Central Banks
FPC member gets call to Bank’s governing body
External Financial Policy Committee member Michael Cohrs appointed to Court of the Bank of England
IMF paper identifies risk of low reserve adequacy in Central America
Fund study shows Central American countries are vulnerable from low international reserve accumulation
BoJ’s Nishimura highlights demography link to asset bubbles
Bank of Japan deputy governor Kiyohiko Nishimura says asset market bubbles are correlated to demographic changes
Euro finance ministers delay Greece deal
Eurogroup says second tranche for Greece will be delayed until at least early July as European finance ministers flesh out new deal for sovereign
Reserve Bank of India deputy governor retires
Shyamala Gopinath retires as deputy governor of the Reserve Bank of India; two new executive directors announced
ESM will wrap up restructuring dispute: IMF
IMF says completion of European Stability Mechanism will end unproductive debate on restructuring debt of peripheral countries
Trichet says euro is ‘stable and credible’
Trichet offers reassurance on credibility of the euro; says global imbalances are a concern, but euro area does not contribute to them
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