News
European Commission looks to unshackle big data
In its quest to create a digital single market the commission plans to tackle restrictions on the free movement of data; champions transition to ‘open science’
Opposition from big banks to RBA interchange fee curb
Large commercial banks and payments providers warn of damaging impact of regulating interchange fees, but smaller challenger payment systems are broadly in favour
Currency shifts could create ‘dilemma’ for Asian economies
IMF regional economic outlook warns policy-makers could face an ‘uncomfortable trade-off’ between external competitiveness and financial stability
EU risks have intensified, supervisory authorities warn
Risks have worsened since mid-2014, European supervisory authorities say; report recommends including costs arising from misconduct sanctions in future stress tests
Yellen says stability risks ‘not elevated’
Fed chair tells Christine Lagarde she does not see ‘the precursors of a financial crisis’, but singles out high stock valuations as a ‘potential danger’
Lift-off for ASX Aussie dollar swap clearing business
Volumes jump in the first three months of the year following revamp of Sydney bourse's clearing incentive scheme
Deeper markets in WAEMU could boost policy transmission
Research published by the IMF finds the transmission of monetary policy is impeded by ‘shallow’ financial markets in the West African Economic and Monetary Union
Gieve: BoE rate hike likely to hinge on election outcome
Former deputy governor John Gieve says victor in May 7 poll will impact BoE’s tightening decision; panellists warn of high uncertainty as no party likely to win outright majority
NBER paper challenges Rey’s monetary policy dilemma
Authors find evidence to support the continued existence of a traditional monetary policy trilemma, casting doubt on Hélène Rey’s theory that the trilemma has broken down
SNB posts record loss in first quarter
Reported total loss is around $32 billion after strong franc weighs on value of central bank's euro reserves
Thailand relaxes capital controls
Bank of Thailand announces measures to make it easier for residents to invest abroad and for foreigners to trade bahts
Bundesbank’s Dombret wants more ‘proportional’ supervisory teams
Executive board member says the joint supervisory teams in Europe should be proportionate to the size and significance of the banks they supervise
Australian dollar jumps despite RBA rate cut
Australian central bank cuts benchmark interest rate to 2%; governor Stevens says currency depreciation 'necessary' amid falling terms of trade
Early contenders emerge as Irish governor announces departure
Central Bank of Ireland governor announces intention to retire later this year, with a handful of names already surfacing as possible successors
Japan shows signs of inflation rebound
Inflation creeps back into positive territory after hitting zero in February, as research by the Bank of Japan suggests inflation may have moved to a new, higher trend
Argentina cabinet chief rejects analysis in IMF report
Argentina needs ‘tighter macroeconomic policies, a weaker exchange rate and less microeconomic distortion,’ argues IMF outlook; cabinet chief dismisses analysis
Fed’s Mester calls for more work on monetary policy and financial stability nexus
Loretta Mester sets out three priorities for research on the consumer credit markets in the United States at conference in Philadelphia
IMF encourages Tonga to adopt ‘reference rate’ for inflation
IMF recommends the National Reserve Bank of Tonga adopt a reference rate of 3.5%; central bank says it needs to analyse the appropriate level before making the jump
MAS designates seven domestic systemically important banks
The Monetary Authority of Singapore has identified seven systemically important domestic banks, which will have to locally incorporate their retail operations and meet higher capital requirements
Smaller China banks opt for internal credit risk modelling
Regulation and a rise in bad loans drive small and medium-sized banks to reassess their approach to credit risk management
Central Bank of Timor-Leste launches e-payments network
The ‘highly secure private interbank data network’ allows electronic payments to be made and received between any individuals or companies on the same day
BIS economists say investor behaviour key to understanding EM challenges
Hyun Song Shin and Philip Turner consider implications of shift in financial intermediation for emerging markets; part of wider Banque de France review on the subject
Bank of Japan cuts inflation forecast
BoJ retains asset purchases at current levels and says underlying inflation is rising steadily; expects to hit target in second half of 2016
Bank of Spain remodels in light of SSM
Executive commission approves a new structure for bank resolution and regulation, as well as changes to the central bank’s cash management functions