News
Research calls on Fed to replace ‘dot plot’
Working paper published by the IMF suggests publishing a baseline forecast compiled by staff and 'endorsed' by the FOMC as a replacement for individual and anonymous projections
Non-financials may be caught by shadow bank rules
Banks warn of 'massive' impact from European Banking Authority proposals, which would limit credit lines
Eurogroup calls emergency conference as Greece turns to ESM for help
Greece asks for two-year bailout programme from European Stability Mechanism, triggering yet another emergency Eurogroup meeting; ECB’s Cœuré admits exit from the euro is now possible
New Zealand SWF hires BMO to aid ethical push
The NZ Super Fund appoints BMO Global Asset Management to help 'global engagement programme' aimed at improving standards at the companies it owns
Korea introduces RMB discount window
Bank of Korea to launch emergency liquidity facility offering Chinese currency as part of broader infrastructure push aimed at bolstering Seoul's role as RMB hub
ESRB open to revising macro-prudential intermediate objectives
European Systemic Risk Board sees scope for ‘sharpening’ some of the existing five objectives, while potentially adding others, in review of EU policy
Central banks have 'track record' to manage new African SWFs, says World Bank expert
Ekaterina Gratcheva argued at a forum in Basel this weekend that central banks' institutional history makes them suitable managers for sovereign wealth funds
Lack of renminbi derivatives may foil currency's SDR entry
Panellists at a Sifma conference and corporate executives surveyed by Allen & Overy cite scant liquidity as a key concern for renminbi's progress
Juncker tells Greece to vote ‘yes’ in referendum
European Commission head Jean-Claude Juncker calls on Greeks to vote in favour of latest proposals, urging them not to ‘commit suicide because one is afraid of death’
Greek banks shut for a week as ECB freezes emergency fund
Banks closed and ATM withdrawals capped after the ECB's governing council freezes the supply of emergency liquidity; Greek government calls referendum on latest proposals for July 5
BIS calls for new paradigm in economic policy
Annual report argues broken international monetary system and low productivity reflects failure to ‘come to grips’ with how financial and real economies interact, domestically and globally
Carney says regulations may have gone too far
It is time to ‘take stock’ of financial regulations to ensure they are not imposing unintended consequences, Bank of England governor says
Philippines central bank to implement Basel III liquidity rules
Central bank governor Amando Tetangco says local banks ready for the new rules
RBNZ to cut costs despite need to implement major new projects
Central bank plans to cut costs and use resources more effectively following tighter funding deal; strategy includes payment systems upgrade, new banknote series and first stress tests
Croatian governor: Europe has a way to go with structural reforms
Boris Vujčić points to benefits of greater labour market flexibility and easier equity financing at IIF conference; Hungarian council member stresses need for productivity growth
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Weidmann leads support for capital markets union
Bundesbank president says bank-based and market-based finance can be ‘complementary’, while Iosco secretary-general urges Europe to move quickly
Zeti urges central banks to ‘call the shots' on financial regulation
Bank Negara Malaysia governor makes the case for giving central banks regulatory powers over financial markets during Central Banking interview
US rules on foreign banks criticised by SRB’s König
Elke König, head of the eurozone's bank resolution authority, says US requirements for foreign banks to have a local holding company run counter to the single point-of-entry approach to resolution
Fischer: more research needed on stress testing
Fed vice-chair sees room for improvement in the design of stress testing; NY Fed’s McAndrews fleshes out possible research agenda
Negative deposit rate ‘turbocharges’ QE, economists say
Former ECB board member Lorenzo Bini Smaghi says negative rate ‘creates a multiplier effect’ that boosts impact of QE, a view shared by other panellists at Frankfurt conference
Weidmann warns Greek ELA could raise ‘serious monetary financing concerns’
Bundesbank president says the ongoing provision of emergency funds to Greek banks will be a problem if the cash is used to buy sovereign debt
Greece closer to default as creditors throw out latest proposals
Leaked copy of counterproposal by Greece’s creditors complete with red-inked changes shows agreement as far away as ever, with less than a week until major IMF repayment
Central Bank of Nigeria excludes importers from FX markets
Latest bid to relieve pressure on the naira sees wide range of importers and those looking to invest in foreign currency bonds and equities banned from making foreign exchange transactions