Financial Stability
BIS calls for new paradigm in economic policy
Annual report argues broken international monetary system and low productivity reflects failure to ‘come to grips’ with how financial and real economies interact, domestically and globally
Carney says regulations may have gone too far
It is time to ‘take stock’ of financial regulations to ensure they are not imposing unintended consequences, Bank of England governor says
Philippines central bank to implement Basel III liquidity rules
Central bank governor Amando Tetangco says local banks ready for the new rules
Fed’s Powell lays out payments reform priorities
Jerome Powell highlights four areas in which US payments need to improve as work begins to upgrade the economy’s payment systems
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Zeti urges central banks to ‘call the shots' on financial regulation
Bank Negara Malaysia governor makes the case for giving central banks regulatory powers over financial markets during Central Banking interview
US rules on foreign banks criticised by SRB’s König
Elke König, head of the eurozone's bank resolution authority, says US requirements for foreign banks to have a local holding company run counter to the single point-of-entry approach to resolution
Fischer: more research needed on stress testing
Fed vice-chair sees room for improvement in the design of stress testing; NY Fed’s McAndrews fleshes out possible research agenda
Radical rethink of central banking is still possible
Bank of Canada governor Stephen Poloz's call for central banking to be "reinvented" is a timely reminder that others need to heed
Greece closer to default as creditors throw out latest proposals
Leaked copy of counterproposal by Greece’s creditors complete with red-inked changes shows agreement as far away as ever, with less than a week until major IMF repayment
German life insurers vulnerable to interest rate shock, research warns
Discussion paper finds life insurers could have experienced a policyholder run in 2013 if interest rates had risen 2.1 percentage points; says QE might make it hard for insurers to protect themselves
Central Bank of Nigeria excludes importers from FX markets
Latest bid to relieve pressure on the naira sees wide range of importers and those looking to invest in foreign currency bonds and equities banned from making foreign exchange transactions
Central Bank of the Philippines receives international remittances award
Filipino central bank secures award by World Bank, European Commission and the United Nations for its efforts to broaden and deepen the country's financial markets
Bank Indonesia cracks down on ‘cash back' transactions
Central bank signs agreement allowing payments industry to seize card readers from merchants offering customers cash through fake credit card purchases
IMF paper finds foreign investor base crucial for EM sensitivity to shocks
Working paper finds emerging markets that rely more on international funds and global banks are more sensitive to ‘global push factors’ such as US monetary policy
BoE’s Cunliffe sees more efficient UK firms in coming years
Deputy governor justifies MPC forecast that productivity growth will finally pick up in 2016 and 2017, pointing to the potential for efficiency gains within firms as the economy grows
IMF paper says ‘one size does not fit all’ with macro-prudential frameworks
Working paper examines use of macro-prudential policy in Hong Kong, the Netherlands, New Zealand, Singapore and Sweden
National Bank of Denmark warns fierce competition may damage lending standards
Financial stability report urges banks to build buffers and not cut corners despite the highly competitive, low interest rate environment
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
Coats: Greece’s banking sector options
Warren Coats assesses the soundness of Greece’s banks and the future challenges for the banking system as a debt crisis looms; proposes an innovative solution to budget deficit
Kyrgyz central bank partners with World Bank to deliver payments upgrade
The Kyrgyz Republic has seen rapid growth in card payments in recent years, which the central bank fears could create instability if the oversight and operation of payment systems is not improved
IMF's Viñals says central banks must be 'market-makers of last resort'
Monetary policy and regulation have amplified illiquidity, says IMF's Viñals
ECB paper tests systemic risk using ‘VAR for VaR’ model
Researchers use quantile regression in attempt to better account for outliers, which they say could have applications for stress testing