Articles by Central Banking Newsdesk
ECB paper proposes new metrics for competitiveness
Researchers say that conventional indicators of competitiveness are losing their relevance as production spreads across borders, and propose two new measures based on concept of global value chains
Draghi wants European public backstop for stress tests
ECB president Mario Draghi says both national and European public funds should be in place ahead of the comprehensive assessment to ensure it is a ‘credible exercise’
Weidmann and Draghi go head to head on ECB policy
Draghi, Asmussen and Weidmann lay out their views on the right direction for eurozone monetary policy; Bundesbank president accused by Paul Krugman of 'sadomonetarism'
RBA 'open-minded’ to currency intervention
Reserve Bank of Australia governor Glenn Stevens says the central bank would consider intervening in the exchange rate, and insists it ‘remains part of the toolkit’
Canadian paper calls for ‘simple and digestible’ communication on financial stability issues
The paper says central banks should use plain language and build a coherent narrative when communicating financial stability concerns or policies
Yellen wins Senate committee approval
US Senate Banking Committee backs Janet Yellen as the next Federal Reserve chair; latest FOMC minutes reveal support for a cut in the interest rate the Fed pays on excess reserves
OTC derivatives reform contains ‘real world challenges' says Fed governor
Jerome Powell says worldwide reform efforts will turn OTC derivatives market infrastructure into a ‘pillar of strength in the next crisis' if implementation challenges can be overcome
OECD’s White says ECB supervision is back to front
William White says ECB should be managing the current crisis rather than trying to prevent the next one; warns that the global economy remains vulnerable, partly because of central bank actions
'Sticky' deposit rates could cost US households dearly when Fed raises rates
Unwillingness among retail banks in the US to pass on rising market interest rates to depositors costs the country's poorest savers up to $100 million a year, Fed economists find
Yellen wins over key sceptic in bid for Fed confirmation
Republican senator and noted opponent of doveish monetary policy says he will vote for Janet Yellen to lead the Fed based on her commitment to transparency and ‘rules-based' monetary policy
Banking union 'necessary but not sufficient' to fix EU lending, says EBA head
Andrea Enria says banking union is a 'game changer' but cannot fix lending across the single market on its own
Currency peg speculation can 'damage' balance sheets
Researchers find that questions over the credibility of a currency peg can have ‘damaging effects’ on bank balance sheets – consistent with monetary mismatch theory
Bank of Canada deputy discusses price divergence with US
John Murray says prices in Canada have been lower than those in the US for much of the past 30 years; notes the exchange rate 'seems to be driving prices in the two countries away from each other'
ECB launches public consultation on mobile payments security recommendations
The governing council of the ECB asks market participants to comment on draft recommendations intended to make mobile payments more secure; interested parties have until January 31 to weigh in
BoE paper proposes new sovereign debt instruments
Economists from the UK and Canadian central banks says that sovereign cocos and GDP-linked bonds could help reduce the likelihood of liquidity and solvency crises
Departing Bernanke takes stock of Fed's unprecedented actions
Federal Reserve chairman discusses the ups and downs of the bank's asset purchases and attempt to guide market expectations; admits shortcomings but maintains policies are warranted
OECD joins calls for eurozone QE
Organisation says ECB should consider ‘institutional changes' to allow it to buy corporate and sovereign bonds; suggests a timetable for US taper
Polish economists say rate cuts damaged trust in ECB
Working paper says central bank interest rate cuts can damage public trust if they come at a time when households have ‘pessimistic expectations'
Fed presidents push for macro-prudential rethink
Eric Rosengren joins chorus for simpler Basel III capital requirements, while Narayana Kocherlakota says regulators ought to be paying more attention to the measurement of too-big-to-fail effects
Caruana flags evidence of ‘manifold’ QE spillovers
BIS general manager presents evidence of varied spillovers from advanced economies' monetary policy; says policy-makers should do more to take them into account
Belgian paper posits method for robust optimal monetary policy
Working paper suggests way of supplementing optimal monetary policy with elements of a rules-based policy, punishing policy-makers for deviation but not preventing them from exercising discretion
Brazil’s Tombini says ‘we still do not fully understand’ macro-prudential tools
Governor of the Central Bank of Brazil warns that limited understanding of new policies presents ‘significant communication challenges’ for central banks
ECB cut prompts record FX intervention in Serbia
Central bank expresses ‘firm and prudent’ resolve to lean against capital flows resulting from ECB rate cut, but eschews a fixed exchange rate
Ingves says Basel reforms must move ahead
Resolving issues around regulatory implementation will take time, Basel Committee chairman says, but he emphasises the ‘status quo cannot be maintained'