Europe
Bank of Italy’s Visco says Europe needs long term debt resolution plan
Bank of Italy deputy director general Ignazio Visco says successful fiscal consolidation in Europe will require voter backing
Luxembourg’s Mersch condemns Basel III bias
Central Bank of Luxembourg governor Yves Mersch says Basel III will be more detrimental to European banks than US lenders; echoes bankers’ concerns on lending to small and medium enterprises
Cebs says work on supervisory colleges is accelerating
Cebs secretary-general Arnoud Vossen, in an interview with Operational Risk & Regulation, says work on improving supervisory colleges is speeding up
Esma could undermine City of London: LSE's Rolet
London Stock Exchange chief executive Xavier Rolet tells influential parliamentary committee new European Securities and Markets Authority could risk handing control of UK regulation to Europe
Britain unveils sweeping, cross-border bank levy
UK government publishes draft bank tax law which will affect domestic banks operating overseas and foreign bank operations in Britain; proposal highlights international disunity
FSA worried over excessive EU rules while firm on proportionate solution for hedge fund pay
UK regulator worried heavy handed rules will drive hedge funds out of Europe, depriving supervisors of information on their European activities
Growth in European cashless payments subsides
European Central Bank payments statistics shows amount of non-cash payments increased but at a slower rate than in previous eight years
Russia inches back toward dollar assets
Bank of Russia report shows percentage of dollar assets increased by end 2009, reversing trend set in two previous years; central bank also upped sovereign debt holdings and risk appetite declined
Ireland’s Honohan defends Europe’s banks
Continent’s stress tests have lifted some of the doubt over banks’ underlying health, Central Bank of Ireland governor Patrick Honohan says
Nordic and Baltic regions strike financial stability deal
Eight Nordic and Baltic countries sign Memorandum of Understanding on cross-border financial stability and crisis management
Norway’s wealth fund slumps to first loss in a year
Government Pension Fund–Global posts $25 billion loss for first quarter; fund’s equity portfolio takes a beating, led by BP shares
ECB flags concerns over new capital rules
New capital rules may incentivise banks to dump risky assets on central bank
Greece passes first hurdle of bailout programme
European-IMF review of Greek economic programme says country is on track to receive second tranche of funds
IMF: European debt measurements misleading policies
Fund study says European Union spending cuts neglect impact of policies on future
EU stress tests detail exposure to Piigs debt
Stress tests show which banks are heavily exposed to riskiest sovereigns
Kosovo’s governor arrested
Kosovo central bank governor Hashim Rexhep arrested on alleged corruption charges, central bank to be investigated
Bank of Albania: country has seen double digit FDI growth
Albanian central bank monetary policy statement says foreign direct investment rose by double digits in 2008
ECB will always end up bailing out sovereigns: Buiter
Former Bank of England rate-setter Willem Buiter says ECB will lose in “game of chicken” with finance ministries over who rescues sovereigns
Hungary prepares bracing bank tax, wage caps
Hungarian parliament set to approve hefty bank levy to shear budget deficit; public sector wage freeze will affect central bank employees, despite ECB protests
RBA rate hold linked to European stability concerns
Minutes of Reserve Bank of Australia’s rate meeting show developments in Europe led board to keep rates flat
EU’s Barnier: paradigm shift in regulating OTC derivatives
European Commission commissioner for internal market and services Michel Barnier says concept of light touch regulation is history
ECB's Bini Smaghi: Europe must regain competitive edge
ECB executive board member Lorenzo Bini Smaghi says even surplus countries in eurozone must improve competitiveness
Brussels will drain London banking sector: top bankers
HSBC chair Stephen Green warns that European legislation will eradicate London’s competitive edge as a financial centre; says Basel III will curb trade finance
UK’s Hoban wants greater say over European regulatory reform
UK financial secretary to the Treasury Mark Hoban concedes London’s prominence as financial centre has ended, says Britain must have stronger voice in Europe on regulatory reform