Central Banks
Mexican deputy supports more currencies in global system
Calafell says monetary system with more international currencies could result in “periods of turbulence”, but would be stronger than the current system
Former Bank of Thailand governor cleared of Asian financial crisis charges
Governor cleared of wrongdoing related to central bank’s defence of baht in 1997, as Supreme Court brings 15-year court case to a close
'Institutional repositories' can boost research – Bank of Spain’s Selgas
Organising materials in an efficient manner online can support research and collaboration, says Bank of Spain’s chief librarian; system expected to launch in 2017
Paper examines effects of financial crisis on European long-term debt issuance
Bank of Spain paper uses large database on most frequent issuers of long-term debt
US FOMC has less room to respond to recession – Dudley
The US Federal Reserve would not be able to respond to a recession with a cut of the same “magnitude” as experienced in 2007, New York Fed president says; a risk management approach to policy is needed
European Commissioner cautions US on TLAC rules
Dombrovskis says foreign banks should not be mistreated by Fed internal TLAC proposal
Bank of Russia announces prototype distributed ledger networking tool
Central bank planning further DLT prototypes, deputy governor says; Russia is excluded from using prototype DLT tools used in Western countries
European commercial bond market may suffer from lack of liquidity, ESRB says
Banks complain of effect of European regulations on liquidity; reporting on European fixed income markets still has “significant information gap”
Demographics could explain entire drop in real rate – Fed paper
Authors find ageing population can explain most – or even all – of the estimated decline in the long-run real interest rate, implying low rates are here to stay
Broadbent defends BoE position amid pension criticism
BoE deputy says ultra-low interest rates are not main culprit behind rising pension deficits, though IMF says pension funds and insurers are at risk from central bank action
UK PM says she will deliver ‘change’ to monetary policy
Theresa May criticises monetary policy for punishing savers and those without assets, promising to deliver change
Ysaguirre leaves Central Bank of Belize
Former energy minister replaces central bank governor as term comes to an end; Joy Grant will take charge as economy struggles
‘Moral suasion’ and yield-seeking intensified sovereign debt crisis – ECB paper
Researchers use information on 226 eurozone banks; publicly owned, recently bailed-out and less strongly capitalised banks engaged increased sovereign bond holdings during crisis
Mohohlo to step down after 40 years at Bank of Botswana
Bank of Botswana pays tribute to longest-serving governor, highlighting her achievements in reforming the institution; president will nominate successor
Special purpose vehicles make ‘very limited’ contribution to GDP – Irish central bank study
Study permits a better analysis of "shadow banking" sector, authors say; concentrates on non-securitisation vehicles
BoE’s Saunders expects higher post-Brexit growth than central forecast
Bank of England’s newest committee member says the labour market is likely to prove more sluggish than the consensus suggests, but growth will be more positive
Esma says regulators should wait before imposing quantitative SFT haircut triggers
Decision on policy change should wait until 2018, authority says; chairman says “sheer size” of market makes transparency important
Low growth and low rates to hit financial stability, says IMF
Weak outlook is likely to feed into medium-term problems for financial stability, fund warns; Basel Committee may have to delay agreement on final framework
Fall in inflation only ‘temporary’ – Sarb governor
Positive factors underlying inflation decrease may not be here to stay, says Kganyago, emphasising a continued rise in inflation could threaten long-run growth
Fed task forces begin review of faster payments proposals
Payments firms have submitted plans for real-time payment systems and toughened payments security; merits of plans to be assessed over coming year
Mersch says eurozone deposit rates are only ‘mildly’ negative
ECB board member says rates can be “mildly” but not “wildly” negative before costs outweigh benefits; calls for faster progress on banking union
Nabiullina promises ‘profound’ structural change for Russian banking supervision
Current structure “insufficient” to solve Russia’s problems, governor says; first deputy governor Tulin to oversee regulation and supervision
Hike now to avoid more action later, says Fed’s Lacker
Richmond Fed president adds his voice to growing number of Fed officials calling for rate hike; Loretta Mester insists proximity to US election need not prevent action at next meeting
Central Bank of Solomon Islands commits to promoting private sector credit growth
Levels of liquidity “more than adequate”, latest monetary policy review says; central bank to maintain levels of liquidity by continuing to issue bills