Governance
Zhou Xiaochuan stays on as PBoC governor
People’s Bank of China governor Zhou Xiaochuan staves off retirement for another term at the top of the central bank; will target rising inflation and capital reforms
People: Kuroda confirmed; Bulgarian deputy joins government
Haruhiko Kuroda will replace Masaaki Shirakawa at the BoJ after receiving approval from parliament; Bulgarian deputy joins finance ministry in temporary switch; and more
Putin picks economic adviser as Bank of Russia chief
Elvira Nabiullina nominated to succeed Sergey Ignatiev as chairman of the Bank of Russia; faces challenge of maintaining monetary policy credibility despite close ties to the Kremlin
BoJ changes represent the death knell for central bank independence
The growing policy crisis caused by central banks taking on roles beyond price stability and lender of last resort is not down to 'independence' – as the BoJ case points out
Vietnam central bank needs clearer mandate not independence
The Vietnamese government should worry less about meeting calls for more legal independence for the State Bank of Vietnam and think more about relieving the central bank from some of its wide-reaching responsibilities, says new Central Banking Journal…
People: Bank of England names PRA board; Rwanda’s finance ministry and central bank swap chiefs
Bank of England names three board members for new prudential regulator; Claver Gatete switches National Bank of Rwanda governorship with finance minister John Rwangombwa; and more
Bundesbank’s waning role in Europe dates back to Schmidt’s ‘Auschwitz’ comments
The loss of German central bank authority in Europe in the past two years dates back to an historic meeting with Helmut Schmidt, who used references to Auschwitz to drive home monetary integration
BoE's King urges RBS break-up
Mervyn King says too-big-to-fail remains the ‘single biggest regulatory challenge'; suggests RBS is broken up and calls government handling of the bank ‘a nonsense'
People: Bank of England reappoints Dale and Haldane to committee posts
BoE hands Spencer Dale and Andrew Haldane – both executive directors – further three-year terms on the financial and monetary policy committee respectively; Sweden deputy stands down
Latvia submits application for a seat at the euro table
Baltic nation sees membership of European single currency as the 'logical next step' of further integration into the European Union
Hungary PM picks finance minister Matolcsy for central bank top job
Government seeks to ‘harmonise’ policy with central bank by nominating finance minister György Matolcsy as András Simor’s successor; appointment could herald greater policy easing
Deutsche Bundesbank’s losing struggle in European integration battle
The Deutsche Bundesbank was once the cornerstone of European monetary stability but has become little more than a bargaining chip for politicians negotiating European integration.
Central banks need to define clear role for operational risk
Despite crossing management and business lines, operational risk must be defined within the wider risk management framework at central banks. By Rudy Wytenburg.
State Bank of Vietnam needs a single mandate not independence
Lessons from South Korea, Japan and the US indicate a single mandate would benefit the State Bank of Vietnam more than an IMF call for legal independence.
Solid financial accounts can help central banks meet their mandates – CBP roundtable
The manner that central banks manage and present their financial accounts is becoming critical to them achieving their mandates, according to a CBP working group.
Abe picks Kuroda to head Bank of Japan
Haruhiko Kuroda nominated next governor of the Bank of Japan; markets respond positively but commentators warn Kuroda’s dovish stance could amount to debt monetisation
People: State Bank of Pakistan’s board overhauled; RBI deputy’s term extended
State Bank of Pakistan receives five new directors; Reserve Bank of India deputy responsible for banking operations extends stay; and more
Central bank independence: more myth than reality?
Crisis responses are placing a heavy burden on many central banks. But there is no evidence showing that legally independent central banks have a better track record in monetary policy
UK government appoints team to choose new Libor administrator
Committee to be led by Baroness Hogg and will include Martin Wheatley of the FCA and Paul Fisher of the Bank of England; recommendations expected later this year
People: ADB chief named BoJ front-runner; Bulgarian governor ‘cannot' run for PM
Haruhiko Kuroda widely expected to succeed governor Shirakawa next month; Bulgarian governor ineligible to lead interim government
Bank Indonesia governor nominee proves divisive choice
Government chooses Agus Martowardojo to replace Darmin Nasution as governor, but MPs question Agus’ integrity and macro-economic knowledge
ECB’s Asmussen warns G-20 works poorly until disaster looms
Executive board member highlights G-20’s fatal flaw – it only works well during crises, and therefore struggles to prevent them; calls for reforms to strengthen the group
Hungarian police confirm investigation of 'unknown person' linked with central bank allegations
Hungarian police launch malfeasance investigation into an individual believed to work at the National Bank of Hungary; governor András Simor is 'unlikely' to be the target
Bank of Canada names new deputy governor
New deputy appointed as governor Carney and senior deputy governor Macklem unveil re-shuffle of responsibilities