Governance
Interest rate less volatile with more transparency: NY Fed paper
New York Federal Reserve study says greater central bank transparency reduces interest rate volatility
Female IMF employees fire back at New York Times
IMF reject New York Times article; letter signed by 679 female employees says Fund is “not perfect” but is characterised by “dedication to professional excellence and ethical integrity”
Lagarde confirms IMF candidacy, Brics unhappy
Finance minister of France throws her hat into the ring as candidate for next managing director of IMF; Brics condemn practice of choosing leader based on nationality
RBA should cede control over senior pay, says Australian lawmaker
Australian senator Bob Brown calls for senior pay at Reserve Bank of Australia to be independently set by external panel; governor Glenn Stevens could see pay package cut
UK FSA’s handling of bank failure under review
Review of the British regulator’s report into the failure of Royal Bank of Scotland must assess whether report is “fair and balanced”; authority itself in line for close scrutiny
Fed veteran joins Barclays
Former Federal Reserve director of monetary affairs Brian Madigan appointed senior policy adviser at Barclays Capital
Selection process gets underway to find next IMF managing director
Nomination period commences; managing director will be chosen by executive board before the end of June; decision will be made “without geographical preferences”
New chief economist for SEC
Vanderbilt professor Craig Lewis named SEC chief economist and director of RiskFin Division
Surprise choice for Dutch central bank chief
The Netherlands Bank announces Klaas Knot as next president; previous favourite Lex Hoogduin decides to leave central bank
IMF leadership race heats up
Central bankers from around the world have differing views; Lagarde still leads
Strauss-Kahn bows to pressure and quits
Dominique Strauss-Kahn resigns from his post as managing director of the IMF; continues to deny all allegations
Azerbaijan working to improve banking sector
Helped by the IFC and the World Bank, central bank is training bank board members in oversight and risk management best practices
IMF could remove Strauss-Kahn from post if required
IMF rules allow for removal of managing director “when the executive board so decides”
Bernanke urges government to promote R&D
Federal Reserve chairman Ben Bernanke says government can support research and development by fostering better climate for private investment
Council of the EU recommends Mario Draghi for ECB presidency
The Council of the European Union recommends the nomination of Mario Draghi as president of the European Central Bank
Pay cut for next Dutch central bank chief
Nout Wellink to leave in July; successor to receive 23% less pay
Bank of Israel forms two appointment committees
Bank of Israel sets up committees to replace directors of research department and market operations department
Strauss-Kahn denies all charges following arrest in New York
Lipsky takes helm; Strauss-Kahn remanded in custody until court hearing on Friday
Draghi favourite to next head ECB: poll
CentralBanking.com poll shows 43% of respondents say Bank of Italy governor Mario Draghi should be next European Central Bank president
Lipsky to leave IMF in August
First deputy managing director John Lipsky says he will not seek a second term; will stay on as special adviser until the autumn
Fed critic Ron Paul to run for Republican presidential candidacy
Ron Paul announces he wants to be Republican candidate for presidential elections; fierce Fed critic wants central bank abolished
Lambert will not take up seat on Bank’s FPC
Former Monetary Policy Committee member Sir Richard Lambert says he no longer wishes to become one of four external members of macroprudential body
Frank’s FOMC attack offers further evidence of the politicisation of Fed policy
Attempts to rescind regional Fed presidents’ voting rights as members of the Federal Open Market Committee manifest an unfortunate trend in US monetary policy, Thomas F. Cargill believes.
Draghi secures German backing for ECB presidency
Angela Merkel offers support for Mario Draghi to become the next president of the European Central Bank; says he is “interesting” and “experienced”