Central Banks
Blanchard, Cecchetti, Frenkel and Taylor debate limits of central bank independence
Illustrious panel at Bank of Mexico conference debates pros and cons of central bank independence; Cecchetti says full independence is ‘at odds’ with democracy
G-20 inflation measure paves way for co-ordinating policy
New statistic aims to fill ‘data gap' identified in wake of the global financial crisis; follows growing calls for globally coordinated monetary policy as countries fret over effects of QE
European Council approves ECB's single supervisory mechanism
The SSM is a precondition for enabling the European Stability Mechanism to be able to directly recapitalise banks - breaking ‘the vicious circle' between banks and sovereigns, Council says
Riksbank hits back over ‘systematically inaccurate' inflation forecasts
Swedish central bank rebuffs claims from the National Institute of Economic Research, that it has overestimated inflation for more than a decade with implications for interest rates and growth
Independence helped Bank of Mexico stave off financial crisis, Bernanke says
'Countercyclical policy actions' in 2008 were made possible by autonomy gained in 1993, Fed chairman argues on 20th anniversary; lauds central bank's progress on transparency
BoJ research proposes new method for ‘nowcasting’ GDP
Paper designs static factor model using ‘ingredients’ of official quarterly GDP statistics to estimate growth over a shorter time horizon
UBS and Credit Suisse still pose risks to financial stability, SNB vice-chair says
Jean-Pierre Danthine argues Basel III is inadequate and does not rule out possibility of future public bail-outs; warns Switzerland's biggest banks still 'very large by international standards'
IMF paper finds macro-prudential policy can offset loss of monetary autonomy
Researchers build DSGE model of the eurozone to find optimal monetary and macro-prudential mix; find macro-prudential policy boosts welfare and ‘lends a hand’ to monetary policy
New BoE deputy says European banking union would benefit the UK
Jon Cunliffe says ECB has enough tricks up its sleeve to address any further shocks in the eurozone; believes the mutualisation of risk may prove a bridge too far for European banking union
FDIC chair says Dodd-Frank means US regulators can manage failing Sifis
Martin Gruenberg argues Dodd-Frank Act's Title I and II provisions give ‘significant new authorities' to the FDIC to ‘plan for and manage the orderly failure of a Sifi'
Trichet sees 'conceptual convergence' among major central banks
Former ECB president flags ‘impressive' post-crisis consensus among major central banks over how to handle price and financial stability; says interest rates and QE should be handled separately
Progress of RMB internationalisation ‘spectacular’, says SFC official
Speaking at the FX Week Asia conference, deputy chief executive of Hong Kong regulator highlights the importance of continuing to internationalise China's currency
BoE’s Tucker says big US banks will now be allowed to fail
Paul Tucker says authorities have enough resolution 'technology' in place to resolve almost all systemically important US banks, but more work needs to be done to make the process smoother
Clamour for action on IMF quotas as US continues to stall
Central bank governors and finance ministers unite to urge ratification of IMF quotas reform to boost emerging market representation; Alexandre Tombini tells US to take action
ECB's Asmussen tells G-20 to slim down policy focus
Executive board member argues informal economic forum should concentrate on financial regulatory reform rather than ‘food security and labour issues'; calls for permanent G-20 secretariat
Bank of Italy paper tests monetary and fiscal defences against speculative attack
Researchers devise co-ordination game to assess interaction of monetary and fiscal policy when policy-makers attempt to resist a potential speculative attack
Fed’s Powell insists FOMC communication remains credible
Jerome Powell defends forward guidance on asset purchases after fellow FOMC member Plosser says September decision undermined its credibility; Eric Rosengren lays out communication challenges
RBI sets up mobile banking committee
Committee will examine the possibility of introducing a payment system allowing millions of unbanked Indians to make transfers using their handsets
Haldane dismisses talk of monetary and macro-prudential tensions
Bank of England’s Andrew Haldane says it is a ‘virtue’ that different tools can be used to meet conflicting objectives; backs central banks for macro-prudential responsibilities
Kuroda touts QQE success in Washington
BoJ governor tells Bretton Woods Committee that Japan's aggressive monetary easing policy is ‘exerting its intended effects'
EC's Pearson urges US and European regulators to ‘talk the same language'
European Commission's financial markets head tells US and European regulators to find common ground on the technical details of their reform programmes; Cyril Roux backs greater cooperation