Governance

Diamond abandons Fed ambitions

Peter Diamond pulls out of race to become the next Federal Reserve governor; says “shortcomings” in confirmation process and “fundamental misunderstandings” in conducting monetary policy to blame

Trichet demands greater powers

European Central Bank president Jean-Claude Trichet says greater authority over national economic policies should be entrusted with euro area institutions

Fed research director to retire

David Stockton, director of the division of research and statistics, will leave the Federal Reserve Board at the end of September after 30 years

Fed veteran joins Barclays

Former Federal Reserve director of monetary affairs Brian Madigan appointed senior policy adviser at Barclays Capital

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