International Monetary Fund (IMF)
IMF flags growing risks from low interest rate environment
Global financial stability report urges caution by central banks employing loose monetary policy; says lack of adjustment to medium-term challenges could create ‘chronic phase’ of crisis
IMF's Blanchard warns Europe could drag world economy down
IMF chief economist says ‘three-speed’ global economy could be dangerous; World Economic Outlook urges central banks to keep policy loose but be ready with an exit strategy
IMF researcher proposes new method for top-down stress testing
New, simple methodology for structural market-based top-down macro stress tests aims to overcome onerous data requirements
IMF annual report says asset bubbles among risks of ‘MP-plus'
IMF warns of risk associated with loose monetary policy in the world's biggest economies, but says stance should remain 'very accommodative until recovery is well established'
Lagarde highlights emergence of ‘three-speed’ global economy
IMF managing director says differences between regions are ‘starker than ever’ as emerging markets leave many advanced economies behind
IMF says independent central banks have ‘muzzled’ the inflation threat
World Economic Outlook says central banks have little reason to fear inflation resulting from loose policy – so long as their independence is upheld
IMF and Sarb push for stronger systemic supervision in Africa
Joint effort to highlight importance of macro-prudential approach in addition to scrutiny of individual institutions; IMF pushing for tighter supervision
Lagarde fears ‘unintended consequences’ of monetary easing
IMF managing director fears side effects from low interest rates and asset purchases; says there is a limit to the share of the burden of recovery that monetary policy can take
IMF paper uses monetary model to explain term premium
Study says central bank supply of liquidity influences asset prices; argues that this relationship can explain greater proportion of term premium than non-monetary models
IMF working paper examines monetary policy ‘leaning against the wind'
Monetary authorities that want to stimulate the economy while maintaining financial stability should cut deeper, but then raise rates again faster
IMF strikes €1 billion funding deal with Cyprus
Staff team agrees Fund’s contribution to overall bail-out package; Christine Lagarde praises Cyprus’s ‘ambitious’ programme of reforms
IMF calls on Hungary to safeguard central bank independence
The Fund's executive board urges National Bank of Hungary to preserve legal and operational independence; encourages a 'pause' in monetary easing
IMF paper recommends China adopt ‘better-targeted’ macro-prudential policies
Study encourages China to tailor macro-prudential tools to regional and economics differences in country’s banks; suggests coupling policies with greater commercialisation
IMF paper contrasts European countries’ capital accounts
Finds capital accounts rebalanced faster in emerging European countries than in the periphery; attributes difference to faster wage and public sector adjustment
Central Bank of Egypt hikes rates as reserves dwindle and inflation rises
Monetary Policy Committee agrees 50 basis point rise despite ‘feeble’ growth, as inflation shows highest rise since 2010 and reserves fall to critical levels
IMF research identifies ‘strong macro-financial linkages’ in eastern Europe
Working paper finds macroeconomic factors closely tied to non-performing loans in central, eastern and southeast Europe; warns of ‘strong feedback effects’ between banks and economy
IMF paper says competition is a motive for forex intervention by emerging markets
Study examines activity of emerging market economies in foreign exchange markets; finds competitiveness can be a motivating factor
IMF urges ‘more forceful action’ to end Europe’s woes
Report on European financial stability says situation remains ‘tenuous’ in eurozone; calls on authorities to act fast to repair balance sheets and set up banking union
IMF attempts to sculpt better stress tests
Stress tests are ‘more art than science’ but can be improved and expanded, according to IMF study; cannot be standardised across countries
IMF research warns short-term fiscal consolidation pain could become more serious
Paper says short-term growth impact from fiscal tightening could be worsened if markets or policy-makers overreact; emphasises this does not mean budget cuts should be scrapped
IMF paper advocates hybrid discretion and rules-based macro-prudential policy
Researchers say discretionary systems can be gamed but rules struggle to properly account for risk; combination of ‘strong baseline’ and time-varying component gives best results
Lagarde sets out case for ECB rate cut and wider use of OMT
IMF managing director says ECB has room to cut rates and a European recovery is constrained by a lack of demand; suggests OMT programme could help countries ‘regain market access'
IMF’s Shafik says communication is central banks' ‘most important tool’
Deputy managing director Nemat Shafik believes communication is the most valuable of central banks’ unconventional policies; highlights benefits of maintaining a disciplined message
De Larosière slams US protectionism and EU Solvency II rules
Former IMF and Banque de France chief Jacques de Larosière says the introduction of a swathe of new regulations in Europe – by contrast to the US – may jeopardise the continent’s growth