News
Trichet calls for EU executive branch in farewell address
Outgoing president uses farewell speech to express personal opinion on the need for an EU executive branch; body would have powers in three key areas
Brazil offers scant explanation for rate cut
Monetary Policy Committee’s brief statement cuts benchmark interest rate in Brazil; policymakers say “more restrictive global environment” is reason behind decision
China banking regulator talks of reform ‘determination’
Liu Mingkang says rating agencies and analysts “underestimate” China’s determined reforms to the banking sector; warns of shadow banking clamp down
Lords take Vickers to task over robustness of plans
Vickers faces fierce questioning on Independent Commission on Banking’s final report and recommendations; incentive for banks to cheat the system discussed
State Bank of Pakistan’s acting head stays on as governor
State Bank of Pakistan acting governor Yaseen Anwar becomes third governor in less than a year and a half to head the central bank, after taking role on permanent basis
Bernanke muses on future of inflation targeting
Fed chairman sees place for inflation targeting in monetary policy frameworks of the future; hints at further transparency in decision-making
Japan and South Korea reinforce yen-won swap agreement
Bank of Japan and Bank of Korea increase size of bilateral yen-won swap arrangement tenfold; Japanese government also expands swap agreement with South Korea
FDIC appoints new director of division of finance
Craig Jarvill has temporary role as director of the division of finance made permanent
Bank’s King adamant inflation will fall
Bank of England governor Mervyn King maintains inflation will drop towards target after Office for National Statistics reports largest rise in annual CPI since September 2008
Basel Committee assesses progress towards new capital rules
Basel Committee on Banking Supervision monitors progress of member countries in adopting proposals for higher bank capital buffers
RMB’s rise to reserve currency status accelerates
Renminbi progresses towards becoming a reserve currency in its own right; a number of central banks have begun to diversify into the Chinese currency
Belarus given guidance to restore 'stability and prosperity'
International Monetary Fund tells Belarus to reduce inflation and raise interest rates; central bank sells off surplus office items
India adds two more members to board of directors
YH Malegam and MV Rajeev Gowda appointed as directors; announcement follows the seven new members added last month
Colleagues rate Trichet’s performance as chief as ‘good’
Trade union asks ECB staff how outgoing president handled European crisis; questions regarding internal management produce interesting results
Egypt banishes bankers from board of directors
New central bank law means bank employees cannot serve on the board; number of members of the board of directors will be reduced
G-20 endorses final G-Sifi rules
Finance ministers and central bankers offer support to G-Sifi rules; want to see framework expanded to all banks deemed too big to fail regardless of global reach
Luxembourg launches new central securities depository
Central Bank of Luxembourg prepares for adoption of Target2-Securities with launch of new central securities depository LuxCSD
Lithuanian central bank assists in counterfeit banknote investigation
Bank of Lithuania says it will help police in investigation to uncover source of recent rise in counterfeit banknotes
Euro area must stand ready to bail out banks, says Liikanen
Bank of Finland governor Erkki Liikanen says euro area governments must be prepared to inject capital into banks if they are unable to raise their funds in market
Treasury official accuses Iran of ‘increasingly deceptive tactics’
US says Iran is using deception to circumnavigate economic sanctions put in place to compel it to meet nuclear programme obligations; warns central bank of further isolation
Debt fears rise as Italian prime minister wins confidence vote
Italian prime minister Silvio Berlusconi wins vote of confidence in parliament as concerns grow over his government's ability to fulfil its fiscal consolidation package
FSA and SEC continue strategic dialogue meetings
US and UK lead the way on cooperation and idea-sharing as regulatory reforms kick in; collaboration on key changes crucial as world struggles to rebuild after latest economic shocks
Latin American and South-east Asian central banks confer
First Seacen-Cemla conference held in Malaysia; shows increasing cooperation between central banks, particularly in emerging markets
Fed should have adopted BoE's QE strategy, says Blanchflower
Former Bank of England Monetary Policy Committee member David Blanchflower says Fed should look to London as guide to twist yield curve after FOMC minutes reveal policy split