News
Architects of euro point to “unfinished business”
The men behind the euro gathered in the French capital last week to mark the currency’s first decade. Robert Pringle, the chairman of Central Banking Publications, reports.
Bank pushes for corporate-debt expansion
Senior Bank of England officials want greater role for debt markets to enable smaller companies to bypass banks for funds
Kenya cuts by 75 basis points
Central Bank of Kenya chops three-quarters of a point off benchmark rate
Trade groups join forces to boost SEPA mobile payments
Mobey Forum and European Payments Council to cooperate in bid to increase use of mobile payments
DSK: to counter carry trade EMEs must act
Managing director of the International Monetary Fund places onus on emerging economies; advocates capital controls as part of toolkit to counteract dollar carry trade
Bank paper outlines macroprudential tools
Bank of England discusses possible forms of countercyclical capital buffers; highlights potential problems
Israel makes surprise hike on inflation fears
Bank of Israel’s Fischer raises key rate to 1% from next month; cites a jump in inflation expectations even with rate hikes factored in
Hungary shaves by 50 bps as expected; widens rate corridor
National Bank of Hungary cuts key rate to 6.5% as indicated; widens rate corridor citing better market conditions
Richmond Fed details presidential promotions
Regional Federal Reserve makes four promotions to vice presidential level or above
RBA subsidiary chief ousted in graft probe
Managing director of polymer manufacturer Securency stands down as investigation reveals whistleblowers’ bribe claims ignored; offices and homes raided
Norway enables account holders to switch bank in seconds
Finance ministry ruling paves the way for technology that will make Norway the first country to allow customers to change accounts with ease
House committee backs Fed audit bill
House Financial Services Committee backs Ron Paul’s call for greater powers to audit the Federal Reserve; Barney Frank attempts block
ECB’s Bini Smaghi urges emerging Asia to hike rates
European Central Bank executive board member calls on region to recognise that it should be the first to tighten policy
Turkey trims by quarter point
Central bank sticks to October hints by reducing size of cuts; OECD and government data show growth will pick up but unemployment still high
IMF names new secretary, director of internal audit
International Monetary Fund’s Strauss-Kahn nominates Siddharth Tiwari for director of the secretary’s department of the Fund and Russell Kincaid for director of the office of internal audit
OECD hikes growth forecasts
Paris-based organisation raises its growth forecasts for next year and publishes 2011 expectations, citing the momentum of the recovery in non-members such as China
Opposition leader slams RBNZ’s inflation-targeting focus
New Zealand’s main opposition leader says his party will withdraw support for the central bank’s inflation targeting framework
Honohan clashes with Dublin on bankers’ pay
New central bank governor suggests government’s attempts to limit pay will hinder recovery of Ireland’s banks
Bank balances set to stay above pre-crisis levels: Fisher
Bank of England’s markets chief says firms likely to hold higher reserve balances at central bank
Japan government picks academic for BoJ board
Japan’s ruling Democratic party nominates Ryuzo Miyao to the central bank’s rate-setting committee
French regulator refused to help on AIG: Barofsky
Troubled Asset Relief Plan overseer says Commission Bancaire refused New York Federal Reserve’s request for help in reducing payments to counterparties of rescued insurer on legal grounds
Three-way split in Bank’s November QE decision
Minutes reveal calls for both a larger expansion and no change
Fed’s Bullard: rates could stay on hold until 2012
President of St Louis Federal Reserve says rates would remain at record lows for next two-and-a-half years if behaviour after previous recessions is repeated
UAE gives go-ahead for Basel II
Central Bank of the United Arab Emirates says it will begin implementing capital adequacy standards