Central Banks
ECB's Mersch calls for 'true banking union' to unblock policy transmission channel
Yves Mersch says banking union and single supervisory mechanism are necessary to allow European Central Bank to effectively set monetary policy in the eurozone
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
Hungary central bank staff review their monetary policy model
The National Bank of Hungary's Monetary Policy Model has been in place for two years - staff publish a review of its performance ahead of governor switch
Central banks are 'not competing' over currencies, says Swiss bank chief economist
Central banks are pursuing domestic priorities and are not engaged in competitive devaluation, says keynote speaker at FX Invest Europe conference
Kyrgyzstan's Asankojoeva weighs emerging stability threats
Governor of the Kyrgyz central bank talks of efforts to maintain stability in the face of corruption, limited financial inclusion and a spat over the Kumtor gold mine
Bank of Japan paper shows popping bubbles may require volatile inflation
Research finds inflation can remain stable while asset price bubbles develop, implying optimal monetary policy should tighten to reduce the bubble at the cost of below-target inflation
Stockton’s Bank of England review offers forecasting lessons for central banks
The Stockton review of the Monetary Policy Committee at the Bank of England offers valuable lessons for central bankers and economists around the world.
BIS paper urges inclusion of financial cycle in output gap calculation
Working paper warns ignoring the financial cycle when calculating the output gap can cause policy-makers to overlook unsustainable output movements
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.
Booknotes: Making the European Monetary Union
A history of the Committee of Central Bank Governors for the period 1964 to 1993, for which the author, Harold James, had access to the archives
Booknotes: The New Economics of Sovereign Wealth Funds
This book is a brave and welcome contribution to the analysis of sovereign wealth funds.
Booknotes: Europe's Unfinished Currency
Mayer has grasped the essential truth about Europe’s single currency – that the project not only has an economic context but also an historical one and, above all, a political one.
Booknotes: The Ponzi Scheme Puzzle: A History and Analysis of Con Artists and Victims
Tamar Frankel offers us a colourful and broad picture of con artists who have initiated their own ‘Ponzi schemes’.
Renminbi internationalisation to get boost from 60m overseas Chinese
Use of the renminbi by the 60-million strong Chinese diaspora will accelerate the currency’s use in global trade and reserves management. By Gary Smith.
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.
Central Bank of Ireland economist says monetary policy will not save euro
Lars Frisell suggests loosening monetary policy in the eurozone is unlikely to have much effect on the distressed periphery; instead advocates risk sharing through common deposit guarantees
National Bank of Slovakia backs controversial law
Slovakian central bank supports draft law to prohibit foreign bank branches from offering mortgage loans; questions over legality of law under EU treaty
Perception of EM risk reduced by central bank safety net, say investors
Large foreign exchange reserves held by emerging market central banks makes investing in those countries attractive, say panellists at FX Invest Europe
The trade-off between bank regulation and economic growth
The pendulum has swung firmly in favour of financial services regulatory reform. But economic growth is likely to suffer – particularly in Europe – unless some of the rules are changed
Central banks need to be wary of ‘new’ monetary policy trends
Policy-makers are reappraising the role of independent central banks pursuing inflation targets. Bernd Braasch1 encourages them to use sound evidence to inform their judgements
Bretton Woods transcripts reveal global discord that still resonates today
In the first of three articles, Andrew Rosenberg discusses the issues that arose at the 1944 conference that continue to echo down through the years.