News
Esma sets out 2017 work programme
Strategy and governance among key priorities, Maijoor says
Bank of Russia sets up fintech body and gains internet-blocking powers
Central bank holds policy rate saying recent fall in prices due to “temporary” factors
Kenya’s monetary policy framework under threat – IMF
New interest rate caps are “constraining” the central bank’s ability to conduct monetary policy while negatively affecting banks’ profitability, but action plan could see them eliminated
Norges Bank defends policy framework amid government review
The government is assessing the central bank’s governance and monetary policy; Norges Bank says it needs a “long and flexible horizon” to be able to properly conduct its policy framework
BoE signals extra slack as it revises growth outlook upwards
Mark Carney indicates the MPC is willing to keep rates on hold, although risks may emerge as details become clear about the UK’s EU departure; UK government publishes a white paper on Brexit
African regulators want regional regulatory structure – Basant Roi
“Political will” to support financial regulatory reform in Africa is “missing”, says Mauritius governor; IMF chief says resolution frameworks are “insufficient”
Energy base effects pushing recent eurozone inflation – ECB
Effect estimated to be negative for much of second half of 2017
FCA's McDermott joins StanChart
Former FCA acting chief executive starts her new role in March
People: Finland sets out new board responsibilities
Two new members have been appointed to the Czech central bank’s board; new counsellor to Draghi replaces Smets at the ECB
FSB issues draft guidance on CCP resolution
Regulators’ powers should include “bail-in” and “full tear-ups”, FSB recommends; regulators should have resolution plans for all systemically important CCPs, including cross-border provisions
UK financial regulators finalise plans to strengthen enforcement and transparency
PRA and FCA publish measures that will keep financial firms better informed about investigations; new framework will “command public confidence”
Global financial safety net hits snag in regional finance
Jeromin Zettelmeyer warns moral hazard problems are now more serious with the rise of regional funds; central bank swap lines could be a partial solution
Poloz considers the future of economic modelling
Theoretical and empirical two-pronged approach likely to stay, governor says, though economists are still on the hunt for the “holy grail” single model
Unconventional policy has improved ‘pass-through’, says ECB
“Simple pass-through models” are ill-equipped for analysis, paper argues
Fiscal rules fail to tackle EU policy biases – IMF research
Many biases relate to political economy factors, and should be tackled by future adjustments to the governance framework, IMF economists say
ECB reports 20.7% drop in number of counterfeits
Number of counterfeits ticked up in the second half of 2016, but annual figures are down; €50 note still dominates in terms of counterfeit volume, with new note to be released in April
Brexit pain may be coming – panel
Former Bank of England officials warn of fading consumer spending and investment
Central Bank of Kenya halts reference rate calculation
Rate made redundant by interest cap, Njoroge explains, as banks prepare for the new arrangement; central bank maintains interest rates at 10%
Esma calls for more powers over rating agencies and repositories
Agency head says he is not sure if European Commission will act on his recommendations
SBP to work with World Bank on supervisory framework
Deal will see World Bank provide technical assistance on a range of projects as it extends its paid-for advisory services into south Asia
Italian governor calls for reform of NPL regulations
Bank of Italy paper sets out proposals for sterilising effects of NPL sales
RBI signals end to cash controls
Central bank prepares to lift restrictions on cash withdrawals but shift from “demonetisation” to “remonetisation” is only partially complete
Swift records 29.5% decline in renminbi payments
Canadian dollar overtakes renminbi to become fifth most used for international payments; latest data shows slowdown of Chinese economy as well as volatility in exchange rate could be to blame
Nigerian central bank attacks ‘unpatriotic’ critics of forex regime
Reserves under pressure due to “huge fall” in earnings, the bank admits