United Kingdom
Paul Tucker: UK supervisors’ powers may go too far
Former BoE deputy says some central banks have too much power and not enough accountability; argues QE was necessary but problematic
BoE paper models bank runs in general equilibrium
Daisuke Ikeda finds regulations must be comprehensive to prevent risk shifting
Book notes: Edge of chaos, by Dambisa Moyo
John Chown applauds Moyo’s analysis of how the current democratic framework is failing
Resolution still essential for CCPs – BoE’s Cunliffe
Despite high loss absorbency, CCPs still need a resolution framework, deputy governor says
Good policy makes Phillips curve harder to identify – BoE’s Tenreyro
MPC member argues fears the Phillips curve has disappeared are “largely misplaced”
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make payments
People: BoE’s Fried promoted; Vlieghe reappointed
Bradley Fried to take over as Court chair; Gertjan Vlieghe gets new term; Anneli Tuominen to serve additional term at Esma; Israel appoints technology chief
UK’s FCA to act on banks using overdrafts as revenue source
Regulator proposes rules to improve transparency around the cost of credit, with plans to ban fixed fees if necessary
Jonathan Haskel appointed to BoE MPC
Male economist chosen over four women who were shortlisted
Bank of England says UK payment schemes must adapt to ISO messaging standard
BoE will hold consultation with interested parties in June
Non-banks could threaten bank business models – BoE paper
Non-bank competitor could undermine bank’s deposit base under certain circumstances
UK statistics authority disagrees with BoE on snow impact
ONS says snow had limited impact on Q1 GDP, contradicting the BoE’s account
Dudley calls for ‘aggressive action’ on benchmark reforms
Failure to move to new framework before 2021 could create “large-scale disorder”
Nominal exchange rates can be forecast on ‘back of a napkin’ - ECB paper
Flexible exchange rates in advanced countries have two regularities, researchers find
BoE MPC split on publishing rate forecasts
Jan Vlieghe argues current system is “unnecessarily complex”, but Carney is sceptical
BoE research says digital currency would ‘strengthen’ policy transmission
Under proposed framework, a CBDC would have limited impact on monetary policy but a lack of data means further research into design and demand will be crucial
BoE paper studies ‘multiplex’ network model of derivatives market
Low liquidity buffers can lead to significant spillovers for some firms, authors warn
BoE’s Broadbent apologises for ‘menopausal’ remark
Deputy made the remark while trying to explain the word ‘climacteric’ to a newspaper
Bank of England should have ‘green’ mandate – report
Activist group says BoE should be given explicit mandate which would see climate sustainability on par with price stability
Climate change risks ‘already with us’ – BoE’s Breeden
Sarah Breeden urges financial firms to take action on both opportunities and risks
UK regulators fine Barclays chief for whistleblowing failure
PRA and FCA say Jes Staley undermined protections for whistleblowers; bank expected to implement stronger controls
Carney defends communications approach as BoE holds
Central bank criticised for apparent U-turn on rate hike; governor says majority of people in the economy are “not fixated” on the timing of a hike
People: Carney gets new senior adviser
Bank of England creates new senior adviser role; IMF appoints chief information officer; and more
UK takes next steps in payments shake-up
Two of the three retail payment systems have been taken over by the New Payment System Operator, with the third to be integrated soon; first non-bank PSP connects to BoE’s RTGS