United Kingdom
Bank considers further QE
Bank of England Monetary Policy Committee minutes reopens debate on further quantitative easing; new external MPC member Ben Broadbent votes to hold rates
King defends his additional powers
UK government publishes draft legislation handing significant powers to the governor of the Bank of England; King reassures critics of the shift
UK chancellor backs ring-fencing of banks
Chancellor of the exchequer endorses plans to separate retail from investment arms; says FPC’s stability remit to be reviewed annually
BoE’s Weale calls for early rate hike
Bank of England external Monetary Policy Committee's Martin Weale says early rate increase will give central bank more room to manoeuvre in future
BoE paper on development of central banks' lender-of-last-resort function
Bank of England study looks into evolution of clearing and settlements systems and central banks' progression as providers of liquidity
Bank utilises Google in analysis
Bank of England paper says internet search tools offer accurate analysis of current economic trends
Ex-IMF adviser calls for 'hard rules' on cross-border resolutions
Former IMF adviser Rosa Lastra says international regulatory framework should apply 'hard' rules on cross-border resolutions; says FSA was scapegoat in crisis
British bankers disagree over ring-fencing
Controversial proposals for reform of UK banking system spark dispute among representatives of ‘big four’ banks; disagree over ring-fencing option
UK lawmakers highlight lack of market expertise on FPC
Treasury Committee labels Alistair Clark an “insider”; calls on Michael Cohrs to make more public pronouncements
BoE outlines risk of higher intraday liquidity buffers
Bank of England study says new measures to enhance intraday liquidity risks jeopardising payment and settlement operations; recommends tools to mitigate banks’ incentive to delay settlement
BoE paper reviews international transmission mechanism
Bank of England study says shift in international monetary transmission mechanism in 1990 corresponds to changes in United Kingdom’s monetary policy framework
Bank’s Fisher explains low bank rate levels
Bank of England executive director for markets, Paul Fisher, says not much could have been done by central bank to address inflationary pressures
UK financial markets and policies under fire
Parliamentary hearings attack the Bank of England set-up, financial stability reform and commission proposals
UK experiencing growth 'soft patch': BoE’s Bean
Bank of England deputy governor Charlie Bean says period of slow growth recorded in the UK would ultimately depend on demand forces
UK outlines strategy for new micro regulator
Prudential Regulation Authority will focus attention according to risk; new five-step strategy to capture key threats
BoE minutes: little evidence of wage-price spiral forming
Bank of England minutes say high levels of inflation are not feeding into inflation expectations and wages
Kohn apologises for financial crisis
Former Federal Reserve vice-chairman and external FPC member Don Kohn apologises for failures that led to financial crisis; says FPC will need to ensure new tools are not circumvented by markets
UK inflation climbs to 4.5%
CPI inflation rises to 4.5% in April due to higher transport costs; prompts Bank of England governor Mervyn King to send sixth consecutive letter to chancellor
Fitch ups Iceland default rating outlook to stable
Rating agency Fitch affirms Iceland rating; revises outlooks to stable from negative
‘No reason’ to think trend growth has dipped: BoE’s King
But governor acknowledges impossible to know whether crisis will have long-term impact on sustainable growth rate
Funding pressures influencing rate votes: BoE’s King
Bank of England governor Mervyn King notes gap between rates and funding costs “enormous”; says “big picture not changed much”
Bank of England keep rates at record low
Bank holds for fourteenth month in a row
Greece will default, panellists say
Panellists at Fathom Consulting’s Monetary Policy Forum say Greece will default on debt; only a matter of by how much
UK must press ahead with fiscal cuts: panel
Panellists at Fathom Monetary Policy Forum present gloomy view on UK economy; former Bank deputy questions wisdom of cutbacks, but says it’s too late to turn back