Financial Stability

Term Auction Facility has done little to help

The Term Auction Facility operation, introduced in December to temper money-market tensions, has failed to narrow interbank spreads, a research paper co-authored by John Taylor, the creator of the influential Taylor rule on monetary policy, finds.

Serbia's Jelasic praises SEPA

The Single Euro Payments Area (SEPA), a eurozone-wide payments initiative, is an excellent example of how technology can be used to facilitate development of the financial sector, said Radovan Jelasic, the governor of the National Bank of Serbia.

Canada monitoring credit conditions

The Bank of Canada is looking at the impact of the unusually wide credit spreads, prevalent in the country's money markets since the summer, on financial stability, inflation and monetary policy, said David Longworth, a deputy governor at the central…

Payments industry lacks competition

If we want to speed up the development in payment services, we need to increase competition in the market, said Erkki Liikanen, the governor of the Bank of Finland.

IMF puts subprime losses at $945 billion

Estimates of the size of losses on subprime mortgages and related forms of lending just get uglier and uglier. The latest estimate, presented by the International Monetary Fund in its Global Financial Stability Report (GFSR), puts losses at a staggering …

Politicians ask Fed to clarify Bear deal

A high-ranking American politician has issued a strongly worded request for more details about the arrangement the Federal Reserve struck with BlackRock, an asset management firm, to manage a $29 billion portfolio of assets from Bear Stearns following…

Greenspan hits back

Alan Greenspan, a former chairman of the Federal Reserve, has said that the blame for the subprime crisis lies with the investment community rather than himself, as has often been argued.

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