Monetary Policy
Lagarde: monetary and fiscal policy must nurture eurozone back to growth
IMF managing director Christine Lagarde warns Europe of vicious cycle of economic decline if low inflation, high debt and high unemployment persist
South Sudan to East African Community: ‘do not reject us’
East African Community sends 'high level technical mission' to South Sudan in first step of a accession process which it expects will be 'tedious'
Fed's Fisher warns macro-prudential ‘Maginot Line' will not keep out another crash
Dallas Fed president Richard Fisher says macro-prudential policy will not be enough to preserve financial stability - calling for a shrinking of the Fed's balance sheet starting in October
Riksbank minutes reveal dispute over IMF and BIS advice
Top Swedish central bankers debate the relevance of IMF and BIS advice for monetary policy to fight financial instability; question value of input from officials that do not set policy themselves
Yellen endorses calls for ‘community banker' on Fed board
Fed chair Janet Yellen says legislating to earmark seats on the board would be a mistake, but agrees the board would be improved by the addition of a community banker
RBA sees subdued wage growth ‘for some time’
Minutes from latest board meeting reveal discussion on labour market; board members say conditions have improved ‘a little’ but wage growth remains ‘subdued’
Lockhart needs higher wage growth and participation before raising rates
Atlanta Fed president says firmer wage growth and a higher participation rate are needed before the Federal Open Market Committee should raise interest rates
IMF steps up call for QE in Europe
The European Central Bank should launch a large-scale asset purchase programme if inflation does not pick up; IMF staffers untroubled by risk of asset bubbles
ECB finds Phillips curve 'insufficient’ to forecast inflation
Article in latest ECB monthly bulletin finds evidence of a ‘curve-type relationship’ between inflation and economic slack, but the specification is ‘subject to considerable uncertainty’
Central banks wrong to try and close output gap, says RBNZ's McDermott
Reserve Bank of New Zealand assistant governor John McDermott says the role of monetary policy is to keep inflation predictably low, not try and boost output
Fed set to finish taper in October
FOMC mulls decision on whether to raise Fed funds rate or shrink balance sheet first before year-end; fears either strategy could jeopardise Fed's communication efforts
Draghi: structural reforms are too important to leave to member states
Mario Draghi calls for new European rules that would compel eurozone member states to reform their economies; Benoît Cœuré describes it as ‘convergence process 2.0’
Malawi cuts policy rate in line with falling inflation
Less pressure on prices and a more stable exchange rate meant an even bigger cut was on the cards, but the MPC preferred to wait and see what the budget brings
Noyer backs ECB minutes to shed light on ‘complex’ monetary policy
Banque de France governor Christian Noyer explains why the ECB should start publishing accounts of its monetary policy discussions, but stresses need to preserve ‘collegiality’ on the council
Kenyan central bank launches new interest rate
Kenyan banks are required to use a new base rate when pricing loans; central bank thinks it will boost the supply of credit to the private sector but observers are sceptical
FOMC members offer conflicting takes on US inflation path
Jeffery Lacker says inflation is moving closer to the Fed's 2% target, while Narayana Kocherlakota warns reaching it may take another four years
Colombian monetary policy-makers ignore World Cup effect
Decision to raise interest rates attributed to rising inflation expectations - which were not put down to the country's footballing success
OECD warns taper hits developing-world growth prospects
Paris-based club of advanced economies warns taper will combine with declining commodity cycle and anaemic eurozone growth to hurt the growth prospects of developing countries
Nakaso backs BoJ to exit QQE smoothly
Bank of Japan the only central bank with experience in exiting QE; Hiroshi Nakaso says it has an ‘extensive’ range of instruments at its disposal
Lautenschläger sees TLTROs impacting real economy from next year
Executive board member warns targeted lending programme will ‘take longer’ than other policies to work through economy; markets question whether banks will demand the estimated €1 trillion
Luxembourg paper busts myth of money ‘parked’ with central banks
Researcher at the Central Bank of Luxembourg argues the increase in central bank deposits in the Eurosystem is not a reflection of banks’ lending habits
Thai governor stresses value of independence
Prasarn Trairatvorakul calls on the new Thai government to ‘protect’ the central bank’s independence, which he describes as ‘the very source’ of its credibility
Lagarde highlights threat of renewed EM volatility
IMF director lauds ECB assault on low interest rates and highlights importance of central bank communication as Federal Reserve continues to taper
Central bankers insist rates are staying put as BIS faces ‘loss of credibility'
Haldane says risk 'migration' could create a more robust financial system; Yellen, Draghi and Cunliffe believe monetary tightening would be the wrong way to turn