Monetary Policy
Eurozone crisis catches up with Estonia
Bank of Estonia becomes latest central bank to cut growth expectations; says eurozone crisis could cause a recession in the country
Currency momentum strategies uncovered: BIS paper
BIS working paper on currency momentum strategies finds a large cross-sectional spread in excess returns of up to 10% a year between past winner and loser currencies
Zeti discusses Islamic finance talent development
Governor of Bank Negara Malaysia stresses the importance of talent development in financial services; growing importance of Islamic finance means education is necessary
Debt tolerance has turned decisively, says Carney
Bank of Canada governor Mark Carney says deleveraging process is here to stay; warns if debt restructuring needs to happen, it should be done sooner rather than later
Lessons for monetary policymakers: BoE’s Dale
BoE’s Dale discusses lessons learned in 2011 and tackles concerns and criticisms over quantitative easing
BIS stresses central banks' role in combating global liquidity problems
Bank for International Settlements releases quarterly review; says central banks have the power to limit liquidity crises; study finds QE may not be as effective as was hoped
European uncertainty reflected in central bank decisions worldwide
Germany, Austria, India and South Korea lower growth estimates as a slew of countries hold interest rates; world looks on and waits to see if Europe can agree a solution to the sovereign debt crisis
ECB will fulfil financial lender of last resort role: Constâncio
European Central Bank vice-president Vítor Constâncio says non-standard liquidity measures will help ease bank-funding pressures in eurozone
Sluggish growth outlook forces ECB to take drastic action
European Central Bank lowers rates by 25 basis points as sovereign debt crisis weighs in on growth; Governing Council reveals new liquidity measures to ease funding conditions
SARB issues bleak Quarterly Bulletin
Latest quarterly bulletin from South African Reserve Bank says economy has grown at ‘lacklustre’ pace; inflation hit upper limit of target range in October
Kohn talks of macro-prudential policy ‘infancy’
Donald Kohn tells US audience about the UK’s Financial Policy Committee; explains the “consistent and systematic” application of macro-prudential policies is still developing
Riksbank's Öberg calls for focus on shorter forecast horizons
Riksbank first deputy governor, Svante Öberg, says limitations in analysts’ forecasting beyond one year requires greater emphasis on near-term outlook
RBA cuts rates on fears of global slowdown
Reserve Bank of Australia cuts rates by 25 basis points amid growing concerns over sovereign debt crisis in Europe; analysts consider options available at next meeting
Monetary policy should not be overburdened: ECB’s Stark
European Central Bank executive board member Jürgen Stark says solution to sovereign debt crisis is primarily in the hands of eurozone governments not central bank
ECB paper tests eurozone balance sheet transmission mechanism
European Central Bank study shows central bank balance sheet operations can stimulate economic activity and inflation, but has its limitations
RBI’s Gokarn warns against rising food inflation
Reserve Bank of India deputy governor Subir Gokarn calls for reforms in infrastructure and technology to ease inflationary risks in the future
Japan’s Miyao hammers home macroprudential importance
Speaking in San Francisco, policy board member Ryuzo Miyao explains how Japan is working on ways to better assess risks across the country’s entire financial system
Minneapolis Fed’s Kocherlakota warns FOMC against inflation drift
Minneapolis Federal Reserve president Narayana Kocherlakota says Federal Reserve should formulate a public contingency plan to avoid tolerance of high inflation
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
Vices of monetary policy must be addressed: ECB's Stark
European Central Bank executive board member draws on the ‘virtuous’ and ‘vicious’ relationship between globalisation and monetary policy
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
UK government launches separate easing programme
Bank of England agrees to reduce the maximum size of its Asset Purchase Facility to make way for government’s new credit easing programme; settles dispute over bolstering lending to SMEs
Ex-MPC member says BoE wrong to delay on QE
Former Bank of England external member Sushil Wadhwani disagrees with current rate-setter Martin Weale over when to provide additional stimulus to UK economy
Carney discusses limitations of price-level targeting
Bank of Canada governor Mark Carney says adoption of price-level targets may not be beneficial in periods of turmoil