News
Draghi says markets should have final say on currency strength
ECB president re-affirms the central bank's independence; emphasises ‘accommodative' monetary policy, as governing council votes to hold rates again
HKMA shores up Hibor-setting mechanisms
Package of measures aims to improve the transparency and robustness of the benchmark rate; UK bank fined $612 million by US and UK regulators over Libor rigging
UK’s Adair Turner advocates stimulus by ‘helicopter money’
Chairman of the UK’s Financial Services Authority says there are circumstances where monetary financing of government deficits is justified, calling for more serious discussion of the topic
Poland cuts rates again as CEE states fight stagflation
National Bank of Poland cut its benchmark interest rate by 25 basis points for the fourth successive meeting; most central banks hold in face of steady inflation
Ex JPMorgan chief backs UK banking regulations
Bill Winters says banks won't ‘up sticks' and leave London in light of tougher regulation, but rejects the addition of a ‘Volcker rule' to the ring-fence
BoJ board member says 2% target is not sustainable
Takehiro Sato explains his vote against Bank of Japan’s inflation target change, and says central bank will not intervene to depress the value of the yen – but the government might
Ireland aims to cut cheque use by two thirds in three years
Central Bank seeks to reduce cheque usage in line with European average, with the potential for significant reductions in the cost of payments
Egypt takes new steps to halt economy's downward slide
Central bank adjusts exchange rate rules as Egyptian government announces it will complete its economic reform plan by the end of this week
People: Shirakawa to step down early; Cyprus creates new post of deputy governor
BoJ governor to leave his post ahead of end of term; Cyprus creates deputy governor post to help conform with Troika demands; and more
Mexican governor proposes systematic approach for future crises
Agustín Carstens lays out crisis response plan for governments; stresses the need to manage expectations first and foremost
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
French president calls for euro exchange rate policy
François Hollande says the single currency cannot be left vulnerable to the whims of the market and a valuation that wipes out efforts to improve competitiveness
RBA holds rates but suggests cuts could follow
Reserve Bank of Australia holds interest rate at 3%; governor says stable inflation would allow board to make cuts and boost demand if needed
‘Crisis in the eurozone is not over’, says MAS chief
MAS's Ravi Menon offers a roadmap to central banks and governments to help ‘normalise’ the global financial system; hits out at loose monetary policies and says fiscal policy debate is misinformed
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
Maldives governor urges government frugality
Fazeel Najeeb says ready availability of short-term treasury bills takes away the incentive for banks to lend to one another; lack of an interbank market is damaging monetary policy transmission
UK to ‘electrify' bank ring-fence in bid to end ‘too big to fail'
UK chancellor launches legislation to enforce ring-fencing – and separate banks that fail to comply
Former BoE MPC members divided on ‘maxed out’ easing
John Gieve, Charles Goodhart and Andrew Sentance disagree on whether the Bank of England has more scope to ease policy; Gieve says action at next meeting is likely
BoJ target leaves Japan inflation swap market unmoved
Doubling Japan's inflation target has had a limited impact on the domestic inflation market
Rating agency warns of knock-on effect of Fed’s foreign bank rules
Fitch says tighter rules for foreign banks operating in the US are likely to make other countries raise standards as well, putting a squeeze on the growth of global banks
Barnier still examining ‘where to draw the line' on bank ring-fencing
Commission spokesman admits tension between maintaining competitive banks that can still finance economic growth and eliminating risks remaining in the European banking system
Reserve Bank of Zimbabwe backs mandatory bank takeovers
Governor Gideon Gono says foreign banks must observe ‘indigenisation' laws, which force them to hand majority ownership to local people; foreign direct investment flight continues
Inflation unexpectedly plummets in Turkey
Year-on-year inflation falls from 9.2% to 6.2% between September and December last year; central bank ready to tighten rates if inflationary pressures are restored
Riksbank at odds with proposals to limit capital, analysts say
Proposals released that would halve the size of the Riksbank’s balance sheet; analysts say they clash with central bank policy and are unlikely to be adopted