News
Germany needs structural surplus, Weidmann says
Bundesbank president counters arguments Germans are saving too much; says treatment of eurozone sovereigns must change, at odds with Bank of Italy governor
Meltzer criticises Burns and Bernanke over Fed independence
Allan Meltzer criticises the former Fed chairs for giving independence away; wants to incorporate a rule into policy-making, while Peter Conti-Brown favours governance reforms
IMF issues stark warning to UK on EU exit
Bank of England could find itself battling market dislocation and “substantial” economic slowdown if UK votes to leave EU, IMF warns; Christine Lagarde dismisses accusations of political meddling
EBA sees stability risk in Commission ratings proposal
European Banking Authority criticises Commission’s proposals on use of credit ratings’ agencies judgements by regulators; amendments would ‘increase risk to financial stability’, it says
Tombini remains amid Brazilian presidential overhaul
Central Bank of Brazil governor remains in post; new finance minister to keep him on for a transition period, analyst suggests, but new appointment could follow
Fed board gets financial stability division
The office of financial policy and research, established in 2010 to co-ordinate work across the board, is reclassified as a financial stability division; Fed cites “growth in responsibilities and staffing”
Carney dismisses independence fears after EU referendum comments
Governor says BoE has responsibility to comment on short-term impact of EU referendum; fog of uncertainty makes policy-making unusually difficult, as MPC holds rate again
Angola’s president replaces two deputy governors
Manuel Antonio Tiago Dias and Suzana Maria de Fátima Camacho Monteiro appointed as deputy governors as president continues to overhaul senior leadership
IMF urges San Marino authorities to tackle NPL problem
Staff encourage a policy based on stocktaking, provisioning and recapitalisation; central bank may needs outside help with AQRs, they suggest
Canadian university to establish central banking chair
Western University, in Ontario, to create post following donation from Jarislowsky Foundation; institution counts Glenn Stevens and Stephen Poloz among alumni
Syrian central bank slashes exchange rate as currency pressure grows
Central bank allows sharp depreciation of currency and adopts more flexible approach to setting peg, clamping down on black market trading
National Bank of Angola opens currency museum
The museum receives 2,000 visitors in its first four days; exhibits the history of the currency, from sea shells to today's banknote series
ECB to conduct comprehensive assessment of four more banks
European Central Bank is assessing four banks it may come to directly supervise; supervision fees charged to European banks set to rise over 45% in 2016
Research considers use of blockchain in securities settlement
Paper published by SWIFT Institute says full application of technology could lead to, and would require, change in existing business processes in the industry
Barbados central bank hires consultant to boost happiness
Leamon Group is brought in to improve happiness levels; governor Worrell draws a link between this and “exceptional performance”
People: Lithuania reappoints governor; Carstens retains BIS posts
Vitas Vasiliauskas handed second five-year term; Carstens will continue to chair the BIS’s global economy meeting and economic consultative committee; ex-Iceland governor to run for president
Fed presidents get to grips with weaker productivity data
John Williams and Neel Kashkari discuss short- and long-term factors that could be depressing productivity growth; latest data reveals further slide in quarterly figures
Eurozone finance ministers hold extraordinary meeting over Greece
Finance ministers meet in Brussels over Greek debt; recent negotiations marked by public disagreements between IMF and Greek government
Riksbank-FI merger not on the table – Swedish minister
Per Bolund says the government is not actively considering radical reform options discussed by the Riksbank, and defends Swedish approach to macro-prudential independence
Bolivia to get new largest denomination banknote
New 500 boliviano note will be part of first new series in almost 30 years; central bank estimates the project will cost around $45 million
Sama gets new governor in Saudi reshuffle
Deputy with experience at central bank and IMF takes over top post from Fahad Almubarak, as Saudi government shakes up major roles
German supervisors need more granular data – IMF staff
Staff say concerns about a housing bubble “look premature” but better data would help the authorities be prepared for imbalances; urge faster progress on structural reforms
Italian governor criticises bank resolution rules
Bank of Italy governor Visco says BRRD and European Commission policy may increase risk of financial instability
Polish president picks Adam Glapiński to lead central bank
Board member Glapiński needs approval from parliament before succeeding Marek Belka; both Belka and the markets expect an element of continuity