News
Fed's Lacker blames safety net for crisis
A senior Federal Reserve official has said that the implicit guarantee that the government would step in and save those institutions deemed too big to fail was a key cause of the current economic malaise.
LatAm leaders pledge $7bn to Bank of the South
Leaders from seven of Latin America's biggest economies have agreed to provide $7 billion as start-up capital to the Bank of the South, a proposed regional counterweight to the Washington-based Bretton Woods institutions.
NY Fed's Dudley to fill Geithner's boots at CPSS
William Dudley, the president of the New York Federal Reserve who took over from Tim Geithner earlier this year, will also replace his former boss as chairman of the Committee on Payment and Settlement Systems.
US experience so similar to ours: Japan deputy
The current situation in the United States bears a "remarkable resemblance" to Japan's lost decade, Kiyohiko Nishimura, a deputy governor at the Bank of Japan, has said.
India ex-finance minister calls for "massive" cuts
A former Indian finance minister has called on the Reserve Bank of India to cut rates drastically in order to buoy the country's flagging economy.
US payments systems still evolving
Research by the Kansas City Federal Reserve looks back at some early payments systems and examines their status today and where they may be heading.
Fed's Maiden Lane down $10 billion
More than 14% was wiped off the value of the assets held on the Federal Reserve's books as collateral for its bailouts of Bear Stearns, a now defunct investment bank, and American International Group (AIG), a beleaguered insurer, in the three months to…
NY Fed's Friedman quits over Goldman controversy
Stephen Friedman, the chairman of the New York Federal Reserve, has resigned after coming under pressure for buying shares in Goldman Sachs, an investment bank.
RBI's Mohan to move to Stanford
Rakesh Mohan, a deputy governor at the Reserve Bank of India, is to leave the central bank next month to take up a role at Stanford University.
Riksbank upgrades Latvian swap line
The Riksbank has extended its swap line with the Bank of Latvia and raised the amount on offer to €500m ($675m).
Chile cuts to record low
The Central Bank of Chile cut its benchmark rate to an all-time low of 1.25% on Thursday.
ECB steps up recession fight
The European Central Bank (ECB) on Thursday announced a raft of measures, including outright purchases of corporate debt, to embolden its response to the eurozone recession.
Bernanke defines macroprudential approach
Ben Bernanke, the chairman of the Federal Reserve, on Thursday detailed how a macroprudential approach to regulation would look.
Iceland cuts by 250bp, eases capital controls
The Central Bank of Iceland's Monetary Policy Committee chopped 250 basis points off its benchmark policy rate on Thursday. The cut, which leaves the rates at 13%, comes as the central bank agreed to relax some capital controls.
Bank expands quantitative easing by £50 billion
The Bank of England's Monetary Policy Committee on Thursday increased the size of its quantiative easing programme by £50 billion ($75.2 billion) to £125 billion.
China warns on QE inflation threat
The People's Bank of China has said that quantitative easing posed huge risks for international markets and the global economy.
Riyadh to host regional central bank
Saudi Arabia's capital has been named as the location for the Gulf's regional central bank, after an eight-month delay.
France explains Sepa delay
The French National Single Euro Payments Area (Sepa) Committee has justified its decision to delay the implementation of Sepa Direct Debit until November 2010, a year after the first available start date.
FDIC recruits former Fed counsel
Michael Bradfield, a former head of the Federal Reserve's legal team, has been named general counsel of the Federal Deposit Insurance Corporation (FDIC).
Systemic rules a key challenge: Fed's Rosengren
Some of the most challenging issues on the regulatory agenda surround the role and powers of the institutions charged with systemic regulation, Eric Rosengren, the president of the Boston Federal Reserve, has said.
Norway cuts to a record low
Norges Bank on Wednesday cut its key rate by half a point to an all-time low of 1.5% on signs that the global recession was having an adverse impact on the domestic economy.
Fed's Hoenig pans US crisis approach
Thomas Hoenig, the president of the Kansas City Federal Reserve, has criticised several aspects of the United States's crisis response.
SNB's Hildebrand wants global bankruptcy code
Philipp Hildebrand, a member of the Swiss National Bank's governing board who will take the helm next year, has called for global insolvency standards as a means to handle the too-big-to-fail and too-big-to-save problems.
ASEAN agree on Chiang Mai
The 13 countries participating in the Chiang Mai Initiative to create bilateral currency swaps have reached an agreement on the main components of the scheme.