Financial Stability
Cyprus governor warns country has 'lost credibility'
Athanasios Orphanides tells parliamentary committee that budget measures must be pushed through quickly to restore confidence in Cyprus; warns the country has lost credibility
Philippines banking sector liberalisation continues
Central Bank of the Philippines awards seven banks the right to open 162 branches in previously 'restricted' zones; next phase in the liberalisation of the domestic banking sector
FSB consultative group for the Americas gathers in Mexico
Central bank governors Agustín Carstens and José De Gregorio co-chair first regional group meeting to exchange views on key financial stability issues
Debt crises lead to sharp and protracted recessions: IMF paper
Fund study shows debt crises reduce output growth by about 10 percentage points and last an average of eight years
NALM Africa 2011: African central banks rethink reserves allocations
The drop-off in US Treasury yields and concern about a eurozone sovereign collapse has prompted a number of African central banks to review their reserves allocations
Central Bank of Tunisia makes plea to government
Newly formed interim government must act to restore investor confidence, says board of directors; calls for independence of the central bank to be protected
US Senate passes sanctions on Central Bank of Iran
US Senate passes sanctions aimed at Iran's crucial oil industry; measure will prevent financial institutions from doing business with US and Iran, forcing them to choose
Credit booms linked to financial crisis – IMF paper
IMF working paper shows credit growth becomes less dependent on bank soundness during boom periods
Fed paper details highs and lows in Spanish economic activity
Researchers point to change between 2007 and 2011 as one of the worst in Spanish economic history
Financial crisis leaves questions over future of banking: Luc Coene
Belgian governor says with huge reforms beginning to take effect, it is impossible to accurately predict the future state of the banking sector in Belgium
CLS pushing 'transformation' agenda, says Bozian
Central settlement utility is feeding greater resources into expanding its universe of currencies, according to chief executive Alan Bozian
BoE unveils gloomy Financial Stability Report
Bank of England Financial Stability Report demands banks boost capital levels; King says he initiated talks of co-ordinated swap line action with central banks around the world
Kenyan parliament passes new payments regulation law
Central Bank of Kenya governor offers overview of 2011 for economy; reports on progress of National Payments System Bill
Capital flows reversed in India post-QE2: RBI paper
Reserve Bank of India study shows capital inflows into India declined after the US Federal Reserve’s second quantitative easing programme
Major central banks take co-ordinated action
Central banks reduce US overnight index swap rate from 100 basis points to 50 basis points above market rate to flood financial system with dollar liquidity
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
Eurozone bolsters EFSF’s lending capacity
European Financial Stability Facility to guarantee between 20% and 30% of new bond issuance by beleaguered eurozone states; new measures will enable fund to leverage €250 billion of funds
IMF paper calls for urgent completion of macro-prudential frameworks
Fund study says early implementation of new macro-prudential measures will mitigate cross-border risks
Housing market reforms can boost recovery: Fed’s Yellen
Federal Reserve vice-chair Janet Yellen says there is good case for government to address the dysfunctional US housing market
Austria's Nowotny under scrutiny in banknote bribery case
Governor Ewald Nowotny and members of the central bank’s supervisory board under investigation; accused of having knowledge of bribery of foreign officials in race to win banknote printing contracts
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
Malaysia and Singapore sign cross-border collateral MoU
Monetary Authority of Singapore and Bank Negara Malaysia sign agreement to establish cross-border collateral arrangement; boosting confidence of financial institutions is one aim of the move
BoJ’s Nishimura sees risks from commodity-linked instruments
Bank of Japan deputy governor Kiyohiko Nishimura says policy-makers should monitor developments in commodity markets more closely
Credit expansions strengthen recessionary trends: SF Fed paper
San Francisco Federal Reserve study finds credit intensity of the boom periods matter for path of recession