News
Central bank bill passed by Ireland’s lower house
Dáil TDs approve bill which will merge central bank and financial regulator by slim majority
Faith in Fed's omnipotence must be challenged, says Rajan
University of Chicago professor and former IMF chief economist Raghuram Rajan slams view that Federal Reserve can “wave a magic wand” to cure United States’ economic ills
EXCLUSIVE: Nigeria to cut out universal banking
Nigerian governor Sanusi Lamido Sanusi says new guidelines similar to Volcker rule will prohibit lenders’ engagement in non-banking activities; takeover deals for bailed out banks near completion
EXCLUSIVE: Nigeria’s Sanusi explains banking sector bloodletting
Nigerian central bank chief Sanusi Lamido Sanusi explains why he had to “decimate” opposition to his sweeping bank reforms; says Volcker rule poses no conflict with the true task of banks
Klaus Regling to head euro bailout vehicle
German economist and former director general Klaus Regling to head European Financial Stability Facility set up to bail out troubled eurozone states
Crisis shed light on corporate governance challenges: Bank’s head of risk
Bank's chief of risk oversight Steve Miller says questions have emerged on corporate governance issues, ranging from accountability of bank boards, to directors’ understanding of their products
EXCLUSIVE: We must review how monetary policy impacts prices, says Plosser
President of Philadelphia Fed says central bankers need to rekindle research into monetary transmission in order to better understand relationship between monetary policy and inflation
EXCLUSIVE: Ghana’s Amissah-Arthur defends inflation targeting
Bank of Ghana governor Kwesi Bekoe Amissah-Arthur says framework is broader than its critics argue; points to problems in Ghanaian banking sector
EXCLUSIVE: Pick and choose from social media tools: BIS’s Laurmaa
Bank for International Settlements’ head of web publishing Timo Laurmaa says Twitter more beneficial to profit-making companies; short releases help when reaching out to wider-than-usual audience
EXCLUSIVE: We must accept central banks’ limitations, says Fed’s Plosser
Philadelphia Federal Reserve president warns mistaken view of central banks as omnipotent risks damaging their credibility
Posen breaks with Bank line on inflation
Bank of England’s Adam Posen believes the impact of consistently above-target inflation on expectations has led to high inflation; counters belief that price pressures can be attributed to temporary shocks
Volcker unhappy with watered down rule: reports
Head of presidential economic advisory board Paul Volcker said to be dissatisfied with cap, rather than ban, on banks’ hedge fund investments; lawmakers forced to scrap $19 billion bank levy
Canada names Goldman banker as governor’s adviser
Goldman Sachs’ Canadian chief executive officer appointed special adviser to the governor
Second UK FSA managing director quits
British regulator announces the second resignation of a top-level official within the month; head of banking supervision Jon Pain says no role for him in new supervisory structure
EU faces tough call on sovereign scenarios for stress tests
European Union officials split on whether to run sovereign debt scenarios on stress tests; plans afoot to extend number of banks tested
Canada’s Carney named CGFS chair
Bank of Canada governor Mark Carney to step into Federal Reserve vice-chairman Donald Kohn’s shoes and head Basel-based Committee on the Global Financial System; follows Kohn’s retirement
Fed’s Warsh: market panic a signpost, not source of global economic woes
Market volatility merely a signal of how far we are away from the new normal; warns against expecting monetary and fiscal policy to do too much
Czech rate-setter Tomšik promoted to vice governor
Czech National Bank chief executive director Vladimír Tomšik named second vice governor; economist Kamil Janáček gets Tomšik’s vacated director role, completing rate-setting board
EXCLUSIVE: Finger-pointing masks officials’ failures, says Sarb’s Marcus
South African Reserve Bank governor Gill Marcus says knee-jerk reforms ignore failure of policymakers to raise standards before crisis; sober, measured approach to reform only credible way forward
BIS makes record profit
Bank for International Settlements records net profit of $2.9 trillion
BIS sceptical on reserves role for SDR
Trying to create global currency from accounting unit would not solve problems highlighted by the crisis
Hawkish BIS warns on dangers of ultra-low rates
Bank for International Settlements says degree of slack likely to be smaller than suggested by output gap models
BIS fearful over fiscal crunch
Bank for International Settlements warns advanced economies that rising debt levels risk hindering long-term performance
US lawmakers seal deal on reform bill
Members of the House of Representatives and Senate conclude the conference process; text includes part of the Volcker rule, surprise bank levy, and stronger-than-expected Fed audit clause