Financial Stability
Bond vote highlights flaws in ECB’s governance: Ex-FSA head Davies
Former head of UK Financial Services Authority Howard Davies says vote on bond purchases underlines flaws in European Central Bank’s one member, one vote policy
Values of Target2 transactions slide by a fifth
European Central Bank blames economic slowdown for decline in turnover; volume of transactions also dips
Bini Smaghi defends ECB policy to dump rating agencies
ECB board member Lorenzo Bini Smaghi attacks rating agencies for role in Greek debt crisis
Yilmaz confident Turkey can keep up with other emerging markets
Central Bank of Turkey governor Durmas Yilmaz says country’s lack of toxic assets has paid off during the recovery
BoJ: payments systems need liquidity revamp
Bank of Japan review on payments and settlement systems says current liquidity requirements are inadequate
Europe to place CDS markets under spotlight: Barnier
European commissioner Michel Barnier says legislation in works requiring credit default swaps to be registered and made fully transparent; follows criticism of investors from European leaders
When experts fail: a response and reply
Michael Taylor comments on the argument set out by Frank Vibert in the February edition of Central Banking journal, to which Vibert in turn replies
Follow the money
Monetary aggregates are set for a comeback in central banking, but as indicators of financial instability, not inflation. Claire Jones reports
A return to complexity: economic policy after the crisis
The crisis has challenged the fundamentals of the prevailing macroeconomic orthodoxy. Policymakers must recognise this and adopt new frameworks accordingly, Sir John Gieve argues
Ten issues for regulators to consider
René Smits devises ten key issues that European financial legislators must consider when constructing the post-crisis regulatory framework
Five lessons for dealing with EU bank failures
Hugo Banziger spent two weekends trying to save a German bank from failure. Here he identifies how and where European Union rules must change so that resolutions are faster and fairer
Interview: Peter Praet
Fortis’s collapse all too well illustrated the difficulties in saving cross-border European banks. But the ideal solution, a European crisis resolution authority, remains a distant dream. However, there is an existing, yet perhaps unusual, candidate from…
The Volcker Rule: wrong answer or the right question?
The Volcker Rule recognises that the structure of the banking system needs to change. For that it should be supported, says Michael Taylor
RBI’s Subbarao: Tobin tax benefits “debatable”
Reserve Bank of India governor Duvvuri Subbarao says India will hold back on capital controls
Deficits set to stay sky-high despite growth revival, warns Fund
IMF says deficits worldwide will fall by less than expected in 2010, in spite of improved growth prospects; developed economies worst offenders
NBB’s Praet backs DG Competition for EU resolution authority
National Bank of Belgium’s Peter Praet says Directorate General for Competition could play credible role in resolving failed banks
Volcker dismisses prop trading criticism
Former Federal Reserve chairman Paul Volcker sweeps aside concerns that banks might not be able to differentiate between trading on their own books and on clients' behalf
Fed’s Kohn: US still vulnerable from global imbalances
Federal Reserve vice chairman Donald Kohn says fiscal restraint needed in US to level global imbalances
Fed extends streak, keeping state bank oversight
US Senate amends Dodd bill, allowing Fed to keep supervision of state banks, vote hailed by Kansas Fed chief Thomas Hoenig
Iceland firmly under IMF cover: Sighvatsson
Central Bank of Iceland deputy governor Arnór Sighvatsson warns against premature exit from IMF support
Ma signals further reforms in China's rural areas
People's Bank of China deputy governor Ma Delun outlines new financial reform in China's rural areas