Central Banks
Fed’s Warsh: market panic a signpost, not source of global economic woes
Market volatility merely a signal of how far we are away from the new normal; warns against expecting monetary and fiscal policy to do too much
Czech rate-setter Tomšik promoted to vice governor
Czech National Bank chief executive director Vladimír Tomšik named second vice governor; economist Kamil Janáček gets Tomšik’s vacated director role, completing rate-setting board
Interview: Gill Marcus
The governor of the South African Reserve Bank tells CentralBanking.com why reforms can’t be rushed and discusses the role of central banks within society
IMF: reserve managers’ ‘procyclical’ strategies exacerbated crisis
IMF says behaviour of reserve managers compounded pressures on financial stability; highlights potential conflict between investment strategies and stability mandates
Relationship between government and markets must change: Padoa-Schioppa
Former executive board member at the European Central Bank Tommaso Padoa-Schioppa says successful exit from the crisis will require a shift in the market-government nexus
EXCLUSIVE: Finger-pointing masks officials’ failures, says Sarb’s Marcus
South African Reserve Bank governor Gill Marcus says knee-jerk reforms ignore failure of policymakers to raise standards before crisis; sober, measured approach to reform only credible way forward
Money and liquidity in financial markets
Connection between interbank market for liquidity and broader financial markets exists
Caruana’s three policy challenges
Bank for International Settlements’ general manager outlines the key problems with which policymakers must grapple
BIS makes record profit
Bank for International Settlements records net profit of $2.9 trillion
BIS sceptical on reserves role for SDR
Trying to create global currency from accounting unit would not solve problems highlighted by the crisis
UK officials must consider cultural factors in regulatory overhaul
Navigating the transition to Britain’s new regulatory regime is fraught with cultural challenges, writes Michael Foot
Hawkish BIS warns on dangers of ultra-low rates
Bank for International Settlements says degree of slack likely to be smaller than suggested by output gap models
BIS fearful over fiscal crunch
Bank for International Settlements warns advanced economies that rising debt levels risk hindering long-term performance
SNB: Quarterly Bulletin – June 2010
Swiss National Bank estimates export driven growth of 2% in 2010, despite renewed tensions in Europe
Greece’s Provopoulos: fiscal policy has its limitations
Bank of Greece governor George Provopoulos says Greek crisis highlighted the limitations of fiscal policy
US lawmakers seal deal on reform bill
Members of the House of Representatives and Senate conclude the conference process; text includes part of the Volcker rule, surprise bank levy, and stronger-than-expected Fed audit clause
Old Lady: banks must reduce reliance on rating agencies
Bank of England calls for capital incentives for firms that rely less on external ratings; urges Basel Committee to go slow on introducing Basel III
Bank’s pledge to support growth could face internal resistance
Government repeats promise of loose monetary and tight fiscal policy even as officials within the Bank of England make the case that inflation is getting out of hand
Central banks’ holdings of US agency debt rise on dollar demand
Fed data show official-sector holdings of US agency securities rose for a 12th straight week; auction for seven-year US Treasury bills displayed growing demand for dollar denominated assets
Tuvalu joins IMF
Remote island of Tuvalu gains access to IMF resources after becoming 187th member at the Fund
Denmark’s Bernstein proposes UK-style merger between central bank and regulator
National Bank of Denmark director Nils Bernstein says collaboration between the central bank and Financial Services Authority will sharpen supervisory powers
FSA heads push back on regulator's abolition
Chairman and chief executive of the UK regulator say decision to break it up is ill-timed
Financial inclusion no easy task: Malaysia’s Ibrahim
Bank Negara Malaysia deputy governor Muhammad bin Ibrahim says financial inclusion has gained efficiency, but requires combined effort from country
Bank of Mexico: prices heterogeneous between sectors
Bank of Mexico study on price movements shows that prices vary considerably across sectors, with contrast greatest between unregulated and regulated sectors