Financial Stability
Our outdated global monetary regime must go
From its roots in post-war reconstruction, the current international monetary system has evolved into a regime fundamentally unsuited to the realities of today's global economy. But it cannot last, writes Ousmene Mandeng
Sub-Saharan Africa faces severe slump, IMF warns
The International Monetary Fund warned on Tuesday that economies in sub-Saharan Africa were facing a "severe downturn" and called for a strong public-policy response both domestically and internationally.
IMF's Kato: speed up governance reform
The International Monetary Fund should accelerate reform of its governance structure to better reflect global realities, said Takatoshi Kato, a deputy managing director of the Fund.
Banks back to deposit funding - Norway's Gjedrem
Deposits must again take precedence as the largest funding source for banks, said Svein Gjedrem, the governor of the Norges Bank.
BIS data show derivatives market contracting
The rapid growth of the derivatives market reversed in the wake of the collapse of now-defunct investment bank Lehman Brothers - an event which revealed the fragility of the industry - data from the Bank for International Settlements (BIS) out Tuesday…
Fed outsources in-house cheque images system
The Federal Reserve has decided to migrate its archive of cheque images to a private provider in an effort to reduce costs.
Bank concerned on clarity of stability role
The Bank of England on Monday called for more clarity on and greater powers to fulfil its financial stability mandate.
Iceland MPC member: too many men led to bad banks
A member of the Central Bank of Iceland's recently-founded Monetary Policy Committee has said that an overabundance of "male bankers high on testosterone" taking "too much risk" was one of the reasons why financial professionals behaved so badly in the…
Switzerland's Jordan: too-big-to-fail a priority
The solution of the too-big-to-fail problem is the main task for Swiss financial regulators, said Thomas Jordan, a member of the country's central bank's governing board.
Turkey's strength is its financial system: Yilmaz
The key factor enhancing the resilience of Turkish economy to the global crisis is the stability achieved in Turkey's financial system, said Durmus Yilmaz, the governor of the country's central bank.
More payment systems caused cheque decline
The decline in cheque use occurred mainly via an increase in the number of payment instruments per consumer, a new paper from the Boston Federal Reserve reveals.
Norwegian payments system passed crisis test
Norges Bank's payments system successfully handled the challenges posed by the financial crisis, the central bank said on Thursday.
Spain's Ordoez analyses pro-cyclicality
Miguel Fernandez Ordoez, the governor of the Bank of Spain, gave an outline of the effects of pro-cyclicality in the banking system, summarising first the guidance offered by Basel II to mitigate its effects.
Chile can mitigate the effect of the global crisis
Recent research by Jose De Gregorio, the governor of the Central Bank of Chile, maintains that although Chile can naturally not escape the effects of the global crisis, it is in a good position to mitigate them.
Global monetary reform our biggest challenge: King
Reform of the international monetary system is the biggest challenge facing the world today, Mervyn King, the governor of the Bank of England, said on Wednesday.
Statistics hole plugged with securities guide
In response to calls from officials from around the globe, a comprehensive data set for international securities markets has been compiled by statisticians at the Bank for International Settlements (BIS), the European Central Bank (ECB) and the…
Basel Committee advises on cover payments
The Basel Committee on Banking Supervision on Tuesday issued its final guidelines on cover payment messages related to cross-border wire transfers, which can be used for money laundering and terrorist financing.
Learning from previous financial crises
Research by Kenneth Rogoff and Carmen Reinhart finds that financial crises in rich countries have much in common with those in emerging markets.
CNB's Tuma calls for cross-border supervision
Zdenek Tuma discusses the future of financial regulation and the prospects for joining the euro
Fed's Lacker blames safety net for crisis
A senior Federal Reserve official has said that the implicit guarantee that the government would step in and save those institutions deemed too big to fail was a key cause of the current economic malaise.
LatAm leaders pledge $7bn to Bank of the South
Leaders from seven of Latin America's biggest economies have agreed to provide $7 billion as start-up capital to the Bank of the South, a proposed regional counterweight to the Washington-based Bretton Woods institutions.
NY Fed's Dudley to fill Geithner's boots at CPSS
William Dudley, the president of the New York Federal Reserve who took over from Tim Geithner earlier this year, will also replace his former boss as chairman of the Committee on Payment and Settlement Systems.
US experience so similar to ours: Japan deputy
The current situation in the United States bears a "remarkable resemblance" to Japan's lost decade, Kiyohiko Nishimura, a deputy governor at the Bank of Japan, has said.
US payments systems still evolving
Research by the Kansas City Federal Reserve looks back at some early payments systems and examines their status today and where they may be heading.