News
ECB sees no clear rival to US dollar as global currency
ECB article says a ‘multi-polar’ system with ‘several international currencies playing consequential roles’ is a more likely outcome than an out-and-out replacement for the dollar
Brics nations launch development bank and reserve fund
Brazil, Russia, India, China and South Africa launch new institutions to fill the gaps left by the World Bank and IMF; Observers see challenges ahead
Bulgaria turns to the ECB in wake of bank failures
Collapse of Corporate Commercial Bank revealed extent of supervisory shortcomings that IMF warned of 15 years ago; Bulgaria now wants to join ECB's Single Supervisory Mechanism
Fed official reiterates forex options clearing guidelines
Lawrence Sweet highlights industry discussions around forex options clearing as key component of a private sector solution
Yellen endorses calls for ‘community banker' on Fed board
Fed chair Janet Yellen says legislating to earmark seats on the board would be a mistake, but agrees the board would be improved by the addition of a community banker
Israel governor Flug appoints new chief of staff
Daniel Hahiashvili appointed as chief of staff to the governor today; incumbent Eddy Azoulay moves to represent Israel at the European Bank for Reconstruction and Development
Carney tells parliament BIS report was 'made in a vacuum'; Kohn defends leverage ratio plans
Donald Kohn argues the case for a time-varying leverage ratio at parliamentary hearing; Carney and Bailey question practical application of BIS annual report
FSB seeks consultation on FX benchmark review
Group chaired by Guy Debelle of the Reserve Bank of Australia and Paul Fisher of the Bank of England will report back to November's G-20 summit in Brisbane
People: Sri Lanka promotes Samarasiri to deputy; Russia picks card system head
Central Bank of Sri Lanka promotes assistant governor Samarasiri to deputy; Russia appoints Vladimir Komlev to head up national payment card operator
Bulgarian state to rescue majority of depositors at scandal-hit banking group
Central bank seeks law change as council claims banking supervision was only in the purview of one deputy governor; loan records apparently destroyed on purpose
IMF steps up call for QE in Europe
The European Central Bank should launch a large-scale asset purchase programme if inflation does not pick up; IMF staffers untroubled by risk of asset bubbles
Israel publishes first financial stability report
Bank of Israel repeats demand for new committee for setting macro-prudential policy in its first financial stability report since 2004
Financial Policy Committee angles for full powers over UK leverage ratio regime
Bank of England body poised to ask for lead role in design and implementation of leverage ratios in UK; move described as a natural fit
People: Riksbank vice-chairman to head FSA, former Hungarian governor new CFO at EBRD
Sven-Erik Österberg will chair Financial Supervisory Authority from January; Andras Simor changes role at European Bank for Reconstruction and Development; More
Fischer keen to add financial stability to Fed mandate
Fed vice-chair Stanley Fischer praises progress with reforms in his first speech since becoming second in command; open to reforming the Financial Stability Oversight Council
Balance between Hong Kong and Singapore ‘vital’ for financial stability
Researchers at the IMF find Hong Kong and Singapore complement each other as financial centres because they specialise in different markets and clienteles
Regulation may force some banks out of repos, says NY Fed's Davis
The New York Fed's head of financial market infrastructure, Jeanmarie Davis, says some banks will 'revisit their presence' in the repo business due to increased regulatory requirements
IMF calls on Iceland to defend central bank credibility
As the evaluation committee prepares to interview candidates for governor, IMF visit reminds Iceland of the need for a credible and independent central bank
Central Bank of Colombia looks to Switzerland for help on financial stability issues
Colombian central bank signs two-year capacity-building agreement with Swiss authorities; Azerbaijan governor praises SNB's ‘technical assistance'
Parliamentary committee questions Central Bank of Ireland transparency
Committee will examine whether confidentiality provisions in central bank legislation mean information on financial misconduct is withheld from the public
Fed set to finish taper in October
FOMC mulls decision on whether to raise Fed funds rate or shrink balance sheet first before year-end; fears either strategy could jeopardise Fed's communication efforts
Draghi: structural reforms are too important to leave to member states
Mario Draghi calls for new European rules that would compel eurozone member states to reform their economies; Benoît Cœuré describes it as ‘convergence process 2.0’
Incoming BoE deputy Shafik says SSM makes working with ECB more important than ever
Minouche Shafik says single supervisory mechanism will improve co-ordination with Bank of England, but that it is too early to tell whether 'huge' project will be successful
Central Bank of Ireland markets chief wants derivatives on TTIP agenda
The Central Bank of Ireland's markets director believes TTIP is the ideal forum to iron out differences over substituted compliance and establish agreement on monitoring and data collection systems