Europe
Bank of Canada report forecasts modest rebound in 2012
Bank of Canada Monetary Policy Report projects economy will grow moderately in 2012 and pick up further in 2013
Japan to support EFSF bonds as S&P strips AAA rating
The Japanese government will continue to support bonds issued by the EFSF despite Standard & Poor’s stripping them of their AAA rating; Junker says no indication other rating agencies will follow
Solvency II may face delay as European Parliament scrutinises ‘Omnibus’ directive
A further delay to a key vote in the European Parliament on the Omnibus II directive has increased concerns that Solvency II's implementation in 2014 could be delayed
Euro counterfeit banknote figure creeps up
Number of known fake euro banknotes hit 310,000 during in the second half of 2011, up 5% on the first half of the year
Central Bank Directory highlights rise in female central bank governors
Four new female governors takes worldwide total to 12; Central Bank Directory also notes 4.1% increase in central bank staff in European Union
Basel implementation monitoring strategy approved
Basel Committee governing body agrees plans to monitor member countries' efforts to implement new rules; also discusses liquidity coverage ratio
Robert Pringle’s Viewpoint: What future for European banking?
Policymakers urgently need to form a clear, strategic position on the future of banking in Europe as well as a roadmap on how to get there. This may require the nationalisation of major European banks
IMF delivers gloomy Greece update
IMF releases Fifth Review Under the Stand-By Arrangement for Greece; offers a bleak picture of the country’s economy and future
‘Ambitious’ strengthening of economic governance needed: Praet
ECB’s Peter Praet says resolving economic crisis will rely on strengthening economic governance; ECB will remain anchor for stability
European uncertainty reflected in central bank decisions worldwide
Germany, Austria, India and South Korea lower growth estimates as a slew of countries hold interest rates; world looks on and waits to see if Europe can agree a solution to the sovereign debt crisis
Ireland’s Gerlach optimistic about fiscal adjustments
Central Bank of Ireland deputy governor Stefan Gerlach says progress towards completing Ireland’s fiscal adjustment programme has gone better than expected
Avoid short-term ‘euphoria’ of excessive leveraging: HKMA’s Chan
Norman Chan, chief executive of the Hong Kong Monetary Authority, calls excessive leveraging the 'root cause' of the global financial crisis; tells of Asian experiences of crises
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
Moody’s issues EU-wide credit warning
Credit rating agency says every EU sovereign rating under threat; warning given on same day OECD labels eurozone crisis “key risk to the world economy”
Sovereign debt strains felt in New Zealand: RBNZ report
Reserve Bank of New Zealand November Financial Stability Report says eurozone crisis continues to act as constraint on demand in New Zealand
German banks face new set of risks as contagion spreads across Europe
Bundesbank 2011 Financial Stability Review says Germany’s banking system will face new burdens as sovereign debt crisis in Europe intensifies
Eurozone fears spread worldwide
Indonesia drops rate in surprise move, Lithuania and Mexico slash growth forecasts as the UK prepares for “Armageddon”
Central banks react to eurozone situation
Denmark and Romania lower benchmark rates and Australia lowers growth expectations; all point to continuing eurozone uncertainty as key decision-making factor
Risk USA: US regulators “scared to death” by eurozone debt crisis
The sovereign debt crisis is a concern, but direct US bank exposure is manageable, says senior OCC official
Argentina crisis lessons for Europe: CEPR paper
Centre for Economic Policy Research study says beleaguered eurozone countries can learn from Argentina’s financial crisis
Netherlands takes on systemically important banks
Netherlands Bank expresses concern at exposure of Dutch banking sector to sovereign debt crisis; tells systemically important banks to begin preparations to raise capital and build recovery plans
Trichet says China funding request is right thing to do
Outgoing ECB president denies it is embarrassing or humbling for Europe to have to ask other countries for financial support; insists it is "absolutely normal" in today’s global world
Greek debt value halved after marathon EU discussions
New Europe crisis resolution deal brokered overnight in Belgium; EFSF extended, Greek debt cut, banks’ capital to rise and governance increased
Estonia sounds clear warning on Europe crisis contagion
Eesti Pank says strain is growing in Estonia as eurozone crisis spreads to other areas of the region; asks banks to pay close attention to capital levels