Central Banks
Mark Carney era underway at Bank of England
Expectations are high the new Bank of England governor will introduce forward guidance; academics point out he will first need to win over a divided MPC
IMF figures show advanced economies loading up on Australian dollars
Stock of foreign exchange reserves continues upward trajectory, with Australian currency finding favour in advanced economies, and the Canadian dollar in vogue in emerging nations
Impact of yen depreciation on Asian trade ‘not all that simple’, says BoJ board member
Weaker yen could benefit Japan's Asian trade partners due to cheaper 'intermediates', says BoJ’s Shirai
Cyprus central bank told to dilute governor power
Independent report says too much power was concentrated in the governor’s hands in the build-up to the recent Cypriot crisis; calls for new policy-setting committee with non-executive majority
RBNZ bulletin examines last crisis through ‘macro-prudential lens’
Article finds that a counter-cyclical capital buffer and changes to the core funding ratio could have been ‘usefully employed’ in 2004 to build financial sector resilience
Croatian membership boosts ECB capital
Croatia’s central bank has joined the European System of Central Banks (ESCB), with governor Boris Vujčić taking his place on the ECB’s general council
Top Fed officials speak out to calm markets
Two Federal Reserve governors and the New York Fed president emphasise a change in monetary policy will be driven by data, not the date; further easing remains a possibility
Fed's Stein clarifies unemployment ‘threshold' for rate change
Permanent FOMC voter seeks to provide extra clarity over Bernanke statement last week; emphasises that interest rates could stay at rock-bottom even if unemployment falls to 6.5%
IMF plans overhaul of assistance to central banks and governments
Policy paper lays out plans for ‘single strategy’ combining technical assistance and training; pilot programme for new Capability Assessment Program aims to improve monetary and fiscal policy
Norges Bank economists examine motivations behind bank regulation
Staff memo sets out reasons why banking is ‘inherently unstable’ activity; says safety nets can create the need for further regulation
Austrian deputy resigns amid ongoing bribery case
Wolfgang Duchatczek quits National Bank of Austria; stands accused of bribery in relation to banknote printing deals with Syria and Azerbaijan
Hungarian inflation bound for 3% target after central bank cuts again
Hungarian National Bank cuts benchmark interest rate by 25bp for 11th successive meeting; forecasts that inflation will pick up in 2014 and hit target the following year
Caruana backs Bernanke taper timetable but warns banks to prepare for volatility
BIS general manager says Fed chairman Ben Bernanke was right to signal a tightening of monetary policy but warns stress tests will be needed to prepare banks for an increase in volatility
Bank of Spain rings organisational changes
General secretariat handed new department for market conduct and claims; new financial stability units set up to address banking analysis, macro-prudential policy and impact of regulation
ECB paper considers how to conduct monetary policy without interest rates
Occasional paper studies development of Islamic finance in Europe, including the difficulties inherent in setting monetary policy given that sharia bans interest rates
Sri Lankan central bank defends GDP figures
Central bank hits back at accusations of overstated growth figures in latest annual report; insists it follows international best practices
Weidmann says regulation must strengthen principle of individual responsibility
Bundesbank president says higher capital requirements will enable banks to shoulder greater losses by themselves; correct sequence of liability under common European resolution rules also needed
Canadian deputy says shadow banking could push up household debt
Timothy Lane raises concerns over the securitisation of government-guaranteed mortgages through shadow banks; says the low-cost funding could increase lending for mortgages
RBNZ deputy threatens use of loan-to-value restrictions to curb housing demand
Grant Spencer says interest rate hike would not be an 'appropriate response' to strong housing demand while macro-prudential intervention could be effective