Monetary Policy
Vietnam devalues dong and raises rates
Vietnam devalues currency and tightens policy after government stimulus feeds inflationary pressures
Zero lower bound may have cost US $1.7 trillion
San Francisco Fed’s John Williams argues zero bound on interest rates has had negative effect and could continue to do so
Reserve Bank of Australia – Monthly Bulletin (November)
RBA’s monthly bulletin contains articles on capital flows, IMF funding, and speeches by the governor and two deputies
US disinflation more likely than inflation: Fed’s Rosengren
Boston Federal Reserve’s Eric Rosengren sees inflation risks to the downside
Architects of euro point to “unfinished business”
The men behind the euro gathered in the French capital last week to mark the currency’s first decade. Robert Pringle, the chairman of Central Banking Publications, reports.
Bank pushes for corporate-debt expansion
Senior Bank of England officials want greater role for debt markets to enable smaller companies to bypass banks for funds
Kenya cuts by 75 basis points
Central Bank of Kenya chops three-quarters of a point off benchmark rate
UAE’s banks liquid since April: Al-Suwaidi
Central Bank of United Arab Emirates’ Sultan Bin Nasser Al-Suwaidi describes measure that helped the country to weather spillovers from turmoil
DSK: to counter carry trade EMEs must act
Managing director of the International Monetary Fund places onus on emerging economies; advocates capital controls as part of toolkit to counteract dollar carry trade
Bank paper outlines macroprudential tools
Bank of England discusses possible forms of countercyclical capital buffers; highlights potential problems
Israel makes surprise hike on inflation fears
Bank of Israel’s Fischer raises key rate to 1% from next month; cites a jump in inflation expectations even with rate hikes factored in
Hungary shaves by 50 bps as expected; widens rate corridor
National Bank of Hungary cuts key rate to 6.5% as indicated; widens rate corridor citing better market conditions
South African Reserve Bank - Monetary Policy Review
SARB report explains that downside risks to inflation from poor output and expenditure figures underpinned rate cuts between May and August
ECB’s Bini Smaghi urges emerging Asia to hike rates
European Central Bank executive board member calls on region to recognise that it should be the first to tighten policy
Roth praises SNB’s monetary policy
Swiss National Bank’s Jean-Pierre Roth says the central bank has fulfilled its mandate for the past decade
Turkey trims by quarter point
Central bank sticks to October hints by reducing size of cuts; OECD and government data show growth will pick up but unemployment still high
Czech National Bank – November Inflation Report
Monetary policy relevant inflation will be below headline inflation, which is expected to reach just above 2% towards the end of next year
OECD hikes growth forecasts
Paris-based organisation raises its growth forecasts for next year and publishes 2011 expectations, citing the momentum of the recovery in non-members such as China
Opposition leader slams RBNZ’s inflation-targeting focus
New Zealand’s main opposition leader says his party will withdraw support for the central bank’s inflation targeting framework
Bank balances set to stay above pre-crisis levels: Fisher
Bank of England’s markets chief says firms likely to hold higher reserve balances at central bank
Euro an anchor of stability: Austria’s Nowotny
Austrian National Bank’s governor says euro-area economic activity could surpass the US
ECB’s Tumpel-Gugerell: rushing euro adoption no fix
European Central Bank’s Gertrude Tumpel-Gugerell says Central and Eastern European countries must fulfil Maastricht criteria to adopt euro
Three-way split in Bank’s November QE decision
Minutes reveal calls for both a larger expansion and no change
Fed’s Bullard: rates could stay on hold until 2012
President of St Louis Federal Reserve says rates would remain at record lows for next two-and-a-half years if behaviour after previous recessions is repeated