News
Bullard calls for “last in, first out” approach to Fed exit strategy
St. Louis Federal Reserve president James Bullard says offloading assets from Fed's balance sheet before raising interest rates is his preferred exit strategy from accommodative monetary policy stance
House of Lords report slams bank audits
The House of Lords Economic Affairs Committee releases stinging report asking the UK government to consider significant reforms to the system of bank audits
Hoenig warns policy will mean "someone has to pay" in the future
Thomas Hoenig renews call for the unwinding of policies put in place during the financial crisis, urging the Fed to shrink holdings and raise rates to provide better long-term prospects for the US economy
Australia investigates options for updating payments system
Assistant governor of the Reserve Bank of Australia reveals insights into the review being conducted of the country’s payments system
IMF paper urges policymakers to address sovereign rating spillovers
Policymakers must account for risks posed by spillover effects of sovereign rating downgrades; contingency plan recommended to deal with possible instability
SNB counters IMF call for rate hike
IMF calls for Swiss National Bank to start raising interest rates; central bank fears rate hike could “dampen” export growth in Switzerland
Greenspan launches blistering attack on US financial regulations
Former chairman of the Fed claims the Dodd-Frank legislation does not meet “the test of our times”
MAS appoints Menon as new managing director
The Monetary Authority of Singapore (MAS) has named Ravi Menon as its new managing director. He replaces Heng Swee Keat who is leaving administrative service.
Polish OTC clearer aims for 2012 launch as Europe fragments
Another central counterparty plans to launch in Europe, starting with zloty-denominated interest rate swaps
HSBC chair expresses concern over new rules on global Sifis
HSBC chair Douglas Flint says additional loss absorbency for global systematically important financial institutions should apply to greater number of firms
Beijing official renews call to move away from “dollar trap"
Report by think-tank economist claims the international monetary system lacks stability and fairness as a result of dollar dominance
US regulators propose standards to give securitisers skin in the game
Regulators release risk retention rule; publish a specific loan-to-value ratio for those mortgages that will be exempted
Geopolitical factors won’t stop ECB rate hike, say analysts
Analysts expect the European Central Bank to raise interest rates at the upcoming monetary policy meeting, despite fears events in Japan and the Middle East may offset the global recovery
Former Obama adviser Romer urges Fed to consider price-level targeting
Former chair of President Obama’s Council of Economic Advisers Christina Romer says adoption of price-level targets at Federal Reserve would aid communication with public over policy
Change at the top for Lithuania
Vitas Vasiliauskas to succeed Šarkinas at the helm of the Bank of Lithuania
HK forms microfinance study group
Group to assess whether there is a need for microfinance provision in Hong Kong
Periphery and inflation offer headaches for the Eurozone, says Credit Institute panel
Participants on a Credit Institute panel debate held in London argued that peripheral funding and inflation are the major challenges for the Eurozone
Canada’s Carney wants code of conduct for capital flows
Mark Carney, governor of the Bank of Canada, calls for global code of conduct for capital flows and sets out four-part framework
Irish minister makes fresh bondholder threat
ECB executive board member critical of Ireland’s plans to impose losses on senior bondholders in Irish lenders; new stress test results on Thursday to develop the governments’ plans
BoE’s Posen won’t pursue second term on MPC if wrong on economy
Bank of England Monetary Policy Committee external member Adam Posen says he will not seek re-election to rate-setting committee if record on votes turns out to be wrong
Fed’s arch hawk Hoenig to retire in the autumn
Hoenig reaches mandatory retirement age and will leave in October; selection committee established to ensure replacement is found in time to allow a smooth transition
St. Louis Fed’s Bullard: QE2 may have averted a liquidity trap
St. Louis Federal Reserve president James Bullard says second round of quantitative easing was better policy than promising an extended period of low interest rates
Plosser: stick with fed funds rate for exit
Philadelphia Federal Reserve’s Charles Plosser says federal funds rate would be more effective tool than interest on reserves in normalising monetary policy
Bernanke to brief the press
Federal Reserve to join Bank of England and European Central Bank in holding monetary policy press conferences