Central Banks
Chiang Mai Initiative doubled in size to $240 billion
Financial safety net for China, Japan, Korea and the Asean nations doubled in size; Bill Allen describes the initiative as 'ornamental' as it has never actually been used
ECB sets out plans for disclosing comprehensive assessment results
European Central Bank on course to publish findings from its asset quality review and stress tests in late October; reveals the template it will use for disclosing the results
Yellen tells Congress Fed is ‘most transparent in the world'
Fed chair Janet Yellen faces Congressman who wants to enforce rules-based monetary policy, telling him it would compromise central bank independence
ECB sees no clear rival to US dollar as global currency
ECB article says a ‘multi-polar’ system with ‘several international currencies playing consequential roles’ is a more likely outcome than an out-and-out replacement for the dollar
Polish financial stability goes from strength to strength, report says
National Bank of Poland financial stability report says banking system is more resilient than ever, but threats from the outside environment remain
Brics nations launch development bank and reserve fund
Brazil, Russia, India, China and South Africa launch new institutions to fill the gaps left by the World Bank and IMF; Observers see challenges ahead
Effective oversight needed to consolidate gains from mobile payments infrastructure
Increased diffusion of mobile payments in developing countries calls for better oversight, IMF paper says - recommending that central banks cooperate with other regulators
Bulgaria turns to the ECB in wake of bank failures
Collapse of Corporate Commercial Bank revealed extent of supervisory shortcomings that IMF warned of 15 years ago; Bulgaria now wants to join ECB's Single Supervisory Mechanism
Fed official reiterates forex options clearing guidelines
Lawrence Sweet highlights industry discussions around forex options clearing as key component of a private sector solution
Suriname governor says deeper international connections increase contagion risks
Governor Gillmore Hoefdraad says debate over housing macropru and monetary policy at the same institution is over, but the evolution of the instruments is ongoing
Yellen endorses calls for ‘community banker' on Fed board
Fed chair Janet Yellen says legislating to earmark seats on the board would be a mistake, but agrees the board would be improved by the addition of a community banker
RBA sees subdued wage growth ‘for some time’
Minutes from latest board meeting reveal discussion on labour market; board members say conditions have improved ‘a little’ but wage growth remains ‘subdued’
Draghi lays out views on structural reforms for new European Parliament committee
European Central Bank president Mario Draghi calls on MEPs to ‘seize the opportunity of a new parliament’ to consider how they might ‘develop the architecture of our Emu’
Israel governor Flug appoints new chief of staff
Daniel Hahiashvili appointed as chief of staff to the governor today; incumbent Eddy Azoulay moves to represent Israel at the European Bank for Reconstruction and Development
Carney tells parliament BIS report was 'made in a vacuum'; Kohn defends leverage ratio plans
Donald Kohn argues the case for a time-varying leverage ratio at parliamentary hearing; Carney and Bailey question practical application of BIS annual report
People: Sri Lanka promotes Samarasiri to deputy; Russia picks card system head
Central Bank of Sri Lanka promotes assistant governor Samarasiri to deputy; Russia appoints Vladimir Komlev to head up national payment card operator
Bulgarian state to rescue majority of depositors at scandal-hit banking group
Central bank seeks law change as council claims banking supervision was only in the purview of one deputy governor; loan records apparently destroyed on purpose
Lockhart needs higher wage growth and participation before raising rates
Atlanta Fed president says firmer wage growth and a higher participation rate are needed before the Federal Open Market Committee should raise interest rates
Review finds Belgian CPI still ‘diverges’ from HICP
National Bank of Belgium’s latest economic review analyses the recent changes in the methodology underpinning CPI, and demonstrates why it remains different from HICP
IMF steps up call for QE in Europe
The European Central Bank should launch a large-scale asset purchase programme if inflation does not pick up; IMF staffers untroubled by risk of asset bubbles
Israel publishes first financial stability report
Bank of Israel repeats demand for new committee for setting macro-prudential policy in its first financial stability report since 2004