Governance
European Commission begins legal action against Hungary
European lawmakers launch accelerated infringement proceedings against Hungary regarding the independence of its central bank; Budapest has one month to respond or risks financial penalties
BoE rejects proposals to revamp court
Bank of England dismisses Treasury Select Committee’s recommendations to replace its court with a new supervisory board; proposes establishment of new Oversight Committee for financial stability
Eulex drops corruption charges against former Kosovo governor
Central Bank of the Republic of Kosovo former governor Hashim Rexhepi freed after European Union prosecutors end case
Thailand’s Trairatvorakul calls for commitment to Asean community goals
Bank of Thailand governor Prasarn Trairatvorakul says success of Asean Economic Community will depend on members’ willingness to promote free flow of trade
New chair for Basel Joint Forum
Basel-based Joint Forum on issues common to the banking, securities and insurance sectors selects new head
Fed’s Plosser supports numerical inflation objective
Philadelphia Federal Reserve president Charles Plosser says Fed seeks to clarify longer-run goals and monetary policy decision-making process
Fed appoints new special adviser
US Federal Reserve board chooses Johns Hopkins University professor Jon Faust as a special adviser
Investigation into governing board could delay Swiss governor selection
Thomas Jordan firm favourite to succeed as governor; decision not expected soon as investigation into senior staff's finances continues
Williams welcomes greater transparency at the Fed
San Francisco Federal Reserve president John Williams says he supports steps to make the Fed’s long-term policy goals more explicit
Lesotho appoints governance trio
Central Bank of Lesotho announces appointment of new governor and two deputy governors
Malawi awaits new deputy governors
President Bingu wa Mutharika yet to appoint candidates for two vacant deputy governor positions at Reserve Bank of Malawi; means empty seats in monetary policy committee meetings
New appointments for two Basel-based committees
Agustín Carstens, governor of the Bank of Mexico, and William Dudley, president of the Federal Reserve Bank of New York, take on positions on international committees
Hildebrand succumbs to pressure and resigns
Governor of the Swiss National Bank steps down; mounting political pressure follows uproar over wife’s currency trading activities
Central Bank Directory highlights rise in female central bank governors
Four new female governors takes worldwide total to 12; Central Bank Directory also notes 4.1% increase in central bank staff in European Union
Norges Bank paper on central bank independence in the post-war era
Norges Bank case study shows central banks in the UK and Sweden had a higher degree of operational independence than Norway, despite its legal autonomy from government
Fed 'very close' to adopting inflation target, says Bullard
St Louis Federal Reserve president says FOMC nearing agreement to introduce inflation targeting in US; move is part of effort to improve transparency at the Fed
Clarity in central bank communications remains strong: Netherlands Bank paper
Netherlands Bank study shows central banks communicate policies effectively, despite high degree of uncertainty and less favourable inflation outlook during recent years
Praet named ECB’s de facto chief economist
European Central Bank executive board member Peter Praet will take over economics responsibilities at central bank
Banque de France to slash personnel numbers
Banque de France to replace only 50% of retirees in attempt to lower staff numbers; 2,500 posts to be lost by 2020
Hungary passes controversial central bank bill
Hungarian parliament votes in favour of amendments to National Bank of Hungary law; central bank warns that law presents serious threat to economy
Lithuania overhauls banking supervision
New streamlined financial markets supervision body will save government $1.9 million a year; economist in charge of new Supervision Service
Zambian parliament ratifies new governor
Zambian politicians agree on candidate to take over the role of governor of the central bank; Michael Gondwe fills void at top of the institution