Monetary Policy
South Korea monetary policy talks between government and central bank
Finance ministry official meets with central bank deputy governor to discuss macroeconomic policy; fears central bank may be losing independence
BoE paper identifies drivers of energy price volatility
Bank of England study says risk premium and productivity shocks operated in inverse directions on inflation in the UK
Philippines introduces new financial reporting rules
Central Bank of Philippines revises guidelines on financial reporting to improve stability of financial institutions; new rules bring Philippines into line with international standards
Azerbaijan releases new strategic plan
Document sets out response to changing economic climate; highlights nine targets for supporting macroeconomic stability and growth in the country
Bank of Canada – Monetary Policy Report (July 2011)
Bank of Canada July 2011 Monetary Policy Report shows economy set to continue expansion despite slowdown in demand
Global outlook has deteriorated: Sarb’s Marcus
South African Reserve Bank governor Gill Marcus pins gloomy global economic outlook on events in Europe and United States
Singapore announces large loss
Monetary Authority of Singapore reveals annual net loss of S$10.94 billion ($9 billion); strong local currency to blame
QE2 reduced deflation threat: NY Fed’s Sack
New York Federal Reserve executive vice-president Brian Sack says the risk of deflation in the US diminished significantly following the Fed’s second quantitative easing programme
Greece crisis dominates RBA minutes
Reserve Bank of Australia minutes shows policy board left interest rates on hold amid continued uncertainty over Greece
Sri Lanka ponders 'fit and proper' tests for non-bank lenders
Bill is pending that would introduce ‘fit and proper’ tests for senior executives of non-bank lenders
European Commission unleashes region-wide capital requirement proposal
Commission sets out plans to 'change the behaviour of the 8,000 banks that operate in Europe'; rules limit member states’ right to legislate on capital requirements
BoJ’s Yamaguchi on the battle against deflation
Bank of Japan deputy governor Hirohide Yamaguchi says deflation trend in Japan must be overcome by strong long-term growth
BoE minutes revise upward inflation peak
Bank of England Monetary Policy Committee minutes show inflation could peak higher and sooner than originally expected
Renminbi will not be ready to join SDR in 2015: CentralBanking.com panel
Panellists tell Robert Pringle they believe 2015 will be an important year in the internationalisation of the renminbi; currency will not be included in reweighting of SDR
Inflation expectations in euro area broadly stable: BIS paper
Bank for International Settlements study says long-term euro area inflation expectations have so far remained well-anchored during sovereign crisis
Exogenous financial shocks should factor into monetary policy: Dallas Fed paper
Dallas Federal Reserve study says exogenous financial shocks should be incorporated into monetary policy decisions
BoE makes gains on QE assets
Bank of England’s Asset Purchase Facility Fund reports £9.8 billion increase in value of balance sheet; gains channelled to UK government in form of indemnity
BoJ minutes highlight concerns over shortage in nuclear energy
Bank of Japan minutes warn delay in resumption of nuclear energy plants may require more 'conservative' growth forecast
Kenya reverses rate decision
Central Bank of Kenya reverses earlier rate increase on overnight discount rate but imposes restrictions on its discount window; analysts say measures amount to tightening in monetary policy
ECB paper highlights differences in EU real wage flexibility
European Central Bank study shows real wages are more flexible in Central and Eastern European economies than euro area countries
Markets respond positively as Bernanke says US is ready to act
Federal Reserve chairman Ben Bernanke says US has a “number of ways” it could ease financial conditions if necessary; markets respond postitively
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
Iceland paper reviews monetary policy in turbulent times
Central Bank of Iceland study shows banks’ price setting behaviour and inflation expectations have been negatively impacted by banking crisis
BoE identifies deficiencies in central banks’ monetary policy frameworks
Bank of England deputy governor Charlie Bean says central banks must review their monetary policy frameworks to include a more prominent role for financial intermediaries