Feature
A new vision of the Old Lady
The strategic review at the Bank of England represents an opportunity to create an ‘Economics Directorate’, a research department and an external policy unit, writes Richard Barwell
Lifetime achievement award: Paul Volcker
Paul Volcker’s record of achievement in difficult circumstances continues to provide an inspiration to central bankers throughout the world
Central bank of the year: The People's Bank of China
The PBoC has anchored market-based reform in China by curbing excesses in the financial system while pressing ahead with interest rate and capital account reform at a time of major political change
Reserve manager of the year: Central Bank of Colombia
The Central Bank of Colombia’s dynamic reserves management strategy and impressive performance amidst turmoil in the US dollar and emerging market currencies made it stand out from the crowd
Governor of the year: Mario Draghi
Unflappable conviction and outstanding leadership has enabled ECB president Mario Draghi to decisively restore confidence in crisis-hit Europe
Global custodian of the year: Northern Trust
A clear and committed focus on servicing assets on behalf of sovereign clients – both big and small – combined with a robust technology platform made Northern Trust stand out last year
Asset manager of the year: BlackRock
Improved customer service and impressive investment capabilities in all types of strategies across a wide range of asset classes around the world made BlackRock the stand-out asset manager in 2013
Payments and clearing technology provider of the year: VocaLink
VocaLink has excelled by building the infrastructure for a new accounts switching service in the UK and exporting its pioneering Faster Payments platform overseas
Website of the year: Bank of Spain
The Spanish central bank demonstrated formidable attention to detail in the design of its website, producing an end-product that is both well-designed and simple-to-use for all end-users
Risk management technology provider of the year: OpenLink
Its versatility of infrastructure has allowed OpenLink to thrive in a changing technological environment to meet new central banking demands
Transparency award: Sveriges Riksbank
Sveriges Riksbank, the Swedish central bank, plays a pioneering role in central bank openness and clear communications
Has the global financial crisis dented central bank independence?
Grace Koshie looks at the post-crisis role of central banks, examining issues of fiscal dominance and weaker policy freedom in an increasingly inter-connected world demanding ever-greater transparency
Monetary policy is the incorrect tool to curb asset bubbles
There is no evidence the use of monetary policy in Sweden to keep household debt in check actually works. Such a policy only undermines employment and results in the Riksbank breaching its mandate
Kazakhstan’s integration of alternative assets into its reserves management
Resource-rich Kazakhstan has embraced alternatives through the creation of a new fund to drive returns and improve diversification of its foreign reserves. Yeszhan Birtanov reports
New central bank mandates raise operational challenges
Central bankers face a raft of policy and operational challenges as their institutions take on new mandates and expanded responsibilities. By Martina Horáková, Tristan Carlyle and Arvid Ahlund
Turning forward guidance into 20:20 vision
The Bank of England’s vision of forward guidance is incomplete and could shake confidence in the central bank’s policy framework.
Rajan faces daunting challenges as he takes over as RBI governor
Raghuram Rajan faces a raft of monetary policy, governance and financial stability challenges when he takes over as governor of the Reserve Bank of India next week, writes Hugh Sandeman
Europe could learn from Germany’s macro-prudential approach
Germany’s approach to macro-prudential oversight could offer insights into how to democratise ‘hard’ policy tools and enshrine independence at a time when more power is being transferred to the ECB
Central bankers should be wary of their political bargain with government
Central bankers appear ‘spellbound’ by governments keen to give them new regulatory powers despite concerns about their ability to deliver either stable monetary or financial policy in the future
ECB conflicted by Cyprus bail-in
The ECB’s failure to secure a bail-out for the Cypriot banking system changes the template for sovereign rescue in the eurozone. It also has implications for a central bank that appears conflicted
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
The PBoC, the liquidity squeeze and market liberalisation
The PBoC was accused of poor communication and inaction when interbank rates spiked in June. But Hui Feng believes the central bank wanted to give regulated financial institutions a warning
A status report on Dodd-Frank and the Volcker rule
As the US and Europe move closer to co-operating on derivatives legislation, Vembar Ranganathan looks at the status of Dodd-Frank implementation aimed at curbing excesses in the derivatives market
HKMA primed for mobile payments surge
The Hong Kong Monetary Authority is enhancing the legal and supervisory framework needed for the safe development of retail payments for its echnology-savvy population