Financial Stability
Worldwide warnings of escalating risk
International Monetary Fund and European Systemic Risk Board caution authorities over worldwide risk dangers; urge swift and decisive action
Debt tolerance levels in Central America: IMF paper
Fund study shows level of debt reduction needed to achieve investment-grade credit-rating status
Greece talks with Troika back on track
Negotiations over Greece‘s sixth tranche of bailout funds are set to resume as Troika leaders agree to return to Athens
ECB policy would shatter big CCPs, critics warn
Plans to have CCPs based in the jurisdiction of the currency they clear would pull apart multi-currency services, experts warn, after UK Treasury challenges ECB
NBD paper assesses impact of credit card surcharge on cash payments
National Bank of Denmark study shows new credit card surcharge did not cause shift towards greater cash payments
Canada’s Carney points to some optimism from global outlook
Bank of Canada governor Mark Carney says there are significant growth opportunities for Canada despite deterioration in global economic outlook
IMF World Economic Outlook piles on the gloom
Latest World Economic Outlook lowers global growth estimates; warns Europe and US policy-makers not to let problems get out of hand
Video: BoJ’s Hiromi Yamaoka on the failure of global rulemakers to learn from Japan’s ‘lost decade’
Hiromi Yamaoka speaks about new recovery and resolution plans, the strength of the Japanese banking system and why he’s not worried about spiralling government debt
Liquidity provision focus for new international reform plan
New Centre for Economic Policy Research report puts forward reform plan; focuses on liquidity provision and calls for greater IMF powers
G-20 reforms complex but necessary: Canada’s Lane
Bank of Canada deputy governor discusses merits and disadvantages of creating new Candian central counterparty in light of G-20 reforms to financial infrastructure
US and Japan generate largest spillover effects: IMF paper
Fund study finds slow-growing countries benefit most from growth spillover effects from US and Japan
BIS calls for greater vigilance over sovereign risks
Bank for International Settlements Quarterly Review warns weaker global growth outlook risks fuelling sovereign debt crisis
IMF concern over ‘critical juncture’ of programme in Greece
IMF rejects criticism of economic programme to date; highlights areas that need attention to ensure recovery
Regaining confidence essential to euro crisis solution: Finland’s Liikanen
Bank of Finland governor Erkki Liikanen says implementation of European Financial Stability Facility good first step to restoring credibility
Greece tranche decision delayed till October: Juncker
Eurogroup chairman Jean-Claude Juncker says decision to release sixth bailout tranche to Greece will be delayed until October; sovereign may default sooner than expected, says analyst
Financial openness provides incentive for remittances: Netherlands Bank paper
Netherlands Bank study shows greater financial openness attracts higher levels of remittances
Bank veterans identify challenges to macroprudential policy
Bank of England paper co-authored by Andrew Large and Alastair Clark highlights difficulties in developing macroprudential policy toolkit; identifies conflicts with monetary and regulatory policy
Former deputy chairman charged over Securency scandal
Bill Lowther to appear in court next week on charges of bribery; latest development in ongoing Securency corruption scandal
Housing bubble fuelled by light-touch regulation: IMF paper
Fund study shows light-touch regulation of independent mortgage originators fuelled the US housing bubble
ECB's Bini Smaghi on overcoming moral hazard problems
European Central Bank executive board member Lorenzo Bini Smaghi says delicate balance should be kept between maintaining credibility and ensuring stability
Euro climbs as major central banks boost dollar liquidity
Bank of England, Bank of Japan, European Central Bank and Swiss National Bank to offer three-month loans to market; euro moves higher against the dollar but nearly breaks Swiss franc floor
IMF paper identifies most systemically important jurisdictions
Fund study says risk-based surveillance should focus on systemically important jurisdictions
NY Fed paper identifies causes of US housing bubble
New York Federal Reserve study shows US housing boom was driven by lower lending standards and overly optimistic investors
Domestic factors major contributor to global crisis: ECB paper
European Central Bank study says contribution of systemic contagion effects from US markets towards global crisis are overplayed