Central Banks
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.
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.
Collateral problems in the euro area
The euro area sovereign debt crisis has caused remarkable growth in the operations of the Eurosystem. It also led to diminished collateral availability.
National Bank of the Kyrgyz Republic’s Zina Asankojoeva
Zina Asankojoeva is the first female governor of the National Bank of the Kyrgyz Republic. She speaks with Daniel Hinge.
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.
Draghi delivers sermon on trust
European Central Bank president says trust is the key to mutual support, stronger collective responsibility and a deeper economic and political union
Cleveland paper trumpets value of median CPI in forecasting
Research says median CPI – a ‘trimmed’ measure of inflation – can improve the accuracy of forecasts involving a range of macroeconomic variables
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
Bernanke commits to continuing asset purchases
Fed chairman says benefits of ongoing monetary policy stimulus are clear; urges US government to delay bulk of impending spending cuts
ECB paper seeks to balance the arguments of eurosceptics
Researcher says sovereign debt crisis should be seen as a mix of many harmful factors rather than one single problem; offers optimistic view on the prospects for recovery
Spanish governor unimpressed by banks’ capital requirement shortcut
Luis Linde unhappy that European banks have increased the CET1 ratios by deleveraging; concerned about impact of regulatory overhaul on credit and growth
UK regulators back tough action on banking sector competition
FSA and FCA chiefs say new regulators will try to reduce banking sector concentration, including potentially breaking up large banks; Wheatley warns PRA and FCA may not see eye-to-eye on the matter
BoE’s Fisher sees longer horizon for asset purchases
MPC member Paul Fisher says Bank of England should consider switching to a more gradual pace of asset purchases over a longer period of time
New Zealand finance minister proposes new central bank toolkit
Bill English says new tools would allow RBNZ to manage excesses in credit cycles; emphasises credibility will hinge on continued central bank independence
Korean paper draws macro-prudential policy lessons from history of the 2000s
Working paper draws on Korea's experience of macro-prudential policies over the last decade, which failed to shield it from the impact of the global crisis
Czech National Bank enlists mobile app in fight against forgery
New mobile app to help Czechs check notes and coins for signs of forgery; counterfeit seizures continue downward trend
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
Byres hints at Basel Committee rethink on risk-weight modelling
Secretary-general weighs challenges of balancing complexity and simplicity of capital requirements; outlines possible changes to banks’ risk modelling choices
EC and FDIC team up to tackle G-sifi resolution
European Commission and Federal Deposit Insurance Corporation establish working group to co-ordinate G-sifi resolution efforts