Central Banks
India’s Chakrabarty wants better global governance
Reserve Bank of India’s Kamalesh Chakrabarty calls for a global governance system to reflect needs of emerging and developing countries
Wanted: paranoid and unpopular central bankers
Panel says central bankers must look for risk everywhere and be prepared to implement unpopular policies to prevent the next crisis
Communication in a crisis: some thoughts for central bankers
Citing the case of Northern Rock, Geoffrey Wood, a professor of economics at Cass Business School, calls for central banks to better prepare for their communications on financial stability
We won’t shore up money markets indefinitely: Trichet
European Central Bank president says its too early to exit, but warns “exceptional measures” must be phased out
Focus on incentives: Japan’s Yamaguchi
Bank of Japan’s Hirohide Yamaguchi says incentives must be analysed to prevent future crises
Hong Kong’s future intertwined with renminbi: Yam
In his farewell address, Hong Kong Monetary Authority’s Joseph Yam says the financial centre’s future is linked with liberalisation of the mainland
Review, reflect and reaffirm: Canada’s Carney
Bank of Canada’s Mark Carney notes improvement in economic conditions but emphasises the need to remain alert
Bundesbank caps gold sales for next year at 6.5 tonnes
Germany’s central bank limits gold sales for the next twelve months at 6.5 tonnes under Central Banks’ Gold Agreement
Bailout announcements agitated markets, shows IMF study
IMF working paper shows bailout decisions aggravated inter-bank markets, and argues for a coordinated policy response to restore global confidence
Fed will fail to land systemic risk role, Zoellick predicts
World Bank’s Robert Zoellick says Fed will not get systemic risk role, moots Treasury. Sees renminbi, euro strengthen reserve status
G20 pledges to tackle imbalances
Global imbalances take precedence over regulation in regulation in communiqué
Bank publishes payments oversight rules
Bank of England extends Core Principles in checklist for how payments systems should be run post-crisis
Volcker: narrower role would make Fed too detached
Paul Volcker says removing supervision from Fed’s ambit would risk turning central bank into “academic seminar”
Fed audit would damage economy: counsel Alvarez
Federal Reserve lawyer defends central bank against lawmakers’ attempts to scrutinise its monetary operations
IMF should move to Europe: ex research head
Simon Johnson suggests switching headquarters to Europe as means to break deadlock on quotas
Flexible targeting still best practice: Riksbank’s Svensson
Lars Svensson, Deputy Governor of Sweden’s Riksbank, says impact of finance on monetary transmission mechanism must be better understood
Interventions helped creditors not shareholders
Bank for International Settlements reviews market reaction to bank rescue packages during the crisis