Monetary Policy
Mersch fears policy-makers are in last-chance saloon
European voters have given policy-makers the mandate to build a better eurozone, but their patience could run out, ECB executive board member says
Opinion: The ECB is in danger of losing its voice
Mario Draghi's primary monetary policy tool - communication - may no longer be enough, says Patrick Artus of Natixis
IMF says Japan's 'aggressive' QQE could be needed for ‘extended period’
The Bank of Japan may have to keep QQE running for ‘an extended period of time’ according to the IMF, and should consider providing forward guidance on its asset purchases
Fed's Lacker highlights 'critical, misconstrued' distinction between monetary and credit policy
Action constitutes monetary policy if quantity of liabilities is altered and credit policy if portfolio composition changes without affecting liabilities, Richmond Fed head says
Monetary policy stance will 'continue to be tight', says Turkish central bank
Central Bank of the Republic of Turkey, which lowered interest rates last week, says slowdown in consumer loans and weak private demand is expected to keep lid on inflation
FOMC's Esther George wants rate lift-off ‘shortly' after end to taper
Kansas City Fed chief says banks are responding to low rates ‘as we should expect' and notes an all-time high of $600 billion of leveraged US loans were issued last year
Zambia warns speculators the kwacha is on the up
Bank of Zambia warns the public not to speculate on the continued fall in the kwacha's value, as economic fundamentals point to appreciation
Fed's Lockhart 'comfortable' with rate liftoff next year
Atlanta Fed president also says weak governance was behind large number of bank failures in southeastern US following financial crisis
BoJ’s Shirai forecasts inflation dip
Sayuri Shirai believes annual CPI inflation will only reach the 2% target at the end of 2016 – making the forecasts more cautious than the BoJ’s baseline
Bank of Korea predicts sharp inflation increase
South Korea’s central bank expects annual inflation to climb above 2.5% in the fourth quarter, suggesting the MPC will turn its attention to rate increases later this year
Bespoke accounting rules a boon for ECB, study finds
Profits are lower but financial buffers bigger than if central bank had adopted the International Financial Reporting Standards framework
Rajan sets out ‘idealistic' vision for international monetary policy co-ordination
RBI governor would in an 'ideal world' establish an impartial arbiter of unconventional monetary policy; Lagarde says global welfare benefits should be quantified
Paul Krugman calls for higher inflation targets at ECB Forum
US academic ruffles feathers at conference in Portugal by arguing that higher inflation targets are more desirable now than they were a decade ago; Ottmar Issing disagrees
Policy-makers wary of ‘hurdles’ to ABS revitalisation
Central bankers and academics agree SMEs need greater access to credit, but dispute whether or not reviving the ABS market in Europe is the right course of action
Draghi flags up eurozone credit constraints
The ECB could help boost lending to SMEs through LTROs if credit supply fails to keep pace with credit demand, Mario Draghi tells Portugal conference
ECB launches new central banking forum
The European Central Bank will open its first forum on central banking in Portugal on Sunday, where 150 central bankers, government officials and academics will debate current policy issues
Jamaica governor expects IMF money in June
Brian Wynter says country is performing well under EFF programme; notes 'continued favourable outlook' for inflation but 'elevated' expectations mean stance remains 'conservative'
Open economy helps Chile brush aside Fed taper, says CBC's Vial
Sound macro-economic principles, an independent central bank and fiscal discipline rules help Chile to ride effects of Fed taper; China slowdown is a bigger risk
Iceland changes monetary policy framework as capital controls set to be lifted
The central bank's overhaul of key instruments in anticipation of balance sheet reduction and lifting of capital controls signals start of policy normalisation six years after crisis
FOMC mulls further tweaks to forward guidance
Committee member floats the idea of replacing inflation target with a price level target to make up for years of undershooting 2% inflation
Turkish rate cut baffles markets as inflation heads for double figures
Turkey's central bank cut rates today despite inflation of almost double the target level; deputy governor tells CentralBanking.com the focus must return to price stability
Bank of England minutes reveal 'variety of views' on monetary policy path
Emphasise 'gradual and cautious' move on interest rates, though 'for some members' the monetary policy decision is becoming 'more balanced'
New York's Dudley advocates BoE approach to QE exit
New York Fed's William Dudley wants to get off zero lower bound before ending reinvestments in QE assets, the approach favoured by the Bank of England's Mark Carney
Croatian National Bank knows best on FX policy, IMF finds
Croatia's central bank stuck up for its exchange rate policy in Article IV discussions with the IMF, which conceded the bank knew best on a range of issues