Central Banks
Greece programme not working: IMF
IMF mission to Greece urges sovereign to undertake further budgetary measures; European official hints at soft restructuring
Negative impacts of too-big-to-fail regulation “unfounded”: SNB’s Jordan
Swiss National Bank vice-chairman Thomas Jordan says Swiss economy will not be adversely affected by too-big-to-fail regulation
IMF paper addresses asset shortages in emerging markets
Fund study says greater capital market development and regulatory reform can raise supply of financial assets in emerging markets
Asean countries no longer behind the curve: Singapore’s Menon
Monetary Authority of Singapore managing director Ravi Menon says Asean countries are no longer behind the curve on monetary policy
BoE minutes: little evidence of wage-price spiral forming
Bank of England minutes say high levels of inflation are not feeding into inflation expectations and wages
Europe must share blame for sovereign debt crisis: ECB’s Stark
Stark says European Monetary Union failures contributed to situations in Greece, Ireland and Portugal; calls for end to emergency stimulus policies
Slovakia falls €515 million into the red
National Bank of Slovakia Annual Report shows a €515 million loss for 2010 due to large write-downs on securities and derivatives
Azerbaijan working to improve banking sector
Helped by the IFC and the World Bank, central bank is training bank board members in oversight and risk management best practices
IMF could remove Strauss-Kahn from post if required
IMF rules allow for removal of managing director “when the executive board so decides”
Kohn apologises for financial crisis
Former Federal Reserve vice-chairman and external FPC member Don Kohn apologises for failures that led to financial crisis; says FPC will need to ensure new tools are not circumvented by markets
Interest rates can only dampen systemic risk: Norway’s Olsen
Norges Bank governor Øystein Olsen says interest rate rise could have dampening effect on build-up of systemic risks but price stability remains primary objective
Bernanke urges government to promote R&D
Federal Reserve chairman Ben Bernanke says government can support research and development by fostering better climate for private investment
Central Bank of Malta - Annual Report (2010)
Central Bank of Malta Annual Report 2010 says events in euro area could disturb economic recovery in Malta
Council of the EU recommends Mario Draghi for ECB presidency
The Council of the European Union recommends the nomination of Mario Draghi as president of the European Central Bank
UK inflation climbs to 4.5%
CPI inflation rises to 4.5% in April due to higher transport costs; prompts Bank of England governor Mervyn King to send sixth consecutive letter to chancellor
Pay cut for next Dutch central bank chief
Nout Wellink to leave in July; successor to receive 23% less pay
Bank of Israel forms two appointment committees
Bank of Israel sets up committees to replace directors of research department and market operations department
Strauss-Kahn denies all charges following arrest in New York
Lipsky takes helm; Strauss-Kahn remanded in custody until court hearing on Friday
Draghi favourite to next head ECB: poll
CentralBanking.com poll shows 43% of respondents say Bank of Italy governor Mario Draghi should be next European Central Bank president
Tensions ease in Hungary: reports
Members of Monetary Council say tensions are easing between government and central bank
IMF’s Lipsky considers yuan in future SDR
IMF first deputy managing director John Lipsky says renminbi is “serious candidate” for inclusion in special drawing rights
Monetary policy, a fine balancing act: Sweden’s Ingves
Riksbank governor Stefan Ingves says policymakers must maintain balance between theory and practice in monetary policy decisions
Fitch ups Iceland default rating outlook to stable
Rating agency Fitch affirms Iceland rating; revises outlooks to stable from negative
Egypt asks IMF for loan
IMF announces Egypt has requested a loan of $10 billion-12 billion