Articles by Central Banking Newsdesk
Fed’s Brainard ponders whether systemic banks could choose to downsize
Governor Lael Brainard says systemically important institutions may choose to ‘reduce their systemic footprint’ as regulation kicks in and impacts cost-benefit analysis
Ex-BoE deputy to review UK statistics in effort to improve productivity measure
Charles Bean will lead an independent review on the ‘quality, delivery and governance’ of economic statistics produced in the UK, as government grapples with productivity puzzle
De Grauwe says Greek crisis has shaken OMT credibility
Belgian economist says ECB’s decision not to use OMTs because of fears over Greek solvency may have fatally damaged the policy’s credibility and consequently the stability of the eurozone
Weidmann does not see case for higher inflation targets
The Deutsche Bundesbank president points to welfare costs of higher inflation target, and argues in favour of structural reforms that boost productivity and deliver higher trend growth
FSB highlights ‘major steps’ toward reforming ‘Ibors’
Report finds administrators of Libor, Euribor and Tibor are making progress towards stronger interest rate benchmarks, with those in other jurisdictions advancing too
Irish SME report shows growth in new lending
Report published by Central Bank of Ireland shows annualised gross new lending at highest level since 2011, with the largest share channelled to the agricultural sector
BoJ paper finds short and long-term expectations are anchored differently
Inflation expectations respond differently to changes in policies and inflation depending on whether they are short- or long-term, researchers find
Central banks cannot avoid fiscal impact, Bundesbank panellists warn
Academics and central bankers point to fiscal impact of monetary policy and lender of last resort function, raising the question of how much fiscal power central banks ought to wield
HKMA introduces ‘major' piece of financial infrastructure to facilitate China flows
New routing and settlement service will underpin mutual recognition of funds initiative launched July 1; will enhance Hong Kong's role as ‘leading asset management centre', says Pang
BoE launches year-long artist collaboration
Martin John Callanan to work with BoE for a year to produce works reflecting central banking, in what Mark Carney hopes will be a creative way of communicating
EBA calls for more risk-sensitive securitisation regulation
Opinion submitted to European Commission recommends end to ‘one-size-fits-all’ capital treatment of securitisations, with two-stage process to determine which should be subject to lighter touch
Greece asks for three-year ESM bailout as Tsipras tries to unite Europe
Government submits request for longer support programme than previous proposals while Alexis Tsipras seeks backing during rowdy European Parliament session
BoE FPC wary of buy-to-let risks
Financial policy committee asks bank staff to identify channels through which the market threatens stability; UK government caps tax relief on buy-to-let property
Kenyan central bank hikes by 150bp in Njoroge’s first move
Central Bank of Kenya increases key rate for second consecutive month in first meeting with former IMF adviser Patrick Njoroge as governor
Minneapolis Fed research separates Greece and Puerto Rico debt crises
Staff report notes the debt crisis has spilled over to the private sector in Greece but not in Puerto Rico, given the latter’s inability to interfere with private external debt contracts
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
ECB paper finds periphery most affected by credit shortage
Peripheral economies appear to suffer a greater slowdown of productivity than their northern neighbours when facing a squeeze on credit, research published by the ECB finds
Sama publishes first financial stability report
Report indicates Saudi financial system is coping well, despite the 2014 oil price shock and continued geopolitical instability in the region; past year saw ‘significant’ regulatory change
Stevens: global financial conditions remain ‘very accommodative’
Reserve Bank of Australia governor points to steady financial conditions and borrowing rates despite market fluctuations associated with China and Greece; RBA holds cash rate
People: Madigan returns to Fed board; FCA appoints retail supervisory head
Brian Madigan returns to the Federal Reserve Board as FOMC secretary; Financial Conduct Authority names Jonathan Davidson director of supervision, retail and authorisations; and more
Greece set to request new ESM bailout
Greece expected to submit new proposal to ESM in effort to unlock bailout funds; ECB appears to increase haircuts on collateral used by Greek banks to obtain emergency liquidity
IMF staff call on US to develop new macro-prudential tools
Assessment says tools that strengthen market resilience to run risks and fire sales in shadow banking sector should be a high priority; staff report recommends 2016 rate hike
Richmond Fed paper examines relationship between deregulation and innovation
Working paper uses a dynamic equilibrium model to look at ATM and debit card industry in US; offers generalised findings on relationship across financial services industry
European leaders to meet as Greeks scramble to produce new proposals
Heads of state and finance ministers to meet on July 7, with Greek government expected to present new proposals; chief negotiator takes over as finance minister