Central Banks
Stability the best foil for inequality, says ECB’s Cœuré
ECB executive board member considers the ability of monetary policy to tackle income inequality in Europe, saying stability is key to promote fairness
FBI thwarts plot to bomb New York Fed
Planned attack on Federal Reserve Bank of New York fails after alleged bomber is given fake explosives by FBI; defendant charged with attempting to use a weapon of mass destruction
Papua New Guinea governor to tackle high liquidity
Loi Bakani discusses the state of Papua New Guinea’s economy; outlines the risks linked with high levels of fund inflows and how the central bank is addressing them
Further QE discussed in BoE minutes
UK central bank’s Monetary Policy Committee minutes show further quantitative easing debated even though members voted unanimously to keep asset purchasing at current level
Central Bank of Iceland minutes hint at future tightening
Interest rate hold narrowly passed by central bank’s monetary policy committee in October as Iceland appears to shift towards withdrawing accommodative policy in near future
Pakistan’s Muktadir lauds mobile payments transition
State Bank of Pakistan deputy governor says uptake of mobile phone and smart card banking is changing the finance landscape in Pakistan
Angolan governor praises inflation targeting
José de Lima Massano says the National Bank of Angola’s inflation targeting policy has brought inflation down to ‘single digit’; says policy helps prick speculative bubbles and encourages investment
Volcker warns of ‘permeable’ Vickers ring fence
Paul Volcker tells a UK parliamentary committee the Vickers ring fence has loopholes that will be widened over time by banks; says bad culture in trading arms ‘infected’ retail banks
Euroclear’s Wicks named as new BBA chairman
Esma and PRA heads endorse appointment of European Securities Regulation ‘wise man’ Nigel Wicks as chairman of the British Bankers’ Association
Policy-makers debate how to restore trust in the financial system
Andrew Tyrie among speakers at BBA conference discussing how to develop greater trust in the financial system, ideas range from greater competition to code of conduct for bankers
Peruvian paper questions role of money in New-Keynesian models
Central Bank of Peru research considers the shortcomings of New-Keynesian models, saying the exclusion of real-money balances is counterintuitive
Japan should encourage female labour participation, says IMF paper
Working paper says higher female labour market participation could deflect demographic pressures in Japan; challenges remain, but good policy can go some way to addressing them
Bank of Israel optimistic on economic activity
A report on economic developments in Israel shows growth has continued at a moderate pace, increasing in the second quarter of the year, as other indicators paint a positive picture for future economic activity
Macao annual report sees ‘opportunity in crisis’
Monetary Authority of Macao annual report reveals drop in growth and climb in inflation; central bank chairman praises bank supervision developments
BoE’s Tucker says FCA may have to intervene to correct accounting failures
Paul Tucker says difference in market and banks’ asset valuations may require intervention by the Financial Conduct Authority; praises bail-ins as method of imposing discipline
BoE behind UK move to cut bank capital requirements
Bank of England’s interim Financial Policy Committee ordered a temporary easing of Pillar II bank capital buffers for British banks last month
Seychelles switches to new funds transfer system
Central Bank of Seychelles plans to introduce a new domestic electronic funds transfer system and will 'phase out' the existing Swift communication protocol; core banking system explained
Fed’s Dudley says FOMC policy actions were justified
New York Fed president William Dudley defends asset purchases from critics. But market response to QE remains muted
Ireland’s Muldoon demands leadership from banks
Central Bank of Ireland director Fiona Muldoon says the country’s banks must show greater leadership, courage and hard work
UK’s Wheatley outlines steps toward new regulator
Chief executive-designate of the UK’s new Financial Conduct Authority outlines regulatory vision; new body to be created in 2013 as one half of ‘twin peaks’ approach
Indian government appoints new director to RBI board
Engineering professor at the Indian Institute of Technology nominated to Reserve Bank of India’s board of directors; replaces Shashi Rajagopalan, who died in August 2011