News
Brazil creates Finance Stability Committee
Central Bank of Brazil creates Financial Stability Committee to supervise financial industry and manage systemic risk
SEC approves credit rating agency reforms
Securities and Exchange Commission unanimously votes in rules and amendments for greater transparency of credit rating agencies' operations
Greece programme not working: IMF
IMF mission to Greece urges sovereign to undertake further budgetary measures; European official hints at soft restructuring
Credit rating agencies slam sovereign warning proposal
EU Commission proposal for credit rating agencies to give sovereigns three days’ notice of a rating change causes “grave concerns”
Europe must share blame for sovereign debt crisis: ECB’s Stark
Stark says European Monetary Union failures contributed to situations in Greece, Ireland and Portugal; calls for end to emergency stimulus policies
Slovakia falls €515 million into the red
National Bank of Slovakia Annual Report shows a €515 million loss for 2010 due to large write-downs on securities and derivatives
Azerbaijan working to improve banking sector
Helped by the IFC and the World Bank, central bank is training bank board members in oversight and risk management best practices
IMF could remove Strauss-Kahn from post if required
IMF rules allow for removal of managing director “when the executive board so decides”
Kohn apologises for financial crisis
Former Federal Reserve vice-chairman and external FPC member Don Kohn apologises for failures that led to financial crisis; says FPC will need to ensure new tools are not circumvented by markets
Council of the EU recommends Mario Draghi for ECB presidency
The Council of the European Union recommends the nomination of Mario Draghi as president of the European Central Bank
UK inflation climbs to 4.5%
CPI inflation rises to 4.5% in April due to higher transport costs; prompts Bank of England governor Mervyn King to send sixth consecutive letter to chancellor
Pay cut for next Dutch central bank chief
Nout Wellink to leave in July; successor to receive 23% less pay
Bank of Israel forms two appointment committees
Bank of Israel sets up committees to replace directors of research department and market operations department
Strauss-Kahn denies all charges following arrest in New York
Lipsky takes helm; Strauss-Kahn remanded in custody until court hearing on Friday
Zimbabwe demands foreign banks hand over majority stake to locals
Reserve Bank of Zimbabwe governor Gideon Gono says central bank will outline penalties for foreign banks failing to adhere to controversial indigenisation law
Eurostat continues to deny knowledge of Greece-Goldman swaps
Statistics body insists it only found out about the controversial cross-currency swaps between Greece and Goldman Sachs in 2010
Draghi favourite to next head ECB: poll
CentralBanking.com poll shows 43% of respondents say Bank of Italy governor Mario Draghi should be next European Central Bank president
Tensions ease in Hungary: reports
Members of Monetary Council say tensions are easing between government and central bank
Fitch ups Iceland default rating outlook to stable
Rating agency Fitch affirms Iceland rating; revises outlooks to stable from negative
Egypt asks IMF for loan
IMF announces Egypt has requested a loan of $10 billion-12 billion
Eurozone sovereign bailouts likely to stop at Portugal, say investors
The Eurozone crisis has already forced three members of the currency union to take EU/IMF bailouts but Spain, the next potential target of investors, is unlikely to follow
Lipsky to leave IMF in August
First deputy managing director John Lipsky says he will not seek a second term; will stay on as special adviser until the autumn
Namibia introduces interbank lending rates
Bank of Nambia launches the country’s first-ever official short-term interbank lending rates; gives full endorsement and encourages further developments
Fed critic Ron Paul to run for Republican presidential candidacy
Ron Paul announces he wants to be Republican candidate for presidential elections; fierce Fed critic wants central bank abolished