News
IMF staff call for greater delegation of macro-prudential powers in Norway
Technical note finds institutional structure has worked to good effect in many ways, but identifies issues around co-ordination across ministry, central bank and FSA
Haldane weighs solutions to ZLB constraint
Andrew Haldane considers benefits and costs of adopting higher inflation targets, accepting QE as a conventional policy tool and creating central bank-issued digital currencies
Riksbank research suggests inflation correlated with policy rate in some cases
Research by two Swedish economists uses the work of Irving Fisher to illustrate how low policy rates might be leading to low inflation in some countries; cites Irving Fisher for causal explanation
Mexican governor granted second term on board
Carstens set for reappointment as governor after securing second term on board; his first term is widely viewed as a success, with one economist highlighting stable inflation
Fed holds off rate increase but outlook largely unchanged
The majority of Fed governors and presidents still expect a hike this year, but concerns over global outlook and domestic inflation prompt FOMC to hold fire for now
ECB allows national central banks to disclose ELA provision
Bank of Greece becomes first central bank to make use of power to disclose ELA figures
China eases restrictions on overseas borrowing
Move allows companies to raise funds in both local and foreign currency without state permission and could help offset record capital outflows, but analysts say short-term impact is likely to be limited
Bank of Portugal suspends Banco Novo sale
Portugal's central bank has halted the planned sale of Novo Banco, the good bank created after the collapse of Banco Espirito Santo, citing unsatisfactory bids
Sveriges Riksbank strikes $500 million swap deal with National Bank of Ukraine
Sweden’s central bank could sell up to $500 million over the next six months under the agreement, despite one deputy governor objecting to its acceptance of the responsibility
BoE says cash unlikely to ‘die out’
An article in the Bank of England's quarterly bulletin illustrates the continuing use of cash in the UK, despite the introduction of new payment technologies over the last decade
South African deputy looks to fill gaps in resolution setup
Francois Groepe highlights main elements of proposals for a new resolution framework in South Africa; particular emphasis on creating a deposit guarantee scheme
Difficult liquidity conditions are here to stay, say Asia conference panellists
Gapping moves in spot markets and higher prices for clients in FX derivatives are here to stay, as banks pull back from market-making in non-core currencies, panellists warn
French economists protest against choice of central bank governor
One hundred and fifty French economists publicly question whether François Villeroy de Galhau faces conflicts of interest as central bank governor
ECB sees house prices undergoing ‘sustainable’ recovery
European Central Bank says eurozone housing markets appear to have undergone necessary corrections, in article released ahead of Economic Bulletin
Access to interbank FX market could spur central bank demand for China bonds
PBoC says foreign central banks will be allowed to trade derivatives in interbank FX market; move to underpin greater interest in China's interbank bond market, says analyst
Bank of England chief economist hosts Twitter session
Andrew Haldane calls for debate on future of banking regulation ahead of central bank’s ‘Open Forum’
BIS research finds US policy spillovers ‘significant’
Article examines the spillovers from short-term, long-term and policy rates in the US on a host of emerging and advanced economies; impact is economically and statistically significant
BIS reveals new data output in review
Bank for International Settlements expands data around international banking, government debt and private debt service ratios; launches new bulletin and online exploration tool
PBoC makes reserve requirement ratio more flexible
China's central bank will change method for calculating banks' reserve requirement ratios tomorrow in a move one analyst says could free up $200 billion
BoE’s Forbes calls for rethink of exchange rate pass-through
MPC member outlines new, more nuanced approach to measuring the exchange rate’s impact on inflation, noting this implies rates could need to be tightened sooner than older models suggest
SGX 'ahead of the curve' on CCP capital, argues director
Singapore Exchange puts up 25% of the capital in its default waterfall, while European and US CCPs contribute 2.6% on average
Danièle Nouy targets greater regulatory harmonisation
Supervisory board chair highlights efforts taken to harmonise regulatory framework in Europe but stresses more must be done; says SSM is ‘working very well’ as it approaches first anniversary
European supervisors flag rising liquidity risks
Supervisors raise concerns over growing market liquidity risks, warning of the combined impact of technology, regulation and competition; asset managers a potential source of contagion
CPMI and World Bank say transaction accounts are key to financial inclusion
Joint CPMI-World Bank report stresses importance of transaction accounts in promoting financial inclusion, and offers policy advice for countries looking to improve access to financial services