Central Banks
Sarb establishes anonymous whistleblowing hotline
New external hotline provides facility for the public to report misconduct to the central bank
ECB’s Mersch: central banks have failed to correctly assess growth potential
Central banks were “over-reliant on pro-cyclical forecasts” before the financial crisis, ECB board member says; repeats call for fiscal stimulus and structural reform
No timelines for easing monetary policy – Brazilian governor
Goldfajn comments on monetary policy arrangement in Brazil at the first IMF annual meeting appearance; decisions will be data-dependent, he says
Australia’s real-time payment system to go live in 2017 – Lowe
Test payments already being settled on new real-time payments platform, says RBA governor; fast settlement service set to undergo industry testing this month
Leaked document sparks action from Sri Lankan central bank
Report leaked on controversial bond trader Perpetual Treasuries causes stir; internal control mechanisms will be strengthened while investigation takes place
Basel Committee outlines plans for ‘fundamental change’ of IFRS 9
Task force to consider impact of expected credit loss approach on regulatory capital, while consultation lays out interim plans
Ukrainian governor attacks politicians over allegations of criminal complicity
Gontareva describes accusations against her as “nonsense”; says politicians are holding up passage of law designed to confiscate assets held by criminals
No ‘insidious’ German plan for EMU competitive advantage, says Issing
Otmar Issing says Germany didn't even have 'the economic intelligence' to design such a plan; country suffered years of high unemployment as others such as Italy failed to capitalise on price stability
Otmar Issing on why the euro ‘house of cards’ is set to collapse
Euro architect tells Chris Jeffery that muddling from one crisis to another cannot go on endlessly. Politicians need to admit “there is no likelihood” of political union to give EMU rules a chance
Olsen says Norges Bank must tread carefully as it nears the zero lower bound
Governor says effects of monetary policy may become less certain; review of monetary policy framework about to begin
Euro architect says ECB has ‘destroyed’ market discipline in Europe
Otmar Issing, the man who designed the operational framework for the euro, says failures by European politicians and the ECB mean “all the elements” are in place to bring “disaster” to the monetary union
Further policy easing will be required – RBNZ assistant governor
Another rate cut on the cards despite improved inflation outlook, says McDermott, emphasising need for accommodative monetary policy to push inflation to middle of target range
Coen seeks to quell European fears on Basel III
European parliament members accuse Basel Committee of favouring US over European banks; William Coen says “Basel process” is transparent and not dominated by any one interest
‘Unlikely’ London’s financial hub will move to Europe – BoE’s Cunliffe
BoE deputy says London’s “complex financial ecosystem” is not easily transplanted; warns moving euro clearing system across channel would increase costs
Belgian paper studies work of pioneer of regional economics
Robert Triffin was the “architect” of the European Payments Union
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
BoE paper tackles ‘sectoral co-movement puzzle’
Adding labour market frictions and habit formation helps to solve the problem of models implying a monetary contraction produces little response in output
Review proposes reforms to Riksbank research
External team recommends restructuring department, increasing its involvement with policy and boosting output – though it says Riksbank research is already “successful”
BoE’s new MPC member suggests tweaks to policy approach
Michael Saunders says models that assume pre-crisis level for equilibrium unemployment may be misleading; new FPC member grilled on other commitments in the US
Netherlands Bank to move gold and banknote operations out of Amsterdam by 2022
Highly secure location will house anti-counterfeiting and sustainable banknote operations
Yield curve control risks are manageable – Kuroda
BoJ governor says he shares concerns raised by Ben Bernanke, but believes the central bank will be able to cope with them