Monetary Policy
EXCLUSIVE: Finger-pointing masks officials’ failures, says Sarb’s Marcus
South African Reserve Bank governor Gill Marcus says knee-jerk reforms ignore failure of policymakers to raise standards before crisis; sober, measured approach to reform only credible way forward
Caruana’s three policy challenges
Bank for International Settlements’ general manager outlines the key problems with which policymakers must grapple
Hawkish BIS warns on dangers of ultra-low rates
Bank for International Settlements says degree of slack likely to be smaller than suggested by output gap models
US lawmakers seal deal on reform bill
Members of the House of Representatives and Senate conclude the conference process; text includes part of the Volcker rule, surprise bank levy, and stronger-than-expected Fed audit clause
Bank’s pledge to support growth could face internal resistance
Government repeats promise of loose monetary and tight fiscal policy even as officials within the Bank of England make the case that inflation is getting out of hand
Bank of Mexico: prices heterogeneous between sectors
Bank of Mexico study on price movements shows that prices vary considerably across sectors, with contrast greatest between unregulated and regulated sectors
Kenya’s Ndung’u: long term financing key to housing sector growth
Kenyan central bank governor Njuguna Ndung’u says Finance Bill 2010 provisions will create long term financing and address excess demand for housing in Kenya
Russian FX regime change ties rates closer to Europe: Bank of Finland
Bank of Finland study shows Russian interest rates moved more in line with Europe than the United States, following overhaul of exchange rate basket
Iceland poised to lift all capital controls
Central Bank of Iceland says full liberalisation could begin at the end of July, as króna continues to soar and inflation falls closer to target; draws on bilateral credit lines to boost reserves
Bank’s Sentance in shock call to raise rates
Arch hawk argues inflation risks warrant quarter-point hike in rates
Riksbank study finds rate-setting board too large
Riksbank study on monetary policy committees finds Sweden’s Executive Board is not as effective with six members
Rate-setters decide on premise rather than conclusion: Riksbank
Riksbank research shows decisions based on premise rather than conclusions are preferred during tied Monetary Policy Committee votes
Bank of Spain proposes more efficient stress test method
Bank of Spain study explores new methods of stress testing that identifies more harmful risks to previously unscreened institutions
Markets rejoice as Beijing reverts to managed float
Investor risk appetite soars as China drops the renminbi’s rigid dollar peg; analysts say Beijing’s policy shift sparked by potential benefits, rather than international pressure
Cyprus's Orphanides: central banks in best position to supervise risks
Cypriot central bank governor Athanasios Orphanides says central banks are in best position to oversee macroprudential risks
Sri Lanka's Cabraal gets second term
Sri Lankan central bank governor Ajith Nivard Cabraal gets a further six years at the helm; credited with bringing inflation back under control
Central Bank of Peru - Annual Report (2009)
Peruvian central bank's 2009 Annual Report shows country recorded modest growth
Fed could win fight on monetary policy audit: reports
Media reports saw lawmakers in Congress's lower house could relent on forcing monetary policy decisions to be audited, as lawmakers work to forge swift agreement
Bank’s Posen stoutly defends ECB bond purchases
Bank of England rate-setter Adam Posen slams critics who claim bond purchases will impinge upon central bank’s independence; says given low interest rates, bond purchases are essential monetary policy tool
RBA minutes show central kept rates unchanged over euro fears
The Reserve Bank of Australia’s board kept rates on hold at 4.5% amid uncertainty over Europe’s fiscal position
Bank of Japan details direct lending programme
Central bank outlines $33 billion quasi-fiscal programme to support economic growth; analysts say measure is a political gesture
External debt could prove perilous: NZ’s Bollard
Reserve Bank of New Zealand governor Alan Bollard cautions that the country faces external debt imbalances; calls for deficits to be slashed below 5% of GDP
BoE survey shows inflation expectations have hit fresh high
A Bank of England survey shows inflation expectations in the United Kingdom increased to a new 21-month high
Korea's Kim joins push for update to central banks' mandates
Bank of Korea governor Kim Choong-soo calls for rethink on attachment to price stability; says central banks should be equally observant of financial stability