Monetary Policy
Greek paper emphasises differing eurozone conditions
Research by the Bank of Greece analyses the financial conditions of countries in the eurozone; finds differences pre- and post-crisis
Chilean minutes reveal positive developments
Minutes from the Board of the Bank of Chile’s September monetary policy meeting reveal improved view of external impacts on domestic demand; concern about growth sustainability
National Bank of Moldova seeks confidence boost with five-year plan
The first strategic plan formed by the National Bank of Moldova aims to improve public perception of the central bank and strengthen the financial system
IMF paper considers monetary union risks
Research published by the IMF compares the trading benefits and stability costs of entering a monetary union; highlights flaws in Emu set-up
Reserve Bank of Australia unexpectedly cuts rates
Board of Australian central bank lowers benchmark interest rate following weaker growth outlook as inflation falls further below target rate
Bernanke defends Fed’s loose monetary policy
Ben Bernanke says Federal Reserve’s accommodative stance, including a third round of quantitative easing, is justified; denies Fed is encouraging poor fiscal policy-making
Bank of Uganda rejects legal challenge over NBC seizure
Ugandan central bank questions the legitimacy of court order blocking its takeover of a commercial bank and the subsequent sales of its assets
Former ECB board members say OMTs are outside central bank’s mandate
Otmar Issing and Jürgen Stark both criticise ECB bond purchase plans in separate interviews; Issing calls political union a ‘dangerous idea’
Emerging markets in the dark over credit inflows, says Chilean governor
Rodrigo Vergara says the standard inflation-targeting framework may be unable to mitigate credit inflows; says there is uncertainty over alternatives
Contractionary monetary policy increases wealth spread, says Philadelphia Fed paper
Philadelphia Fed study considers impact of contractionary monetary policy shocks on different segments of the population; finds imbalance between the wealthiest and others
IMF paper examines eurozone current account imbalances
IMF study investigates causes of current account deficits in some eurozone countries; weighs up internal and external factors
Ugandan deputy governor explains decision to nationalise NBC
Bank of Uganda takes over commercial bank after prolonged period of losses; Louis Kasekende says there was no other choice
Zambian deputy governor wants greater female inclusion
Tukiya Kankasa-Mabula says improving female financial inclusion will help unlock higher growth potential; calls for women to take the initiative
Sarb paper establishes new inflation measure
South African Reserve Bank research reveals alternative measure of core inflation; designed to remove elements of ‘noise’
Czech National Bank cuts rates to record low
Governing board votes to cut rates to historic low in face of persistent weakness in the economy; possibility of unconventional policy measures if low growth continues
ECB’s Draghi defends OMTs to German audience
European Central Bank president Mario Draghi stresses bond purchase plans are within the central bank’s mandate; says there are signs reforms are working
‘Financialisation’ of commodities markets in reverse, says Canada’s Lane
Bank of Canada’s Timothy Lane says bank deleveraging could lead to a reversal of the close ties in recent years between financial and commodity markets
BoE’s Fisher details progress on ‘funding for lending’ scheme
Bank of England MPC member Paul Fisher reveals the initial uptake of UK ‘funding for lending scheme’; says impact difficult to judge
Research warns of global liquidity trap
Smithers & Co report says quantitative easing unlikely to boost demand due to worldwide liquidity trap; calls for fiscal stimulus but says such action is not expected
Mexican deputy governor discusses high-inflation risk
Manuel Sánchez explains why inflation has risen above target and considers the future challenges that may prevent it converging
Reserve Bank of New Zealand annual report details foreign exchange losses
Reserve Bank of New Zealand annual report outlines 'sluggish' growth rates and foreign exchange losses, but predicts an increase in future economic activity
Norges Bank’s Olsen warns of overburdening monetary policy
Øystein Olsen says there are limits to what can be achieved with just policy rate changes; draws distinction between Norwegian monetary policy and easing measures taken elsewhere
King defends record in first live interview
Bank of England governor justifies missed inflation targets, redistributive impact of quantitative easing and design of banking regulation in first live extended television interview
New governor signs revised policy target agreement in New Zealand
The Reserve Bank of New Zealand’s policy targets agreement will come into effect on the same day Graeme Wheeler takes over as governor; document includes "stronger focus" on financial stability