Monetary Policy
France’s Noyer on failures of dealing with asset bubbles
Bank of France governor Christian Noyer admits to shortcomings in pre-crisis monetary policy framework towards asset-price bubbles
BoE paper reviews international transmission mechanism
Bank of England study says shift in international monetary transmission mechanism in 1990 corresponds to changes in United Kingdom’s monetary policy framework
Central banks in 'uncharted waters', Lamfalussy tells ACI Congress
Former BIS chief recognises challenges facing central banks, but praises the ECB for its performance during the financial crisis
Loose monetary policy contributed to commodity boom: BoJ paper
Bank of Japan study says sharp rise in commodity prices was driven by higher demand and accommodative monetary conditions
Interest rate less volatile with more transparency: NY Fed paper
New York Federal Reserve study says greater central bank transparency reduces interest rate volatility
Fed took 'gamble' with QE: Reinhart
Federal Reserve former director of monetary affairs Vincent Reinhart pins volatile oil prices on Fed’s quantitative easing programme
RBI wants new law to better regulate financial companies
Reserve Bank of India working group wants all large financial groups to be governed by new financial holding company structure; central bank would serve as regulator
Vote to inject further QE defeated: BoJ minutes
Bank of Japan minutes show measure to raise asset purchases by ¥5 trillion was voted down by majority
OECD calls for Fed and BoE to hike rates
OECD says close-to-zero policy rates in advanced countries are no longer needed; urges Federal Reserve and Bank of England to start raising rates
Ireland clears way for greater central bank power
New Bill allows central bank to step in when banks are “failing or likely to fail”; will be able to shift assets to other institutions or replace management at a troubled bank
ECB’s Bini Smaghi warns of maturity mismatch from low interest rate environment
European Central Bank executive board member Lorenzo Bini Smaghi says low short-term interest rates risk are leading to over-leveraging in shadow banking
Bank’s Fisher explains low bank rate levels
Bank of England executive director for markets, Paul Fisher, says not much could have been done by central bank to address inflationary pressures
UK financial markets and policies under fire
Parliamentary hearings attack the Bank of England set-up, financial stability reform and commission proposals
Malta establishes financial stability forum
New forum includes members from authorities and key stakeholders in financial services industry; governor wants to ensure crisis never comes to Malta
Central banks risk amplifying tightening cycle
Working group review on sovereign debt management issues warns that lack of communication between central banks and debt managers risks amplifying tightening cycles
Crisis measures improved financial market conditions: Chicago Fed paper
Chicago Federal Reserve study shows Fed crisis measures led to significant improvement in financial market conditions
Fed minutes reveal split over exit strategy
Minutes from Federal Open Market Committee meeting show division among ranks over monetary policy exit strategy
Asean countries no longer behind the curve: Singapore’s Menon
Monetary Authority of Singapore managing director Ravi Menon says Asean countries are no longer behind the curve on monetary policy
BoE minutes: little evidence of wage-price spiral forming
Bank of England minutes say high levels of inflation are not feeding into inflation expectations and wages
Europe must share blame for sovereign debt crisis: ECB’s Stark
Stark says European Monetary Union failures contributed to situations in Greece, Ireland and Portugal; calls for end to emergency stimulus policies
Interest rates can only dampen systemic risk: Norway’s Olsen
Norges Bank governor Øystein Olsen says interest rate rise could have dampening effect on build-up of systemic risks but price stability remains primary objective
UK inflation climbs to 4.5%
CPI inflation rises to 4.5% in April due to higher transport costs; prompts Bank of England governor Mervyn King to send sixth consecutive letter to chancellor
Monetary policy, a fine balancing act: Sweden’s Ingves
Riksbank governor Stefan Ingves says policymakers must maintain balance between theory and practice in monetary policy decisions
South Africa inflation set to exceed target range
Monetary Policy Committee statement reveals South African Reserve Bank’s fears over inflation