Europe
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
EMEs have scope to respond to a global slowdown: RBA’s Battellino
Reserve Bank of Australia deputy governor Ric Battellino says emerging market economies have capacity to respond to decline in weakness in global demand
ECB announces new T2S start date
European Central Bank announces T2S project to launch in June 2015; key changes demanded by Advisory Group behind delays
Bundesbank’s Dombret backs temporary higher capital buffers for European banks
Bundesbank’s executive board member Andreas Dombret says 9% core tier 1 capital for systemically important banks is feasible
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
RBA’s Debelle expresses concern over bank funding pressures
Reserve Bank of Australia assistant governor Guy Debelle outlines differences in bank funding pressures in Europe and Australia
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
Europe should learn from US mistakes
Former chairman of the Federal Deposit Insurance Company William Isaac warns Europe to heed the lessons from TARP and catastrophic public stress tests
Japan extends emergency relief measures
Emergency loan facility and relaxation of collateral eligibility standards extended; sign of Japan’s continued economic struggle
ECB’s Constâncio stresses commitment to T2S settlement platform
First ever Europe-wide platform for settlement of bonds and equities trades has ECB’s full support; will play a crucial role in future of the single market, says Vítor Constâncio