News
Denmark cuts for second time in a month
National Bank of Denmark lowers lending rate by a tenth of a percentage point. Iceland holds to promote appreciation
Basel Committee devises accounting principles
Committee’s guidelines focus on provisioning, fair-value measurement
Fed wants delay on release of loan details
Federal Reserve says naming loan recipients would hinder its ability to manage current and future crises
UK chief regulator would consider Tobin tax
FSA chairman Adair Turner says a Tobin tax could be levied on financial firms, making City of London global hub no longer key aim
Positive growth proves Central Bank of Philippines right
Second quarter GDP data justifies the Central Bank of Philippines’ decision to keep rates on hold
Gudmundsson on Iceland’s future
New governor Már Gudmundsson says cross-border banking in Iceland should largely be banned until system is made safer by euro membership
Bulgaria’s Iskrov reappointed
Palaver over after lawmakers overwhelmingly back Bulgarian National Bank governor’s nomination for a second term
Thailand holds on signs of recovery
Bank of Thailand keeps rates at 1.25%, says level appropriate for growth and inflation
RBA upholds interchange fee freeze
Reserve Bank of Australia keeps interchange fees regulate, saying industry has not sufficient progressed in increasing the competition
Bernanke nominated for second term
President Obama wants Bernanke to serve second four-year term after staving off a financial meltdown
Bank’s Bean: give us some credit
Bank of England deputy governor Charlie Bean says economists must put credit back into economics in a “meaningful” way
Ex-Fed’s Volcker pans money-market funds
Paul Volcker calls for tougher rules for funds in order to create level playing field
Nigeria downgraded on banking, fiscal fears
Standard & Poor’s lowers Nigeria’s sovereign credit ratings on concern over fiscal flexibility on back of bank bailout
Israel becomes first to raise rates
Bank of Israel tightens on signs economy is recovering
Union boss named New York Fed chair
Denis Hughes gets the nod to head board of governors, Lee Bollinger named deputy
Fischer heralds shift to “flexible” inflation targeting
Bank of Israel’s Stanley Fischer tells Jackson Hole audience that inflation targeting will survive the crisis. More downbeat on global imbalances
Hungary cuts to pre-IMF bailout levels
National Bank of Hungary chops half a point off key rate
Crisis highlighted importance of liquidity: Bernanke
Fed chairman uses Jackson Hole address to stress need for macroprudential approach
Bulgaria’s Iskrov re-nominated hours after resignation
Ruling party renominates Bulgarian National Bank governor for reappointment after declaring second term agreed in May illegal
Cyprus, Romania sign new memorandum of understanding
Central Bank of Cyprus and National Bank of Romania agree revised supervisory memorandum
IMF’s Blanchard warns of tough times ahead
International Monetary Fund’s chief economist says potential output will be permanently damaged by crisis
US budget deficit forecast trimmed
US officials expect the 2009 fiscal deficit to be smaller than originally forecast, after scrapping money earmarked for further bank bailouts
Iskrov quits – for now
Ivan Iskrov, the governor of the Bulgarian National Bank, resigns following political spat over his position, but may soon be reappointed for a second time to serve a second term
Weber: German economy not standing on own feet yet
Bundesbank’s Axel Weber expects timid recovery in Germany