International Monetary Fund (IMF)
Cyprus on track to complete programme by March, finance minister tells MEPs
Cyprus will continue with fiscal discipline and market-orientated reforms once adjustment programme ends, finance minister tells European parliament; rejects ‘tax haven’ claims
People: Tombini takes FSB committee chair; Al-Wazir moves to IMF
Alexandre Tombini is appointed to chair budget committee; former PMA governor joins IMF; Kazakh sovereign wealth fund replaces its chairman; and more
Kuroda and Davos panel see little alternative to divergence
Bank of Japan governor warns a synchronised exit from easy policy in the major economies ‘could be worse’ than the ’staggered arrangement’ at present
Reserve accumulation can be inflationary, ECB paper says
Working paper examines the allocation of special drawing rights in 2009 to separate out the inflationary effects stemming from an increase in the monetary base and moral hazard
IMF staff back Moldovan central bank response to crisis
Staff report supports many actions taken by the Moldovan central bank in dealing with the crisis caused by banking fraud; calls for bank to gain more powers and independence
Economists point to external woes as Central Bank of Brazil holds rates
Monetary policy committee leaves interest rate at 14.25% in surprise move; politics and fiscal policy making life harder for central bank, analysts suggest
Lagarde nominated for second term as IMF head
Christine Lagarde is backed by UK and Germany for a second term as managing director when her first expires in July; the International Monetary Fund launches the selection process
IMF paper seeks to capture complexity of financial development in new index
Research presents six ‘subindices’ measuring the depth, accessibility and efficiency of financial institutions and markets, which are rolled into an ‘overall measure of financial development’
IMF cuts global growth forecast on back of EM challenges
Maurice Obstfeld says emerging markets and developing economies account for more than two-thirds of revisions; largest changes come in Brazil, where the MPC meets today
IMF staff say tighter macro-pru measures ‘may be warranted’ in Slovakia
IMF staff have called for Slovakia’s central bank to boost its oversight of housing lending and to consider raising the counter-cyclical capital buffer for the country’s banks if growth continues
Lifetime achievement award: Zeti Akhtar Aziz
Zeti has played a crucial role in efforts to modernise Malaysia’s financial system, and has worked tirelessly to promote Islamic finance, financial inclusion and South-east Asian integration.
Economics in central banking: John Taylor
The Stanford University professor wins this year's economics award for work in designing a global 'rules of the game', at a time when many central banks are demanding deeper co-operation
Survey data offers chance to assess eurozone macro-prudential policies, paper argues
Data from the eurozone’s Bank Lending Survey can be used to analyse the effectiveness of different macro-prudential policies, an IMF working paper argues; subject is little known, researchers say
IMF supports tighter monetary policy in Mozambique
Rate rises are necessary to counter the inflationary pressures of currency depreciation, Fund says
IMF paper compares impact of monetary and macro-prudential policies
Research considers effects of measures in ‘systemic advanced economies’ on financial conditions both at home and abroad; monetary shocks in US can have ‘significant’ impact
Economists say Rajan has good chance of staying as RBI governor – if he wants to
Raghuram Rajan is popular enough to be reappointed when his first term ends later this year, but he may have other appealing options, according to observers
IMF paper sees Indian food prices shaping inflation dynamics
Working paper suggests food inflation will continue to outpace non-food inflation in the coming years, while potentially contributing 1.25 percentage points annually to headline figure
Emerging markets more vulnerable than developed economies to policy reversals, paper finds
Working paper published by the IMF considers impact of unconventional monetary policy in major economies on global liquidity and monetary conditions
IMF calls for change to Bolivian central bank’s lending practices
IMF staff encourage Bolivian authorities to prevent the central bank from lending directly to public corporations, but they disagree
IMF reforms approved by US Congress
Christine Lagarde and the People’s Bank of China welcome the approval of the US Senate for quota and governance reforms at the IMF, agreed by the board in 2010
IMF paper says transmission is working but lopsided in the Dominican Republic
Researchers say the Dominican Republic has been successful in establishing a monetary transmission mechanism, but future work should focus on balancing pass-through to deposit and lending rates
Further macro-prudential policies ‘may be needed’ in UK, says IMF
Staff say existing measures have eased but not eliminated risks to household finances; encourage BoE to keep monetary policy unchanged until inflationary pressures are ‘clearer’
IMF expands lending rules around countries in arrears
Fund announces new approach to lending to countries in arrears with official creditors, moving away from focus on Paris Club agreements
Eurozone QE ‘much needed’ but not enough for growth, Greek deputy says
Bank of Greece deputy governor Iannis Mourmouras praises ECB programme but suggests more measures needed from elsewhere; criticises poor sequencing of structural reforms in past