Financial Stability
UK FPC member discusses role of the committee
Alastair Clark, a member of the Bank of England’s Financial Policy Committee, considers new body’s financial stability role and the difficulties it faces
BoE’s Bailey debunks ‘dangerous’ free banking myth
Andrew Bailey says reform of UK banking sector is needed to include upfront charges on banking services; calls current supposedly free in-credit banking a "dangerous myth"
Central Bank of Colombia paper evaluates CrashMetrics risk estimation
Researchers examine CrashMetrics risk estimation methodology; find it makes better predictions during crises than traditional stress tests
Counterfeits found in Namibia days after new currency launch
Bank of Namibia reports discovery of low-quality forged banknotes following issuance of new series; reminds public to be vigilant in checking for improved security features when handling cash
ECB executive urges greater European federalisation
José Manuel González-Páramo, a member of the executive board of the ECB, examines sovereign debt crisis; says deeper union is “essential” in eurozone
Lagarde offers views on globalisation
Christine Lagarde discusses global connections and the future; takes feminist line in speech to graduating students
Bundesbank adamant on Greek reform programme
Monthly statement from Bundesbank says Greek access to aid should not be eased to avoid dampening of incentive to reform; EC’s Barroso sensitive to sacrifices made so far after meeting interim president
Bank Negara Malaysia reports slower economic growth
Overview of economy shows growth fell to 4.7% in Malaysia in the first quarter of 2012; domestic demand stays strong but export market slows
Canada behind macro-prudential curve, say former Bank governors
Paul Jenkins and Gordon Thiessen want responsibility for macro-prudential policy formally assigned in Canada; also urge creation of a framework in which to carry out these functions
Malta governor reflects on turbulent eurozone
The governor of the Central Bank of Malta speaks on economic challenges in the eurozone; focuses on improving regulation and competitiveness to promote long-run growth
Central Bank of Azerbaijan tackles counterfeiting
Central bank hosts workshop on combating currency counterfeiting; cash managers from banks and law enforcement agencies are told the local currency has become "strong"
OECD laments fragile, uneven global recovery
Economic Outlook predicts slower GDP growth across OECD countries in 2012; discusses delicate recovery around the world
Bahrain executive director on growth of Islamic funds
Importance of Islamic finance highlighted by Central Bank of Bahrain executive director; considers methods to encourage growth in the industry
BIS paper examines macro-prudential models and tools
Working paper considers the effectiveness of macro-prudential models in understanding the role of the financial sector in relation to the real economy
IMF calls for looser monetary policy in the UK
Latest Article IV review of UK urges further QE or a cut to policy rate; Fund calls on Bank of England to act to boost growth
NY Fed's Dudley fears CCP capital 'cliff effect'
Supervisors should ensure the capital regime for cleared trades avoids a sudden leap in risk weights, says New York Fed president
Central Bank of Brazil offers boost to auto industry
Reserve requirements for loans on automobile projects reduced; move releases R$18 billion for use in offering credit for vehicle purchases
Bullion coin featuring menorah released in Israel
Third bullion coin in the Jerusalem Gold series is released; issuance in celebration of Jerusalem Day in Israel
Bank of England launches review of crisis-handling
Court of the Bank of England commissions set of reviews to learn lessons relevant for the bank’s future responsibilities; first public announcement regarding analysis of this type
BIS paper studies financial transmission channels
Working paper analyses role of financial system in affecting economic growth and stability; emphasises importance of financial sector in macroeconomic models
Colombia central bank co-director discusses crisis
Carlos Gustavo Cano considers causes of financial crisis; emphasises importance of using macro-prudential tools to prevent asset bubbles and calm investors
Central Bank of Ireland governor takes pay cut
Patrick Honohan gifts portion of salary back to the government, resulting in lower salary than previous year; Annual Report shows profit of €1.2 billion
Swift chooses head of marketing as new chief
Gottfried Leibbrandt confirmed as successor to Lázaro Campos at global financial communications, products and services company
IMF paper quantifies structural subsidies for Sifis
Researchers from the International Monetary Fund estimate value of subsidies implied by expectations of government support for Sifis; find a sizeable cost advantage for these institutions