News
Europe must tackle financial fragmentation, says ECB’s Cœuré
Benoît Cœuré says banking union will stem financial fragmentation in European Monetary Union; integration will require flexibility in the short run
ESRB’s first ‘risk dashboard’ shows some positivity
European Systemic Risk Board releases first set of 43 indicators of risk for European countries; highlights some signs of improvement in financial markets
Trade reporting pressure increases as CFTC deadlines loom
DTCC data repository has received provisional CFTC approval, just three weeks ahead of mandatory reporting for credit and rates, with FX reporting due to begin in January
King defends record in first live interview
Bank of England governor justifies missed inflation targets, redistributive impact of quantitative easing and design of banking regulation in first live extended television interview
Bank manager and shareholder personal liability rules debated at Giff 2012
Comments by Turkish deputy prime minister sparked debate at Giff about the use of personal liability as a method to ensure shareholders take their role seriously and moderate the actions of bankers
New governor signs revised policy target agreement in New Zealand
The Reserve Bank of New Zealand’s policy targets agreement will come into effect on the same day Graeme Wheeler takes over as governor; document includes "stronger focus" on financial stability
HKMA seconds director-general for enforcement
Division head of banking supervision promoted to executive director for enforcement after announcement that Raymond Li will be seconded to the Hong Kong Mortgage Corporation
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
Former Cypriot governor says OMTs will not suffice
Athanasios Orphanides says ECB's bond purchase programme will not achieve long-term financial stability; says a political problem requires a political solution
EBA chairman underlines urgency of market benchmark reforms
Andrea Enria says European Banking Authority is working at a ‘much higher speed’ to address fixing of market benchmarks; investigation into Libor rate scandal is continuing
Ukraine selects new economic department director
National Bank of Ukraine picks central bank veteran to lead economic department; predecessor left after hitting retirement age
Bank of Greece sets out drastic cost-cutting measures
Greek central bank governor sends letter to ECB explaining steps taken to reduce operating costs and wages at the institution; includes cumulative 50% pay cut for top officials
BoJ expands asset purchase programme
Japanese policy board votes to increase purchases of government bonds and treasury bills; Bank of Mauritius governor highlights risk to central bank reserves from further asset purchases
Bank of Israel renovates website to improve user experience
Israeli central bank unveils a new website aimed at making information more easily available; content now available in Arabic for the first time
Riksbank minutes highlight ‘unexpectedly rapid’ currency appreciation
Minutes of the Rikbank’s September monetary policy meeting show all board members raised concerns about the strength of the krona; governor says action is needed in eurozone
Giff 2012: Central bank action enables Europe to reverse fiscal austerity, says Turkish deputy prime minister
Central banks have created a ‘window of opportunity’ for governments in Europe and elsewhere to embark on fiscal expansion to spur short-term growth, says Turkish deputy prime minister
Giff 2012: Malaysia’s Zeti calls for a ‘bridging’ of economies to promote Islamic finance
Bank Negara Malaysia governor says Islamic finance has emerged from the financial crisis in a position of strength, but more co-ordination is needed to ensure the industry continues to flourish
Former Seychelles governor denies drawing double wage
Pierre Laporte repudiates claims he is receiving dual salaries from the government and central bank; follows circulation of an anonymous letter accusing him of corruption
IMF-World Bank announces location for 2015 meeting
Annual meetings of central bankers and finance ministers to be held in Latin America; events to include discussions of global economic and financial developments and policies to reduce poverty
Bulgarian governor against accession to banking union
Ivan Iskrov expresses opposition to the idea of Bulgaria joining the proposed EU banking union; discusses protecting domestic economic interests
Giff 2012: Experts divided on Islamic finance as financial stability panacea
Speakers and delegates attending the Global Islamic Finance Forum in Kuala Lumpur split on role Islamic finance can play in alleviating global financial instability
BIS raises fears over lower global growth trajectory
Bank for International Settlements Quarterly Review says global growth outlook deteriorated further over the quarter; warns of diminishing benefits to unconventional monetary policy
Time to rethink the centrepiece of economic management, says Gieve
Former deputy governor of the Bank of England challenges role of independent central banks pursuing inflation-targeting mandates
Fed’s Lacker explains dissenting vote on QE3
Jeffrey Lacker sets out reasons for vote against quantitative easing; says it will have a weak effect on growth, carries potential inflation risk and raises issues about the Fed’s mandate