Financial Stability
Asia to develop emergency financial stability safety net
Charles Adams and Lei Lei Song chart the development of the Chiang Mai Initiative Multilateralization and explain three ways to develop Asia’s liquidity support mechanism
A new toolkit for eurozone survival
The eurozone’s short-term outlook depends on markets, voters, bureaucrats and politicians. Its longer term future requires radical change. Andrew Smithers considers the conditions that are needed for the eurozone to survive
Brendan Brown on life after death for the Emu
Brendan Brown puts forward a proposal for how a functioning monetary union in Europe could operate if the current system was to fail
Data: a core challenge for financial regulatory reform
Improving financial stability through the use of interconnected and predictive supervisory tools requires a rethink on data. By Constantin Gurdgiev and Keith Saxton
EU leaders present plan for growth
EU member state leaders issue joint statement on restoring growth to the economy; all eyes on finance ministers’ meeting in Brussels
Central Bank of Chile paper questions efficiency of forecasts
Research paper finds taking weighted averages of two competing forecasts can introduce inefficiencies
Indonesia’s Nasution discusses global and domestic pressures
Governor of Bank Indonesia explains impact of global downturn and laments slow progress in resolving ongoing issues with Indonesian financial system
Riksbank offers explanation for lending to IMF
Swedish central bank sets out reasons for recommending an increase in the country's contribution to IMF funds
Central bankers attend Financial Action Task Force meeting
Central bankers from many of the 136 member countries of FATF share thoughts on combating money laundering
European Commission to propose regulation on CSDs
European Commission announces new rules targeting central securities depositories to be released in March; wants to ensure securities transactions are settled in a “safe and timely manner”
Australia set to formalise payment system mishap reporting
Reserve Bank of Australia announces intention to establish strict rules on informing the central bank of operational incidents in retail payments systems; launches consultation process
NY Fed paper discusses budget deficit impact on output
Federal Reserve Bank of New York staff paper finds running budget deficits can be either expansionary or contractionary for output, depending on how deficits interact with expectations about the long run
Bank of Canada sees 'significant risks' to inflation outlook
Bank of Canada’s Monetary Policy Report for January 2012 sets out “significant risks” that threaten the inflation outlook
IMF offers fresh perspective on stress testing
International Monetary Fund researchers investigate stress testing in interconnected banking systems
Nazis “destroyed confidence” in BoE notes with expert counterfeits
MI5 report from 1945 says Nazis destroyed confidence in British banknotes; produced counterfeits of such high quality it was “impossible” for a lay person to tell them from the real thing
Robert Pringle’s Viewpoint: Central bank macro-prudential powers are no panacea
Central banks will take on substantial new macro-prudential supervisory powers in the years ahead. But this is a dangerous experiment, and a step in the wrong direction
IMF paper investigates valuation impacts of geographic diversification
Paper finds shareholders are less able to monitor firm executives in diverse bank holding companies; allows corporate insiders to extract larger private benefits
Norges Bank governor sees ‘bright spots’ in global picture
Despite tough conditions globally, Øystein Olsen says growth in Asia and limited recovery in the US are welcome positives
RBA’s Lowe offers views on economic path for 2012
Reserve Bank of Australia deputy governor sets out thoughts on the country's economic position in 2012
Fed official reports on success of dollar swap lines
Steven Kamin, director of the Division of International Finance at the Fed, tells Senate committee currency swap lines have helped ease dollar funding market; stresses agreements are risk-free
Ukrainian central bank signs agreement with banking association
National Bank of Ukraine agrees to deeper co-operation with Independent Banking Association of Ukraine; two bodies sign memorandum of partnership and co-operation
China prepares for an ‘arduous’ year
Task of maintaining financial stability will be ‘arduous’ in 2012, says People’s Bank of China deputy governor; focus will be on risks from regional banks and non-banking institutions