Central Banks
Angola stops foreign currency loan issuance
National Bank of Angola bans commercial banks from issuing loans in foreign currency
Buba’s Dombret on drawing up shadow banking sector
Bundesbank executive board member Andreas Dombret says monitoring and regulating shadow banking sector will be key to financial stability
Inflation targeting at the Central Bank of Peru
Central bank of Peru study finds evidence of flexible Peruvian inflation targeting framework
Dallas Fed paper on sticky prices in Switzerland
Dallas Federal Reserve case study of Swiss online supermarket shows strong evidence of price stickiness in Switzerland
IMF paper on protectionist responses to the crisis
Research finds measures resulted in $30-35 billion decline
IIF’s Dallara criticises Basel Committee for shortcomings on governance reform
Institute of International Finance managing director Charles Dallara “deeply troubled” by the Basel Committee’s lack of focus on improving banks’ risk culture
RBI warns of uncomfortable inflation levels
Reserve Bank of India June 2011 Mid-Quarter Monetary Policy Review says inflation in India persists at uncomfortable levels
IMF managing director saga continues
IMF rebukes New York Times for article on Fischer; Strauss-Kahn’s immunity pleas revealed; candidates continue battle for international support
Vienna Initiative agreement sets in motion Greece deal
German Chancellor Angela Merkel takes softer approach to Greece; says Vienna Initiative could form part of bailout deal
ECB’s Bini Smaghi presents the four criteria for central bank independence
Executive board member claims criteria have safeguarded central banks from outside influences; “sorely tempting” to offload fiscal responsibilities onto monetary policy
Berlusconi asks Bini Smaghi to step aside
Italian prime minister acts to ensure French support for Mario Draghi as next head of the European Central Bank
Tanzania deputy governor leaves
Enos Bukuku takes up role with East African Community; Natu el-Maamry Mwamba reportedly replaces him
Wellink wants European Financial Stability Facility funds doubled
ECB governing council member wants fund boosted to €1.5 trillion
King defends his additional powers
UK government publishes draft legislation handing significant powers to the governor of the Bank of England; King reassures critics of the shift
Ireland proposes haircuts for Anglo Irish bondholders
Irish finance minister Michael Noonan says Anglo Irish Bank senior bondholders should receive haircuts; pits the Irish government against the European Central Bank
Carney cautious over Canadian housing market boom
Bank of Canada governor Mark Carney warns of vulnerabilities in Canadian housing sector
RBA’s Stevens hints at rate hike
Reserve Bank of Australia governor Glenn Stevens signals resumption of monetary policy tightening
IMF paper on GCC equity market spillovers
Fund study says Gulf Cooperation Council equity markets were exposed to US and regional losses during crisis
Greece debate grips European markets
Dutch finance minister Jan Kees de Jaager says private credit holders of Greek debt should bare 30% of losses on paper; Fitch says any exchange of distressed debt would constitute a default
UK chancellor backs ring-fencing of banks
Chancellor of the exchequer endorses plans to separate retail from investment arms; says FPC’s stability remit to be reviewed annually