Central Banks
Second wave of CSDs sign T2S framework agreement
A total of 15 central securities depositories sign T2S framework agreement in second wave; system set to go live in June 2015
IMF issues updates on German and US economies
International Monetary Fund notes Germany’s “remarkable” economic performance; warns US over “tepid” recovery
Noyer sets out eurozone financial union necessities
Governor of the Banque de France identifies three main powers needed to ensure eurozone financial union; “massive firepower” needed by bank emergency fund
IMF paper examines Japan’s emergence from lost decade
Working paper considers reasons behind a surge in Japanese exports in 2001; finds domestic productivity growth most important factor
Fed paper evaluates impact of QE
Working paper examines data from first round of Federal Reserve’s asset purchase programme; finds both immediate and longer-run effect of purchases on yields
Israel’s Fischer calls for government to cut deficit
Stanley Fischer says Israeli government must cut its budget deficit to prepare for possible economic shocks from Europe; argues government should aim for deficit of 2.5% of GDP
RBI paper examines monetary policy transmission
Working paper studies channels of monetary policy in India; finds main impact made via interest rates but also identifies credit and asset-price effects
China moves to promote offshore renminbi trade
HKMA welcomes new Chinese government measures to support growth of offshore renminbi business in Hong Kong; central banks buy $315 million of offshore renminbi bonds
ECB’s Asmussen attacks delays to Greek reforms
Jörg Asmussen says Greek government must get reform programme 'back on track'; blasts "reluctance" to implement necessary reforms
Hungary launches same-day credit transfer system
Electronically submitted domestic transfers now reach destination within a maximum of four hours; improvement on previous system when payments took one business day
New leadership for Eastern Caribbean Central Bank Monetary Council
Chairmanship of ECCB’s Monetary Council moves to St Kitts and Nevis member; rate-setters leave key rates alone after reviewing mixed economic data
Bank of Spain names new director-general
Francisco Javier Priego becomes director-general; remains head of the central bank’s legal department
Sack withdraws resignation and stays on at NY Fed
Brian Sack stays on as a senior adviser to New York Fed president William Dudley; new head of markets group already appointed
IMF paper studies debt sustainability in low-income countries
Working paper considers effect of financial crisis on debt sustainability in low-income countries; finds short-term impact but a return to sustainable levels in the longer run
Ireland’s Honohan highlights advantages of ‘more Europe’
Patrick Honohan discusses challenges of restoring market confidence in the eurozone; says Ireland has ‘quite a lot to gain’ from further integration with Europe
Peru central bank paper models interbank lending
Working paper develops New Keynesian model including an interbank lending market to analyse dual effect of reserve requirements and interest rates
BoJ Tankan survey shows increased business confidence
Tankan short-term economic survey reports overall increase in manufacturing confidence; forecasts further increases in next quarter
US authorities explain living will review process
Largest banking groups must hand in resolution plans by July 2; preliminary reviews will be completed within 60 days say FDIC and Fed
New microfinance scheme launched in Hong Kong
Microfinance scheme to be run by Hong Kong Mortgage Corporation in collaboration with banks and non-government organisations; follows joint study with Hong Kong Monetary Authority last year
King calls for overhaul of UK banking system
Governor of the Bank of England says cultures of investment and retail banking operations do not mix; calls on government to legislate on all of Independent Commission on Banking’s recommendations