Central Banks
MAS to launch 'unique' government-guaranteed retail bond
Interest on the non-tradable, 10-year bond will increase annually and savers can bow out at any time; product is unique in Asia, analyst says
People: NY Fed names first vice president; HKMA promotes research head
Michael Strine succeeds Christine Cumming as first vice president at the Federal Reserve Bank of New York; Lillian Cheung becomes executive director for research in Hong Kong; and more
Icelandic MP posits radical monetary reform
Report proposes scrapping fractional reserve banking and handing Central Bank of Iceland authority over money creation; central bank says it is not considering the plans further
Draghi defends ECB’s voting opacity
While extolling the virtues of central bank transparency, the ECB governor says not publishing a voting record allows members to support the overall decision despite privately disagreeing
US Treasury's cyber chief lays out cyber security blueprint
Julia Philipp recommends targeted defences, data sharing and response planning, at OpRisk North America conference
Hellwig warns against expanding financial stability mandate too far
Martin Hellwig presents his thoughts on how to strike a balance between the macroeconomic and financial stability objectives of monetary policy
Romer and Romer find financial crisis impact ‘not large’
NBER working paper constructs new series on financial distress in advanced economies to better capture degrees of financial crisis; finds output declines are ‘moderate and largely temporary’
Central Bank of Bahrain launches Islamic liquidity facility
Wakalah instrument chosen on basis of its effectiveness as a short-term liquidity management tool, executive director says, allowing banks to deposit excess reserves with the central bank
Riksbank sees payments challenges ahead
Annual report notes growing interest in digital forms of payment is leading to declining income from seigniorage; new banknote series to enter circulation in 2015
Jacques de Larosière on the international monetary system and the eurozone
Central Banking’s Chris Jeffery speaks to former IMF chief Jacques de Larosière about efforts to restore the global financial system and challenges for the eurozone at the Central Banking Awards 2015
Wilkins sheds light on research into Bank of Canada regime
Senior deputy governor Carolyn Wilkins tells Central Banking how the Bank of Canada is preparing for the inflation-targeting renewal in 2016; sets out three research themes
Fischer looks to strengthen non-bank solvency and liquidity
Fed vice-chair says key issues for promoting non-bank sector stability are solvency and liquidity, and suggests policies that could be used to strengthen these areas
BIS committee urges central banks to consider collateral policies ahead of time
Central banks should be aware of the effects of their policies on collateral markets, and use this knowledge to prepare in advance for crises, CGFS report finds
Bank of Canada’s Vardy on what makes a good website
Jill Vardy says the best central bank websites ‘pay attention’ to how users get there; discusses current trends and new frontiers in online communications
Former ECB banknotes director describes 'arduous path' to Europa launch
Antti Heinonen details the challenges and occasional mishaps in delivering a ‘quantum leap’ in eurozone banknote designs, with the latest new note to be issued later this year
Nouy sets out SSM priorities for 2015
Supervisory board chair Danièle Nouy reveals focus on profitability drivers of largest banks in eurozone, as well as their risk appetite and governance; first annual report published
Riksbank’s new approach to nowcasting reviewed
Article in Economic Review evaluates the forecasting performance of a dynamic factor model adopted by Sweden's central bank, finding it a useful addition to its suite of tools