News
Europe is losing the “war on cash”: report
ECB and European Commission efforts to promote cashless payments are having some effect, but people still prefer cash, report finds
Greece should go to IMF, not EU for aid: Issing
Former ECB chief economist advocates tough love from Washington, rejects Brussels bailout; position conflicts with senior EU bureaucrat
Ex-Nigeria chief loses state governor race
Nigerian ex-governor Charles Soludo places third in the bid for governorship of the resource-rich Anambra state after a spirited campaign
Kuwait makes surprise 50bp cut
Central Bank of Kuwait trims half a percentage point off key rate in the face of low inflationary pressures and to encourage lending to non-oil sectors
Ex-NY Fed chief opposes Volcker rule
Former New York Fed head Jerry Corrigan, now at Goldman Sachs, plays down impact of banks’ activities; warns against regulatory arbitrage
Drop the math, Finland’s Liikanen tells economists
Bank of Finland’s Erkki Liikanen says profession will have to be more humble post
Ex-IMF chief economist wants Fed’s Hoenig for Treasury
Simon Johnson says lone FOMC dissenter “entirely plausible” successor to Tim Geithner
Rate round-up: bulk of central banks hold
Rate decisions this week see a slew of institutions maintain policy stance
Iceland’s government knew banks were in trouble: Wellink
Dutch central bank president Nout Wellink says his Icelandic counterparts had informed the government that the country’s banking sector was in trouble
Argentina surprises with new governor
Mercedes Marcó del Pont, the pro-government head of a state bank, is made governor of the Argentine central bank, commentators and markets in shock
Ireland wrongly accused over funding family trips
Spending watchdog admits error over claims central bank paid for 52 spouses to travel on single visit, but Honohan bans future junkets
DSK hints at early departure from Fund
International Monetary Fund’s managing director thought keen to challenge Nicolas Sarkozy in 2012 presidential vote; move paves way for Fund to prepare ground for non-European appointment
Ex-SARB head to chair packaging company
Tito Mboweni named chairman of Nampak
Bank holds rates, halts asset purchases
Bank’s rate-setters stand pat, pointing to a clash of pressures between inflation and anaemic growth; ex-MPC members concur
US can go it alone on reforms: Volcker
Former Fed chairman Paul Volcker says international consensus on reform not necessary
Fed is best in crisis, says British think-tank
The Federal Reserve’s credit easing operations have fostered a quicker recovery than in the UK and eurozone, research finds
Romania makes half-point cut
Romanian central bank lowers cost of borrowing despite above-target inflation
Norway puts rate rises on ice
Pause in exit strategy as recovery “takes hold”, inflation likely to fall
New rules in pipeline for financial plumbing
Head of Basel-based CPSS says decade-old principles for payments, settlement and clearing must be updated and financial resource requirements sharpened
Frontrunner Blejer: deputy should take over
Former Argentine governor Mario Blejer tells CentralBanking.com deputy should see out Redrado’s term
RBA surprises with rates freeze
Reserve Bank of Australia wrong-foots markets after three straight hikes, cites Chinese policy tightening
China must look to interest rates: OECD
Paris-based organisation calls on Chinese central bank to move interest rates rather than putting liquidity controls in place
Argentina’s Redrado resigns
Argentine central bank governor gives in after three-week stand-off with the country’s president, government says it does not accept resignation
No hikes if inflation stays below 8.5%: RBI
Indian central bank’s governor and deputy governors say hikes could dampen growth, key rates to stay flat unless inflation exceeds 8.5%