News
‘No evidence’ of criminality in BoE crisis auctions
Bank of England given all clear on question of whether financial crisis liquidity auctions were rigged; central bank has now corrected may of the issues with its liquidity framework
Ukrainian central bank calls for $1.5 billion more capital for PrivatBank
National Bank of Ukraine says forensic auditor will report in September
BIS urges policymakers to exploit ‘window of opportunity’
Financial cycles are getting close to turning in many economies and central banks and governments must make sure they are prepared, the BIS warns in its 2017 annual report
ECB announces instant payment settlement scheme for 2018
“Tips” will be based on existing Target-2 system
ECB requests powers to regulate CCPs
Brexit heightens concern over importance of central counterparties
BoE’s Forbes points to bias among overworked MPC members
Senior Bank of England officials are overworked and heavily scrutinised, which may make it harder for them to take tough decisions, Kristin Forbes says in her final speech as an MPC member
Malaysian government escalates investigation on historic forex losses
Commission will investigate heavy forex losses by the Malaysian central bank in the early 1990s, after task force finds evidence information was concealed
Bank of Canada prepares to open redesigned museum
Museum set to reopen in July after “complete reimagining”, including interactive exhibits on the central bank’s mandate, inflation-based games and a two-tonne “Yap stone”
Recovery increasingly resilient; inflation predictions down – ECB
GDP forecasts revised up and ECB says recovery is “broadening”, but inflation projections revised down
UK payments regulator unveils competition reforms
Reforms aim to open up UK payments infrastructure to competition, and include move to common messaging standards
Asset purchase programme is key to central bank credibility – ECB paper
Researchers analyse market reactions to unconventional monetary policy decisions
OCC warns on cyber risks from subpar patches at US banks
Regulator says banks have good track record overall, but exams reveal weaknesses
IMF urges ‘no favour, no obstacle’ approach to Islamic banking
Report urges countries to adopt more consistent prudential standards for Islamic banks and strengthen liquidity management frameworks
Commission should have power to order CCPs to relocate to EU – Cœuré
The power would be one among many, says ECB executive board member
BoE’s Haldane examines changing nature of work
Rise of “gig economy” and self-employment may have weakened wage-setting power among workers, the BoE chief economist says; he indicates a willingness to vote for a hike later this year
Indonesian banks will switch to reserves averaging in July
Latest move in Bank Indonesia’s major overhaul of monetary policy transmission and efforts to deepen financial markets
South African governor rejects calls to change mandate
Public protector calls for the central bank to drop the defence of the value of the rand
Little evidence to support ‘global slack’ thesis, ECB paper argues
Researchers say global spare capacity is not increasing as an influence on eurozone inflation
BoE economists criticise DSGE inflation modelling
Team including MPC member Kristin Forbes criticises structural modelling approaches for failing to properly account for trend inflation
BIS comes to the defence of globalisation
Increasing trade and financial integration have had a “profoundly positive” impact on people’s lives, but do bring drawbacks too; the correct response is not a wholesale rollback, says Jaime Caruana
Thai central bank warns on deteriorating debt serviceability
Bank of Thailand flags financial stability risks as weakening macroeconomic outlook impacts debts among SMEs and households
EBA calls for tighter money-laundering curbs on crowdfunding
EC should make consumer protection a “key” part of its fintech approach, the EBA says
No ‘Taylor rule’ without Meltzer’s support
John Taylor says he would “likely have done other things” if not encouraged by Allan Meltzer to develop the eponymous rule
Silvana Tenreyro picked for BoE MPC
LSE academic to take over from Kristin Forbes as external member of the monetary policy committee at the end of June