United Kingdom
BoE economist argues against benefits of cryptocurrencies
Cryptocurrencies have “failed” to compete with fiat currencies as an alternative store of value
Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness; UK figures provide a positive surprise
PRA’s tough line on Pillar 2 disclosure divides lenders
Watchdog seeks to level playing field with public disclosure of total capital requirements
BoE’s ‘difficult decision’ to stick with animal fat substrate
UK central bank rejects the palm oil alternative, despite successful trials; the decision is based on cost and sustainability concerns
Where have all the women gone?
The number of women working at central banks has increased substantially, but a glass ceiling appears to remain for those reaching for senior management positions
People: IMF official appointed Bank of Ghana deputy; new communications chief for BoE
Former IMF official appointed first deputy at Bank of Ghana; BoE forecasting chief moves into new communications role; and more
Book notes: The Spider Network, by David Enrich
A thrilling exploration of how currency trader Tom Hayes and confederates managed to corrupt the UK banking system in what has become one of the largest financial scandals in history
BoE to appoint ‘conflicts officer’ following review
Compliance review revealed there was a lack of understanding around reporting conflicts of interest; under new framework senior officials will have to report annually
UK’s Royal Mint to supply 150 million Argentinian peso blanks
The UK’s Royal Mint will ship coins, along with equipment, to Argentinian mint, where engineers will help with the final design stamping
Moody’s upgrades UK banking sector on improved capital positions
Banks' funding costs have declined and insurance against bank defaults is at its lowest since the financial crisis, while capital buffers have increased
BoE working paper examines ‘exorbitant privilege’ benefits
Economist analyses whether the UK enjoyed the same benefits as the US when it was the pre-eminent issuer of a global reserve currency; findings show fundamental differences between the two in terms of investment patterns
Brexit drives a wedge between BoE and markets
Market expectations of future UK interest rates appear out of line with views expressed by the Bank of England’s Monetary Policy Committee. It comes at a time when Brexit ‘news’ often trumps economic data
BoE: market pricing implies two rate rises in next three years
Markets project first rate rise in Q3 2018, but committee says tightening may need to come sooner; MPC sees mixed picture for labour market
UK economy vulnerable to consumption-led recession
Fragile consumer spending could take a toll on growth, former BoE officials warn, leaving the central bank with a tough job ahead
Stanley Fischer analyses the factors behind low real interest rates
The economist emphasises government policy uncertainty in the US regarding health care, regulation, taxes and trade, as well as higher savings and weak investment
UK banking sector faces higher costs after Brexit, report warns
Banks intend to minimise initial impact of Brexit in operations, but may be forced to move more personnel over time to maintain proximity to clients
BoE workers walk out over continuing pay dispute
Workers launch first of three days of strike action amid complaint over fairness of pay awards, with possibility of further escalation
People: RBI deputy retires; Paraguay elects new board member
RBI reshuffles responsibilities as deputy retires; Paraguay elects new board member; FCA launches new role in Scotland
FCA set to replace Libor by 2022
The interbank lending rate was manipulated by major banks during the financial crisis to give a healthier picture of their credit quality
Bank of England appoints new COO and deputy governor
Central bank announces replacement for Charlotte Hogg following her resignation in March; new deputy also set to take over from Minouche Shafik
Paper proposes method to estimate network of exposures
Researcher draws on aggregate exposures and market data to build a more complete picture of the network of bank exposures
BoE’s Brazier warns lenders of ‘spiral of complacency’
UK lenders may be starting to let standards slip as memories of the crisis fade, Alex Brazier says
IMF gloom on US and UK balanced by brighter spots elsewhere
IMF raises projections for China, Japan and eurozone as the UK and US falter; maintains global growth forecasts at 3.5% in 2017
BoE economists issue ‘call to arms’ for macro-prudential research
Researchers outline a simple framework to help understand the macro-prudential “balancing act”, but say there is a long way to go in developing a definitive model