United Kingdom
Carney lectures Scots on dangers of monetary union without fiscal union
Bank of England governor tells Edinburgh audience that successful currency union would need banking union, and would risk moral hazard without fiscal union
BoE prudential regulator wrestles with early warning indicators calibration
Calibration for general insurers and with-profits funds frustrates regulator's progress
BoE's McCafferty says 'lagging' investment recovery ready to start
Worries over a lack in business investment growth are misplaced, according to MPC member Ian McCafferty, who says it is normal for it to lag growth in other sectors
BoE's Broadbent examines UK economic growth conundrum
MPC external member says real wages have fallen due to specific economic 'headwinds', which are now beginning to abate; productivity is also on the rise, he says
Central banks in Israel, UK close in on new deputies
Bank of Israel governor Karnit Flug nominates academic Nadine Baudot-Trajtenberg as her deputy; UK Treasury begins process of replacing Charles Bean at the Bank of England
UK banks win tax exemption for client clearing
UK tax authorities exclude client collateral received as a result of clearing activities from bank levy, after complaints it would act as a disincentive to clearing
Carney defends forward guidance as UK unemployment falls closer to BoE threshold
Bank of England governor says reaching 7% unemployment threshold does not presuppose monetary tightening, but rather incorporates a deliberate buffer before full employment is reached
Carney backs new leverage ratio powers
Bank of England announces review of its powers over bank leverage ratios; Mark Carney says that FPC control over the tool is ‘necessary to properly implement a robust capital framework’
Israeli annual report for bank customers could be first step to reduce transparency 'knowledge gap'
Bank of Israel supervisor pushes for banks to provide customers with tailored yearly reports; UK consultancy says future lies in 'single online portal' for all financial products
Bank of England points to growing concern over low rates
Market participants say the risks surrounding low interest rates are now the third biggest cause for concern in the UK financial system, behind sovereign risk and the prospect of an economic downturn
UK data boost could spell early end to BoE forward guidance
Inflation report out today predicts consumer price inflation will reach 2% target sooner than predicted after sharp drop in October; revised forecast on unemployment may undermine forward guidance
HKMA’s Yue calls for offshore RMB co-operation
Deputy chief executive Eddie Yue says Hong Kong and the United Kingdom need not compete for a slice of the global offshore renminbi market – they can ‘grow the pie together’
Bank of England waging payment system war on three fronts
Chief cashier Chris Salmon says the central bank must contend with issues relating to cyber security, user access and new regulation within the UK payments infrastructure
BoE creates new role in response to cyber crime threats
Chief information security officer will oversee the Bank of England’s IT security defences; UK banks to be tested on their ability to withstand online attacks
Bailey sets resolution criteria for foreign banks' UK branches
Bank of England’s Andrew Bailey says foreign banks will not be able to operate branches in the UK if their home regulator’s resolution regime is not up to scratch
Barnier says UK ‘on board' with EU banking legislation
French EU commissioner once dubbed ‘the most dangerous man in Europe' by the UK press says winning British agreement over banking sector reform is a ‘point of credibility'
BoE's Martin Weale still unsure over Carney's forward guidance by consensus
Bank of England's forward guidance dissenter explains ongoing qualms over how forward guidance works at the BoE, as he is re-appointed to a second term
Canadian bonds more normal than US and UK equivalents at ZLB
Canadian sovereign debt yields are more responsive to shocks than UK and US equivalents at zero lower bound; differences diminish at shorter maturities
Canadian yields shown to be less sensitive to data shocks than US or UK
Working paper from the Dutch central bank shows that at the zero lower bound, Canadian government bond yields are less sensitive to surprising domestic data than US or UK equivalents
UK prepares for mobile payment apps
The Payments Council is launching a new mobile payments platform in the UK in 2014, and seminar participants discussed the challenges it will face
BoE’s Fisher happy to hold QE ‘in reserve’
Executive director says the ‘dramatic turnaround’ in economic data has alleviated the need for further asset purchases; insists the UK is not in the midst of a housing bubble
UK ‘Help to Buy' brought forward as data show housing market hotting up
Data out today show some UK housing indicators are back at pre-crisis levels; financial policy committee minutes are due out tomorrow, as government doubles down on ‘Help to Buy' scheme
HKMA’s Yue focuses on renminbi as China liberalises capital markets
Deputy chief executive Eddie Yue believes the renminbi will be ‘crucial’ in managing impact of China’s capital account liberalisation on global markets; hosts forum with UK government official
BoE appraises forward guidance as economy picks up
Bank of England MPC believes that market participants demonstrated an ‘increased understanding’ of the link between monetary policy and unemployment in the run up to its September meeting