Central Banks
Vices of monetary policy must be addressed: ECB's Stark
European Central Bank executive board member draws on the ‘virtuous’ and ‘vicious’ relationship between globalisation and monetary policy
Housing market reforms can boost recovery: Fed’s Yellen
Federal Reserve vice-chair Janet Yellen says there is good case for government to address the dysfunctional US housing market
Austria's Nowotny under scrutiny in banknote bribery case
Governor Ewald Nowotny and members of the central bank’s supervisory board under investigation; accused of having knowledge of bribery of foreign officials in race to win banknote printing contracts
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
UK government launches separate easing programme
Bank of England agrees to reduce the maximum size of its Asset Purchase Facility to make way for government’s new credit easing programme; settles dispute over bolstering lending to SMEs
Malaysia and Singapore sign cross-border collateral MoU
Monetary Authority of Singapore and Bank Negara Malaysia sign agreement to establish cross-border collateral arrangement; boosting confidence of financial institutions is one aim of the move
Bank of Lebanon denies financial ties with Syrian regime
Governor Riad Salameh says Arab League sanctions on Syria will not apply as Lebanese central bank does not have any dealings with Damascus
BoJ’s Nishimura sees risks from commodity-linked instruments
Bank of Japan deputy governor Kiyohiko Nishimura says policy-makers should monitor developments in commodity markets more closely
Credit expansions strengthen recessionary trends: SF Fed paper
San Francisco Federal Reserve study finds credit intensity of the boom periods matter for path of recession
UK lending conditions remain sluggish: BoE data
Bank of England Trends in Lending data shows net lending in UK continued to decline in October, albeit at a slower pace
Moody’s issues EU-wide credit warning
Credit rating agency says every EU sovereign rating under threat; warning given on same day OECD labels eurozone crisis “key risk to the world economy”
Expert group calls for launch of Eurobond fund
European League for Economic Co-operation publishes proposals requesting the establishment of eurozone bond fund; would issue paper with maturities of up to two years
BoJ’s Shirakawa raises concerns over Japan’s growth outlook
Bank of Japan governor Masaaki Shirakawa warns economy is at risk of entering a “severe” economic period unless efforts are taken to address medium- to long-term growth prospects
Egypt renews governor’s term
Farouk El-Okda to serve another four-year term; new-look board of governors also revealed
Venezuela begins gold repatriation
First shipment of Venezuelan gold reserves made; central bank says uncertainty in Europe was a factor in the decision to move the precious metal
Emerging markets are highly sensitive to output shocks: Central Bank of Chile paper
Central Bank of Chile study shows emerging economies suffer from a larger decline in investment and consumption than advanced countries
IMF paper highlights risks of strong cross-border banking links
Fund study shows funding cost advantages enjoyed by emerging subsidiaries of advanced economies’ banks can lead to excessive credit growth and financial risks
ECB’s González-Páramo identifies sources of contagion in euro area
European Central Bank executive board member José Manuel González-Páramo says announcement of Greece referendum was one example of contagion spreading in euro area
Bank of England sets out code of practice on electronic trading
Members of the FX Joint Standing Committee comment on the recently reviewed Nips code, which includes a new section on electronic trading
France confirms Cœuré as ECB nominee
Finance ministry puts Benoît Cœuré forward as nominee to replace Bini Smaghi on European Central Bank’s executive board; firm favourite choice confirmed
FSA’s Bailey calls on banks to plan for eurozone break-up
Banks must prepare for the "disorderly departure of some countries from the eurozone", says Andrew Bailey
ECB’s Praet highlights challenges in identifying asset-price bubbles
European Central Bank executive board member Peter Praet says detection of house price booms in advance is extremely difficult
Ex-MPC member says BoE wrong to delay on QE
Former Bank of England external member Sushil Wadhwani disagrees with current rate-setter Martin Weale over when to provide additional stimulus to UK economy