Financial Stability
SNB’s Jordan describes task of maintaining franc exchange limit
Thomas Jordan sets out how the Swiss National Bank has been fighting to keep the franc-to-euro exchange limit in place; explains slight slip-up last week allowing some trades to happen at lower rate
IMF working paper studies impact of financial crisis on low-income countries
International Monetary Fund research investigates shocks that caused the crisis; concludes that low-income countries must take broader view when forming monetary policy
Irish central bank predicts slower growth as export markets tighten
Central Bank of Ireland says emergency budget shouldn’t be necessary in 2012; return to stability forecast even as growth slows
Central banks well placed to deliver on macro-prudential policy, says ECB’s Constâncio
ECB vice-president outlines macro-prudential roles for European central banks
SNB set to keep rates low and maintain floor
Accommodative monetary policy likely to continue as growth slows in Switzerland; international climate and strength of currency continue to worry Swiss National Bank, according to annual report
IMF research links wage growth and unemployment in South Africa
Fund working paper asserts link between wage rate growth exceeding productivity growth and rising unemployment in South Africa
BoJ's Kamezaki says efforts to reform Europe no more than 'stop-gaps'
Bank of Japan’s Hidetoshi Kamezaki says fiscal reform and boosting funds for 'firewalls' are essential to prevent a future crisis
House of Lords committee slams Europe’s proposed Tobin tax
A committee of UK lawmakers hits out at European Commission proposal to introduce a new financial transaction tax in the European Union
Draghi places emphasis on governments to drive EU growth
ECB president says national policy-makers must take measures to develop the competitiveness of their economies; downside risks prevalent for euro economy
SIG to keep an open mind on RWA probe, says Himino
The Basel Committee’s standards implementation group has begun an investigation into RWA consistency, but chair Ryozo Himino says there might be good reasons for discrepancies
RBA's Edey says central banks should take lead on payment systems
Innovation hampered by lack of incentives for individual participants; natural role for central banks in driving innovation in the sector
Lagarde believes strong US role key to global recovery
IMF chief says US leadership vital; interconnectedness of the global economy means US has a stake in European and global recovery
Interests of investors and supervisors are aligned by Basel reforms, says BIS chief
Bank for International Settlements general manager believes Basel reforms pose no long-term conflict of interest between bank shareholders and supervisors
Countries named and shamed over Basel regulation delays
Basel Committee releases progress update on regulation implementation; highlights slow progress in some countries
Bank of Slovenia forecasts economic contraction in 2012
Bank of Slovenia forecasts 1.2% contraction in 2012: revised budget in April expected to contain further fiscal tightening
BOJ discusses dollar funding costs through forex swaps
Bank of Japan examines US-implied swap rates amid growing concern over European banks' funding
Carney looks east for export growth
Bank of Canada governor says Canada’s over-reliance on the US as an export market must change and more attention must be focused on emerging markets in the east
ESRB supports flexibility in EU legislation
European Systemic Risk Board backs flexible approach in EU legislation governing macro-prudential policy
Bernanke stresses financial stability role of central banks
Fed chairman says central banks must treat financial stability and monetary policy as equally important; discusses new regulatory regime as he delivers final student lecture in series
Stark says contagion threat has been ‘overstated’
Former European Central Bank executive board member says risk of contagion in the eurozone has been “overstated” since the start of the financial crisis
Islamic Financial Services Board issues new guiding principles
New guidelines focus on liquidity risk management and stress testing for institutions offering Islamic financial services; new members added at latest meeting
Danish governor wants increased long-term financing for housing market
Nils Bernstein says longer-term refinancing options and greater use of two-tier mortgages would help stabilise the housing market in Denmark
IMF paper focuses on future of risk-weighted assets
International Monetary Fund working paper discusses the differing perceptions of risk-weighted assets and the measures that may remedy the imbalances in how these assets are perceived
Trinidad and Tobago governor calls for improved regional financial regulation
Ewart Williams believes the financial crisis should serve as a wake up call to the region; says increased legislation and supervision are needed