Financial Stability
Carney new vice-chair of ESRB as King joins Fischer at CFR
Mark Carney takes over from Mervyn King as deputy to European Systemic Risk Board chairman Mario Draghi; King joins US think-tank Council on Foreign Relations as a distinguished fellow
IMF greenlights new wave of funds for ‘resolute' Cyprus
New IMF report says most conditions have been met with a ‘comfortable margin' but warns that the banking crisis' impact on households and corporates could be larger than anticipated
ECB to relax CCBM collateral deposit rules from May 2014
Benoît Cœuré says the rule change will pave the way for support of cross-border, tri-party collateral management services from September next year; warns Sepa deadline looks tight for many
Hungarian economists wary of foreign bank branches
Researchers are concerned that a shift away from foreign bank subsidiaries to branches increases the risks of inadequate supervision and threatens financial stability both at home and abroad
BIS research dismisses fears over high-quality asset shortage
Article says increase in high-quality assets appears sufficient to meet rising demand, but risks could still come from elsewhere
Minutes reveal Riksbank reluctant to give up say on macro-prudential matters
Deputies say democratic accountability is more about who has the right to make decisions than achieving policy objectives; see ‘clear link' between macro-prudential policy and monetary policy
BoE's Tucker clarifies FPC's macro-prudential powers
Article gives details of the inner workings of the Financial Policy Committee, including powers of direction and recommendation, its accountability and powers to hide information from the public
Robert Pringle’s Viewpoint: Looking for a game-changer for the financial system
The world may need to look to central bank governors in countries such as China and India to champion reform of the global monetary architecture
Africa leads growth in financial inclusion, finds IMF study
Most comprehensive financial inclusion data set to date highlights rapid expansion of financial access in Africa; emphasises close links between growth and SMEs' access to finance
IMF backs counter-cyclical fiscal activism in times of crisis
Fiscal stimulus had powerful effects in the wake of the financial crisis, but monetary policy is better suited to keeping the economy on an even keel in normal times, says IMF
BIS research finds capital requirements had minor impact on bank lending
Quarterly review article presents evidence that banks have adjusted to higher capital requirements mainly via retained earnings, rather than by cutting lending, with less of a macroeconomic impact
Central banks behind curve on innovation, says World Payments Report
Central banks are struggling to keep up with rapid growth of innovative new payment systems, report warns; risk to European firms that regulation will cause mobile payments to fall behind
Croatia under threat from falling growth and rising debt
Public debt is capped at 60% but is now approaching that limit; there are further signs of weakness in the Croatian and European real economies
IMF report highlights macro-prudential challenges
Kohn and Viñals talk of key role for central banks in macro-prudential framework; report singles out challenges faced by national authorities in setting up macro-prudential policy frameworks
Sanusi unveils revised Nigerian payments strategy
Central Bank of Nigeria governor underscores progress made already with modernising payment systems in Nigeria, and reveals details of revised payments strategy for 2020
Bank of England publishes banking primer to educate public
Article says role of prudential regulation is to ensure the soundness of banks by ensuring they have sufficient capital and liquidity to avoid disruption of critical services provided to the economy
Regional Fed presidents stand their ground on MMFs
Presidents of the regional Federal Reserve banks push the Securities and Exchange Commission to impose more stringent reforms on money market funds including requiring a floating net asset value
A turning point for Greece and the euro
The seeds of Greece’s financial crisis are also present in many other modern democracies, writes Herbert Grubel. Currency union offers a politically expedient way to prevent such crises
European Parliament greenlights SSM
Lawmakers vote to put the ECB in charge of supervising Europe's biggest banks, as focus turns to arduous process of establishing single resolution mechanism
OTC derivatives reform could ‘fall short’, says Fed’s Dudley
NY Fed president William Dudley says reforms in OTC derivatives market are lagging work on bank regulation; calls for greater global coordination to push reforms as far as they will go
Finance ministers set to tackle bank resolution at Ecofin conference
Key policy-makers will gather in Lithuania Friday and Saturday to discuss European Commission's controversial proposal on resolution mechanism for failing banks
BIS' Cecchetti evaluates OTC derivatives reform
BIS Monetary and Economic department head Stephen Cecchetti says market responses to OTC derivatives reform will alter degree of netting of counterparty exposures
Digital payments key to financial inclusion, says Gates report
New report into financial inclusion says digital payments are the way forward – but financial service providers will need to charge fees in order to cover the cost of serving the poor
MAS targets household debt with new credit rules
The Monetary Authority of Singapore has unveiled an arsenal of new measures to cap individuals' borrowing in an attempt to rein in rising levels of household debt