Central Banks
Asylum seekers at risk of financial exclusion, EBA warns
European countries must ensure asylum seekers are not excluded from financial services by anti-money laundering rules, EBA says; calls on some authorities to take action
Fed should stay the course with gradual rate rises – Lacker
The Federal Open Market Committee should continue raising rates, suggests Richmond Fed president; oil price falls and financial markets volatility both stabilising, Lacker argues
Riksbank lays out ideas for macro-prudential overhaul
Executive board accepts many – but not all – recommendations of King and Goodfriend review, and offers some radical ideas of its own
Kuroda: Negative rates having ‘visible’ impact on JGB yields
Bank of Japan governor Haruhiko Kuroda says rates are falling across the yield curve, falling negative up to a maturity of “around” 10 years; sees effects spreading in future
Namibia in process of scrapping assistant governor position for second deputy
Bank of Namibia board to review proposal for legislative changes this month, before submitting it to parliament; assistant governor role vacant for over two years
Bank of England to react ‘more cautiously’ to data in light of EU referendum
Uncertainty over referendum to affect macroeconomic data over next few months; inflation rising but still well below BoE target
Embargoed lock-ups scrapped after RBNZ confirms leak
Report says a journalist leaked the March 10 cut to colleagues; Reserve Bank of New Zealand ends practice of allowing media and analysts advance access to rate decisions and major reports
Central Banking launches ‘responsive’ website
New website aims to offer more user-friendly experience, automatically adjusting to whatever device used – be it computer, tablet or smartphone
Poloz: CCA central banks ‘challenged’ in meeting their core objectives
New BIS Americas head believes financial stability should be built into regional policy decision-making even when not specifically stated as a core mandate; macro-pru "in sight" for many in region
John Taylor offers way out of downward interest rate spiral
Stanford University professor says a return to more “rule-like” policy-making could help bring easing cycle to an end, with the Fed playing a key role
Towards a more stable monetary world order
A global network of independent central banks could act as a manager of expectations for asset and foreign exchange prices to reduce the burden of future crises, argues David Harrison
People: Turkey nominates new governor; McDermott to step down from FCA
Turkish government picks deputy to replace Erdem Başçı, but he must still be confirmed by the president; UK’s interim FCA chief says she will leave when her successor takes office; and more
Canada holds rate but raises growth forecast in light of fiscal boost
Stephen Poloz highlights “more favourable policy mix” in press conference; central bank notes emergence of “positive forces” in decision
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures
BoJ paper attempts to ditch Friedman rule with new model
Paper outlines model where mild inflation is welfare-optimising, in contrast to Milton Friedman’s rule implying mild deflation, which underpins many monetary models
Norges Bank deputy pits Keynes against Hayek
Jon Nicolaisen says European countries may have invoked the lessons of Keynes without paying heed to the warnings of Hayek – both views are needed to avoid problems
Viñals supports negative interest rates in current climate
Financial counsellor believes negative rates are helpful, but there are limits regarding how low they can go and how long they can stay there
Advanced economies could learn from EM counterparts in managing balance sheets, paper says
Composition of advanced economies' balance sheets is aligning in some respects to their EM counterparts, largely as a consequence of increasing size since the financial crisis, paper says
Angolan authorities request help from IMF
IMF to start talks with authorities regarding an economic programme, which one analyst believes exceeds loan received after financial crisis
Competition in treasury auctions reduces bidder surplus, working paper finds
Data from before and after Austria’s entry into the European Union shows increased competition in bond auctions substantially reduces bidder surplus, researchers say