Financial Stability

Fed's Stern: recession could end in mid-2009

In one of the most bullish assessments of the state of the US economy by an official of the Federal Reserve since the start of the crisis, Gary Stern, the long-serving president of the Federal Reserve Bank of Minneapolis, said that the recovery could…

European banks to drop interchange fees by 2012

The European Commission and the European Central Bank (ECB) have told European banks to get rid of interchange fees on direct debit transactions by 31 October 2012 under EU antitrust rules.

RBA's Lowe: payments providers must cooperate

There is a strong case to re-examine the balance that has been struck in the Australian payments system between competition and cooperation, said Philip Lowe, an assistant governor of country's central bank.

King moots Glass-Steagall revival

Mervyn King, the governor of the Bank of England, has called for a debate on whether the global financial crisis has shown that a Glass-Steagall type provision is needed to prevent retail deposits from being used to fund investment-banking activities.

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