News
Norway moves policy tools in opposite directions
Norges Bank cuts rates to tackle economic slowdown but government imposes higher countercyclical capital buffer as financial stability indicators show signs of danger
US Treasury: woman will appear on new $10 banknote
More than a century after Martha Washington was featured on a $1 note, Treasury secretary Jack Lew announces he will pick another woman to feature on the $10 note
SEC chief sees potential in UK’s senior managers regime
Mary Jo White says she is ‘very interested’ in the UK's accountability regime, as part of a panel discussing the many pitfalls in changing bank culture; Martin Wheatley warns reform could take 10 years
Fed officials still back 2015 rate hike
Median of latest projections suggests federal funds rate will reach 0.625% by the end of the year; FOMC delivers more upbeat assessment as its keeps policy unchanged
China to work with IMF on SDR evaluation, top official says
Comments by top foreign exchange regulator follow reports that IMF sent team to China for ‘technical discussions' last week
CCP wrangling sparks new frontloading fears
Dealers fear trades could be booked at central counterparties they are not able to use
Nabiullina: Bringing down inflation still Bank of Russia’s main concern
Central bank governor tells parliament that inflation is still the ‘priority task’ despite announcing plans to rebuild forex reserves earlier in the month
New Zealand paper calls for clearer financial stability aims
Researchers argue more guidance is needed on how and when macro-prudential policy will be used, pointing to the lack of hierarchy between distortions
Bank of Greece foresees ‘uncontrollable crisis’ if talks fail
Central bank weighs in with bleak prognosis for life without the euro as talks go to the wire; next Eurogroup meeting on June 18 offers last chance
PBoC top committee brings in seven fresh faces
China's central bank reshuffles top committee for second time this year, bringing in heavy-hitters from government and academia
ECB’s Mersch dismisses concerns over T2S launch at weekend
ECB executive board member admits a few bugs remain in Target2 Securities system, but argues they are not major and will not interrupt this weekend’s migration
Ireland to phase out one- and two-cent coins
Central bank will lead project that will see cash payments rounded to discourage use of low-value coins; decision follows successful trial in 2013
Japan regulators further relax electronic trading mandate
JFSA is initially going to mandate only three tenors of IRS for platform trading
EU court rules OMTs are legal
ECB is vindicated as ECJ rules in favour of crisis measure that would see the central bank buy potentially unlimited amounts of sovereign debt to protect ‘singleness’ of monetary policy
Bank of Israel launches journalist briefings as part of transparency drive
Central bank begins quarterly briefings of journalists and adds new publications as part of ongoing efforts to improve communications; follows consultations with other central banks
Market participants cheer FEMR recommendations
Dealers, customers and platforms all welcomed the outcome of the long-awaited review
IMF's Blanchard urges compromise in Greek negotiations
Both sides need to make tough choices but more funding and some form of debt relief necessary, says IMF chief economist; Mario Draghi emphasises need for long-term EU institutional change
Draghi defends ‘distributional consequences’ of QE
ECB president suggests easy monetary policy will benefit all citizens in the longer run; economists describe impact on inequality as “ambiguous” in research prepared for Econ Committee
Bank of Russia cuts key rate and moves to replenish foreign exchange reserves
Central bank continues easing cycle with 100bp cut, while stronger ruble gives room to replenish reserves
Governor wants freer thinking at 65-year-old Bank of Korea
Juyeol Lee hints at coming shake-up, calling for openness to ‘creative ideas’ as central bank prepares to set new inflation target
BIS researchers find evidence of macro-pru and monetary policy cancelling out
Study of macro-prudential policy in South-east Asia shows policies work best when used in same direction; paints complicated picture including ‘some evidence’ of spillovers
Philippines 5% leverage ratio causes few ripples
Central Bank of the Philippines brings in one of the highest basic leverage ratios globally, but local firms are unconcerned
Zimbabwe pulls local currency from circulation
Locals will be able to exchange their Zimbabwean dollars for US dollars until September 30; any amount up to Z$175 quadrillion in their bank accounts will be swapped for a flat $5
EBA recommends balance between filling resolution fund and procyclicality
European Commission could allow some variation in banks’ contributions to Single Resolution Fund to avoid procyclicality, but reaching the fund’s target level is ‘first priority’