Articles by Central Banking Newsdesk
Ireland passes emergency liquidity restructuring bill
Irish parliament passes bill to transform promissory notes into long-term sovereign bond, and wind up 'bad bank'
Draghi says markets should have final say on currency strength
ECB president re-affirms the central bank's independence; emphasises ‘accommodative' monetary policy, as governing council votes to hold rates again
HKMA shores up Hibor-setting mechanisms
Package of measures aims to improve the transparency and robustness of the benchmark rate; UK bank fined $612 million by US and UK regulators over Libor rigging
New York Fed paper warns of negative welfare effects of capital controls
Staff report finds significant gains available from international policy coordination, and that interventions in the international flow of capital can hit global and individual welfare
IMF working paper calls for consistency in East African monetary policy
Study into monetary transmission mechanism in the East African Community finds policy tools often used in a contradictory manner
FDIC director backs Haldane on leverage ratio
Jeremiah Norton follows Bank of England’s Andrew Haldane in criticising Basel III’s risk-weighted assets, and says a higher leverage ratio would be a simple, effective solution
Colombian paper finds flaws in inflation forecasting
Research by the Central Bank of Colombia says many central banks have scope to improve the accuracy of their inflation forecasts
Ex JPMorgan chief backs UK banking regulations
Bill Winters says banks won't ‘up sticks' and leave London in light of tougher regulation, but rejects the addition of a ‘Volcker rule' to the ring-fence
BoJ board member says 2% target is not sustainable
Takehiro Sato explains his vote against Bank of Japan’s inflation target change, and says central bank will not intervene to depress the value of the yen – but the government might
BIS paper anatomises global liquidity
Study finds liquidity conditions are shaped by credit supply, credit demand, and monetary policy; financial crisis a product of all three
Bank of Israel likely to hold rates throughout 2013
Staff at Israeli central bank forecast steady growth and inflation over next year; say benchmark interest rate would remain unchanged
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles
Bank of Mauritius chief bemoans ‘glaring absence’ of bank resolution mechanism
Rundheersing Bheenick says lack of efficient resolution mechanism is harming Mauritius’s position as a global financial centre
Egypt takes new steps to halt economy's downward slide
Central bank adjusts exchange rate rules as Egyptian government announces it will complete its economic reform plan by the end of this week
People: Shirakawa to step down early; Cyprus creates new post of deputy governor
BoJ governor to leave his post ahead of end of term; Cyprus creates deputy governor post to help conform with Troika demands; and more
Mexican governor proposes systematic approach for future crises
Agustín Carstens lays out crisis response plan for governments; stresses the need to manage expectations first and foremost
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
French president calls for euro exchange rate policy
François Hollande says the single currency cannot be left vulnerable to the whims of the market and a valuation that wipes out efforts to improve competitiveness
San Francisco Fed dissects long-term unemployment
Long-term unemployment has ‘persisted remarkably’ since outset of recession; should disappear over time as economic activity increases
Dutch paper says foreign banks can help or harm developing markets
Working paper finds foreign-owned banks in developing countries can provide cheaper and higher quality financial services, but may also transmit shocks across borders
Taylor challenges efficacy of central bank independence
Without a rules-based framework central banks tend to stretch the bounds of their independence, and the results tend to be poor, John Taylor says
National Bank of Denmark expects recovery
Central bank says domestic demand and GDP growth will improve in 2013; existing unemployment should not have lasting impact
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
UK to ‘electrify' bank ring-fence in bid to end ‘too big to fail'
UK chancellor launches legislation to enforce ring-fencing – and separate banks that fail to comply