News
IMF tells Turkey to fix flawed monetary policy framework
Article IV mission calls on central bank to ‘re-consider’ its policy framework, accusing policy-makers of targeting too many objectives and consequently failing to control inflation
ECB's Cœuré backs committed liquidity facility
European Central Bank executive board member suggests a committed liquidity facility could help remove incentives for regulatory arbitrage in the Eurosystem
Dollar lending in East Asia can override local monetary policy, says BIS' McCauley
Paper by Robert McCauley and Dong He of the HKMA argues the growth of credit in foreign currencies, especially the dollar, transmits global monetary easing to East Asia
Maltese politicians clash over new deputy governor appointment
Move to appoint a deputy governor in charge of financial stability at the Central Bank of Malta led to opposition accusations of politicisation
Fed's Williams questions future of unconventional tools
San Francisco Fed president John Williams says forward guidance will help to improve transparency in more conventional times, while asset purchases should only be used as a last resort
Lagarde says US has ‘special responsibilty' to unwind QE responsibly
IMF director says failure to raise US debt ceiling could seriously damage the global economy; warns emerging markets will have to adjust to new economic reality for remainder of the decade
NY Fed paper compares tools for managing short-term market rates
Researchers at the Federal Reserve Bank of New York evaluate the benefits and drawbacks of paying interest on excess reserves, offering term deposits and engaging in reverse repos
Hungarian central bank takes over financial stability role under new deputy governor
László Windisch will be in charge of financial stability, as former financial services authority is brought inside the central bank
Bank of Lebanon signs memorandum of understanding with Dubai FSA
Agreement aimed at improving information sharing on financial stability issues was signed by regulators in Dubai earlier this week
Basel III requirements could clash with new bail-in rules, warns IMF
Increased pressure on banks to rely more heavily on collateralised debt could combine with ‘depositor preference' rules to raise funding costs at a time when credit conditions remain tight
UK prepares for mobile payment apps
The Payments Council is launching a new mobile payments platform in the UK in 2014, and seminar participants discussed the challenges it will face
ECB's counsellor to the president crosses lines to Axa
Christian Thimann moves from central bank to financial services giant; takes on responsibilities as group head of strategy and public affairs
BoE’s Fisher happy to hold QE ‘in reserve’
Executive director says the ‘dramatic turnaround’ in economic data has alleviated the need for further asset purchases; insists the UK is not in the midst of a housing bubble
ECB holds rates but leaves new LTRO on the table
European Central Bank governing council decides against further rate cuts in Paris, but Mario Draghi says all options remain on the table to ensure money markets remain liquid
Kazakh governor replaced for 'family reasons'
Long-serving central bank governor Grigory Marchenko steps down in favour of deputy prime minister Kairat Kelimbetov
Banknotes worth $2m stolen from Swiss printer
Investigation under way into theft of incomplete Sfr1,000 notes that subsequently entered circulation as counterfeits
Bank of Italy copycat website closed
A replica of the Bank of Italy’s website has been shut down by the Italian authorities over fears it was seeking to illegally obtain internet users' personal data
Bank of England proposes new stress test regime
Deputy governor Paul Tucker says new framework will boost confidence in the UK financial system and help ensure the Bank is publicly accountable for its financial stability operations
Reserve managers continue advance into Canadian and Australian dollars
IMF's latest Cofer data displays increasing popularity of Canadian and Australian currencies as reserve assets, while the euro reverses a previous decline
RBA's Stevens complains of strong currency as rates stay on hold
Statement indicates frustration with Australian dollar strength as rates remain at 2.5%; analysts eye fundamentals approaching possible cut in November
IMF warns Italian financial sector is ‘not out of danger'
Assessment finds Italian financial sector to have shown ‘remarkable' resilience, but slender profit margins and worsening loan quality have led to ‘pockets of vulnerability'
Bank of Spain director general resigns
José María Roldán Alegre resigns after 12 years at the head of the Regulation and Financial Stability department; replaced by Julio Durán Hernández, currently director of the governor's office
UK ‘Help to Buy' brought forward as data show housing market hotting up
Data out today show some UK housing indicators are back at pre-crisis levels; financial policy committee minutes are due out tomorrow, as government doubles down on ‘Help to Buy' scheme
IMF proposes automatic stabilisers to guard against hot money flows
World Economic Outlook suggests countries can shield themselves from instability caused by volatile capital flows if they foster an environment allowing residents to easily invest overseas