News
BoE outlines capital markets union proposals
Central bank sets out policy recommendations designed to deliver better functioning capital markets in Europe; argues institutional change, such as greater centralisation, is not necessary
IMF urges Irish authorities to ‘enhance’ central bank independence
Report warns legal framework could ‘potentially introduce political considerations’ into governance arrangements; finds uncompetitive pay may be hurting ability to hire and retain supervisors
Bank of Canada plans changes to operating framework
Changes would see Canadian central bank cut back on purchase of government bonds through primary market, while intervening less frequently in overnight market
Mario Draghi sees large toolkit as ‘standard’ in 2020
ECB president tells Olivier Blanchard the central bank will retain a broad set of monetary instruments in five years’ time; insists QE will not be tapered early
Kazakhstan proposes sweeping changes to monetary policy framework
Central bank plans root-and-branch reform of its monetary policy with move to inflation targeting to be accompanied by revamped governance, communications, economic modelling and more
Blanchard to step down as IMF chief economist
Olivier Blanchard will leave in September and join Peterson Institute as senior fellow; Lagarde praises him for ‘spurring a fundamental rethinking of macroeconomic policy’
Top Thai regulator advises Asean neighbours to open markets slowly
Bank of Thailand regulatory policy director warns Laos and Vietnam liberalisation could cripple their banks if conducted too quickly
Malaysia deputy governor says better credit reporting crucial to Asean integration
Asean Economic Community faces challenging test of successfully integrating regional financial markets, Bank Negara's Muhammad bin Ibrahim says
Leverage ratio begins to bite for FX derivatives
The capital-intensive rule for banks, which has already affected the rates and credit world, is starting to hit FX - with clients expected to bear the brunt of higher costs
European supervisors want better data to support securitisation stress tests
‘Joint Committee’ proposes numerous disclosure requirements for securitisations, including giving investors enough information to stress test purchased products
Cœuré and Dudley question case for policy co-ordination
ECB board member says central banks can ‘free themselves’ from influence of global financial cycle; NY Fed president says Fed should focus on promoting growth and stability in US
BoE unearths new evidence on UK productivity puzzle
Latest inflation report includes new research suggesting temporary ‘compositional’ factors may be dragging on productivity growth; inflation path revised up slightly and growth down
RBNZ targets Auckland with new macro-prudential plans
Central bank wants to impose stricter macro-prudential rules on lending to property investors in Auckland; will also force banks to hold more capital against those loans from October
Finma's Branson calls for Basel leverage ratio hike
The minimum Basel leverage ratio for large banks should be higher than 3%, says Finma CEO Mark Branson, noting "the world has moved on" since it was initially set
Greece talks more positive but time running out, says Varoufakis
Finance minister says Greece and its creditors are increasingly seeing eye-to-eye, but a deal is needed in the next ‘couple of weeks’; country manages to scrape together IMF repayment
People: Sri Lanka and Paraguay name new board members
RA Jayatissa and Carlos Carballo Spalding join central bank boards in Sri Lanka and Paraguay respectively; UK firm VocaLink names new CRO
NY Fed’s McAndrews warns negative rates could drag inflation down
Director of research highlights some of the more radical unintended consequences that could stem from negative rates, including new forms of currency and inflation moving in unexpected directions
Alexandre Lamfalussy: 1929–2015
Those who knew him pay tribute to the former president of the European Monetary Institute and general manager of the Bank for International Settlements
Ugandan governor on road to recovery after falling ill
Emmanuel Tumusiime Mutebile treated in hospital after falling ill last week; now in South Africa for ‘medical review’ where central bank says he is ‘in good spirits’
Governments should work to promote ‘e-commerce’, UN report says
Research presented at the National Bank of the Republic of Macedonia outlines policies governments should pursue to harness the benefits of e-commerce
Chicago Fed research charts fall in natural rate of unemployment
Group of economists say an ageing population and rising education attainment could push the natural rate – currently at or below 5% – as low as 4.5% by 2020
Serbia cuts rate amid IMF call for action on debt overhang
National Bank of Serbia cuts rate for third straight month, as IMF warns dangers may lurk beneath robust overall debt position
PBoC cuts interest rates for third time since November
Central bank also lifts cap on deposit rates; moves will do little to stimulate growth amid property glut, analysts predict
Regulators to put CCP risks under microscope
CPMI-Iosco stress-testing quiz will be precursor for broader review of risk management practices