Central Banks
How Africa’s bond markets can continue to progress
The impressive growth of debt markets in sub-Saharan Africa is a credit to the region’s authorities. But more can be done, writes Paul-Harry Aithnard, the group head of research at Ecobank
Investors confident in Ireland’s budget cuts: Honohan
Irish central bank governor Patrick Honohan says the proof of investor confidence in the country’s plans for fiscal consolidation is in the interest rates on government paper
Banks not withholding credit: Richmond Fed’s Lacker
Richmond Fed president Jeffrey Lacker says the banking system as a whole was supplying a reasonable amount of credit, adds that despite improvements economy remained weak in the real estate sector and employment
Bank of Korea – Monetary Policy Statement (February)
South Korean central bank’s February statement shows the worries of a Greek default played a part in its maintenance of a loose policy stance
Three things you should know about Chiang Mai
The Chiang Mai initiative has cemented Asian financial stability. Jayant Menon, a principal economist at the Asian Development Bank, highlights three key themes to take from the project
RBA justifies surprise hold
Reserve Bank of Australia says decision to keep cash rate at 3.75% came on back of success of previous hikes
Iceland can afford to repay UK and Holland: MPC member
Icelandic rate-setter says country neither too small nor weak to make Icesave repayments, but criticises “ungenerous” deal given by British and Dutch governments
Bank plays down inflation threat
Above-target inflation likely to soon abate, Bank of England’s governor says in letter to chancellor of the exchequer
Constâncio made new ECB vice president
Bank of Portugal’s governor to succeed Papademos, former research head seen as possible replacement
New rate-setters named in Poland
Poland’s president names three new members to the monetary policy council, newcomer says country has scant hope of meeting Maastricht criteria for euro adoption
US real-estate concern goes global
Reserve Bank of Australia assistant governor Guy Debelle says US commercial real estate woes may impose further crippling losses on banks
Governors back greater role for monetary aggregates
Christian Noyer, Glenn Stevens and Duvurri Subbarao say more attention must be paid on monetary aggregates
Norwegian housing finance still underdeveloped: Gjedrem
Norges Bank governor Svein Gjedrem says variable-rate mortgages still account for too large a part of the housing finance market
“We failed the system”: Carney at RBI panel
Governors including Canada’s Mark Carney and India’s Duvvuri Subbarao point to imbalances as root cause of the crisis, but skirt around concerns over the dollar
Germans in favour of kicking Greece out: poll
Survey in leading newspaper shows 53% of Germans think Greece should be kicked out of the eurozone if its debt troubles cannot be resolved, 67% want no part in a bail-out
ECB beefs up financial stability wing
European Central Bank readies itself for the establishment of European Systemic Risk Board; appoints director general
FSA’s Turner queries faith in deep and liquid markets
Britain’s top regulator calls for a conservative approach to liquidity, arguing that excessive financial activity is liable to do more damage than good
Mooted Fed policy shift presents dangers
Changing its operating target to the interest on reserves tool could be the best available fix for the Federal Reserve as it implements its exit strategy. But it is a process that poses risks
RBIs Subbarao pillories inflation targeting
India’s governor says crisis has “diluted if not dissolved” inflation-targeting consensus; says fiscal dominance likely to remain
Hungary split on size of cut
Minutes of the Hungarian central bank’s January meeting reveal that three members wanted a larger cut than was ultimately implemented on the threat of disinflation
Riksbank’s Nyberg: cards systemically important
Riksbank’s Lars Nyber says cards are overtaking cash in Nordic countries, but security still an issue
Spending and loose monetary policy cause inflation
CEPR looks for an explanation for UK inflation in the 1970s
Inflation targets must be raised: IMF’s Blanchard
IMF economists Olivier Blanchard, Giovanni Dell’Ariccia and Paulo Mauro call for central banks to revise their price growth targets if they want to avoid crippling deflation
British regulator asks for 10% more funds
Financial Services Authority puts bulk of responsibility to pay up on the bigger banks