News
Norges Bank poised to complete shift from FX buyer to seller before year's end
The Norwegian central bank sends strong signal it will make no foreign exchange purchases this year; analysts predict bank will make ‘symbolic shift' to net-seller in Q4
People: Dewatripont is new Belgian no.2; RBA appoints new economics research head
Mathias Dewatripont replaces Françoise Masai as vice-governor of the National Bank of Belgium; RBA promotes Alexandra Heath as Jonathan Kearns heads for the BIS; and more
Europe’s ‘bloated’ banking system could be harming growth, says ESRB committee
Report by advisers to European Systemic Risk Board says the banking system is ‘overweight’ and prescribes a number of remedies, including securitisation of SME loans
IMF says Japan's 'aggressive' QQE could be needed for ‘extended period’
The Bank of Japan may have to keep QQE running for ‘an extended period of time’ according to the IMF, and should consider providing forward guidance on its asset purchases
Obama urged to fill Fed board with community bankers and financial reform champions
Leading Democrats on Senate Banking Committee say it is 'critical' that two vacant Fed board seats are filled by nominees with 'strong commitment to financial reform'
Bank of England appoints ten new directors
Names are unveiled ahead of the BoE's sweeping structural overhaul that comes into force next week; nine out of 10 appointees comes from inside the bank
Post-crisis central bank policies are crowding out ABS, ECB and BoE say
Securitisations could be judged according to a set of commonly agreed principles to make due diligence easier; schemes introduced to boost lending have made ABSs comparatively expensive
Zambia warns speculators the kwacha is on the up
Bank of Zambia warns the public not to speculate on the continued fall in the kwacha's value, as economic fundamentals point to appreciation
Balkanisation a ‘real threat' to globalised banking, says PRA head Bailey
Bank of England deputy governor and head of the Prudential Regulation Authority warns that essential global financial services are under threat, in Directory of Financial Regulators 2014 foreword
Bank of Korea predicts sharp inflation increase
South Korea’s central bank expects annual inflation to climb above 2.5% in the fourth quarter, suggesting the MPC will turn its attention to rate increases later this year
Bespoke accounting rules a boon for ECB, study finds
Profits are lower but financial buffers bigger than if central bank had adopted the International Financial Reporting Standards framework
Bank of Thailand appoints new deputy; ex governor hired by military regime
Central bank board appoints one new deputy and changes the portfolio of another; ex governor Pridiyathorn Devakula named economic adviser to military junta, again
Central Bank of Kenya backs up talk with currency intervention
Senior trader at I&M Bank explains how forex interventions have kept the exchange rate on an even keel; central bank issues statement to reinforce control of situation
Rajan sets out ‘idealistic' vision for international monetary policy co-ordination
RBI governor would in an 'ideal world' establish an impartial arbiter of unconventional monetary policy; Lagarde says global welfare benefits should be quantified
Ingves: Swedes should be forced to amortise mortgages
Riksbank governor slams Swedish 'culture' whereby 40% of households ‘do not amortise at all'; average debt-to-income ratio for mortgaged households is 313%
Carstens leads Sintra scepticism over macro-pru policies
Bank of Mexico governor Agustin Carstens says macro-prudential instruments were of ‘limited use’ in his country, while Lagarde points to other issues across the globe
IMF says Irish government should bolster central bank independence
International Monetary Fund report encourages the government to cede power over the central bank; authorities ‘disappointed’ by findings
Brazil fails to realise Latam financial stability grouping
South American regional initiative to co-operate on financial stability appears to have gone nowhere since it was announced by Brazil in March this year
Paul Krugman calls for higher inflation targets at ECB Forum
US academic ruffles feathers at conference in Portugal by arguing that higher inflation targets are more desirable now than they were a decade ago; Ottmar Issing disagrees
ECB plans to charge banks $355 million supervisory fee
The European Central Bank will charge eurozone banks an annual fee for supervising them; early figures suggest the 130 or so significant banks will foot 85% of the bill
Policy-makers wary of ‘hurdles’ to ABS revitalisation
Central bankers and academics agree SMEs need greater access to credit, but dispute whether or not reviving the ABS market in Europe is the right course of action
Draghi flags up eurozone credit constraints
The ECB could help boost lending to SMEs through LTROs if credit supply fails to keep pace with credit demand, Mario Draghi tells Portugal conference
ECB launches new central banking forum
The European Central Bank will open its first forum on central banking in Portugal on Sunday, where 150 central bankers, government officials and academics will debate current policy issues
Fed board remains depleted despite Fischer confirmation
When Jeremy Stein steps down on May 28, the board will comprise three official governors, as Lael Brainard and Jerome Powell await confirmation and further nominees have yet to be made