Europe
New fault lines in financial regulation
Deleveraging could trigger another crippling credit crunch in Europe at a time when the recovery is still fragile. By Jacques de Larosière
Brendan Brown on life after death for the Emu
Brendan Brown puts forward a proposal for how a functioning monetary union in Europe could operate if the current system was to fail
EU leaders present plan for growth
EU member state leaders issue joint statement on restoring growth to the economy; all eyes on finance ministers’ meeting in Brussels
European Commission to propose regulation on CSDs
European Commission announces new rules targeting central securities depositories to be released in March; wants to ensure securities transactions are settled in a “safe and timely manner”
Wright secures top secretariat job at Iosco
European Commission veteran David Wright is leaving academia to become the new secretary general of the International Organization of Securities Commissions
EBA rejects claims of problems with banks’ recapitalisation plans
European Banking Authority slams reports 'purporting to contain factual information'; says majority of banks’ plans appear to be in line with EBA recommendations
Germany highly exposed to US and European contagion effects, says Buba paper
Bundesbank study finds strong contagious effects from the US and Europe, but no effects from the Asia-Pacific region and emerging markets on the German financial system
RBI’s Subbarao says eurozone situation better than expected
Governor of the Reserve Bank of India says Indian corporates report better conditions in Europe than feared; central bank lowers cash reserve ratio for banks to ease liquidity situation
EU freezes assets of Iranian central bank
EU follows US lead by announcing strict new sanctions on Iranian central bank; heart of action is to limit the country’s nuclear programme
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