its financial surveillance
Fund agrees with IEO report that there is much room for improvement, but budget is an issue
People: Stanley Fischer joins BlackRock in advisory role
Veteran central banker moves back to private sector; Jamaica begins search for new governor; El Salvador governor assumes presidency of regional council
PBoC issues 20 billion yuan of central bank bills in Hong Kong
Bills could help improve the yuan-denominated bond yield curve
Quotes
Ironically, too much debt was at the heart of the crisis, and now we have more of it
Claudio Borio, head of the monetary and economic department, BIS
The political spotlight is far harder on central banks now. It is not particularly to do with monetary policy, but to do with whenever you have to take a step in terms of resolving a bank. There will be losers.
Philip Lane, governor, Central Bank of Ireland
Having a reliable institutional mechanism that supports fiscal responsibility will allow attention to focus on whether the central bank is delivering on its mandate, which I welcome.
Brian Wynter, governor, Bank of Jamaica
The countercyclical policies used in the past to accumulate reserves – which rose to one of the highest levels in the world – were to ensure a gradual transition and an effective absorption of any shock.
Ahmed Abdulkarim Alkholifey, governor, Saudi Arabian Monetary Authority
Equilibrium’s a great concept, but the dynamic side has suffered because there aren’t really very good theories on how quickly ideas or events will unfold.
Hal Varian, chief economist, Google
We had to make a decision quickly when we became convinced that the minimum exchange rate was no longer sustainable… We would have been faced with enormous capital inflows and a self-reinforcing speculative attack.
Thomas Jordan, governor, Swiss National Bank
I think [transparency is] a two-way street. If you are more open, you can receive more feedback.
Agustín Carstens, BIS general manager
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Comment
Latest restructuring boosts the PBoC’s regulatory clout
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EME central banks can counter the next downturn
Our Take
The euro: a troubled third decade?
Three tricks to remove a troublesome Eurosystem governor
Can central bank revamp help Tunisia remain a ‘public good’?
Volcker rule helped curb equity market risk – researchers
Weak EU banks more likely to prop up ‘zombie firms’, ECB paper says
African countries leveraging data for regtech
ECB paper presents new financial crisis early warning system
BoE’s Vlieghe says bleaker outlook calls for more cautious policy
Globalisation is helping to flatten Phillips curve – Fed paper