United States
Australia’s economic performance not all down to luck: RBA’s Edey
Reserve Bank of Australia assistant governor Malcolm Edey says good luck and good management played a role in Australia’s strong economic performance in recent years
Banks have most to lose from a US default: Standard & Poor's report
Standard and Poor’s says financial institutions reliant on short-term funding from the US Treasury would be hit hardest if the US were to default on its debt
QE2 reduced deflation threat: NY Fed’s Sack
New York Federal Reserve executive vice-president Brian Sack says the risk of deflation in the US diminished significantly following the Fed’s second quantitative easing programme
Afghan ban on US officials: reports
Media reports claim Afghan president, Hamid Karzai, has banned US officials from the country’s central bank; conditions 'too hostile' for them to return
Exogenous financial shocks should factor into monetary policy: Dallas Fed paper
Dallas Federal Reserve study says exogenous financial shocks should be incorporated into monetary policy decisions
Frequency of cyclical unemployment is rising: Fed paper
Federal Reserve study shows cyclical movements in unemployment have become more persistent in recent decades
Greece inches closer to default status
Fitch downgrades Greece’s long-term credit rating to CCC, one notch above default, in an active week for ratings agencies
Policymakers can mitigate post-crises unemployment effects: Turkey’s Başçı
Central Bank of Turkey governor Erdem Başçı says declines in employment during crises can be reduced by introducing policies to ease firms’ borrowing costs
Foreign banks get temporary respite from China’s new ‘Volcker rule’
Foreign banks in China greet decision by China Banking Regulatory Commission to postpone new rules on onshore non-hedging business with relief
Markets respond positively as Bernanke says US is ready to act
Federal Reserve chairman Ben Bernanke says US has a “number of ways” it could ease financial conditions if necessary; markets respond postitively
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
Basel and Dodd-Frank create arbitrage potential, say analysts
Removal of credit ratings under Dodd-Frank will create arbitrage opportunities – and is already being exploited by some US banks, research claims
US will resolve debt crisis by August 2: Obama
President Barack Obama says failure to raise the US debt ceiling would be “not acceptable”
Fed extends temporary dollar swap lines again
Canada, UK, Switzerland and ECB prolong arrangements; Japan to decide soon
Regulation reform dominates British Bankers’ Association conference
Regulatory reform causing concern for all involved; any changes made must be the right ones, say speakers at the BBA Annual International Banking Conference
NY Fed’s Dudley on development of bank stress tests
New York Federal Reserve president William Dudley says development of stress tests is an ongoing process
Financial institutions scramble to avoid Sifi label
Federal Deposit Insurance Corporation detects “absolutely no interest” from any financial institution in being named a systemically important financial institution
Fed less positive but leaves rate unchanged
FOMC statement less optimistic than last month's; in second-ever press conference, chairman Bernanke faces questions on Greece
Chile governor warns on Europe and US
Central Bank of Chile governor says Europe in “trouble” and US at risk of waking up from “lethargy” too slowly
IMF warns European contagion is resurfacing
IMF Global Financial Stability Report highlights growing concern over debt sustainability of European periphery countries; advanced economy downward growth revision signals two-speed recovery
BoJ’s Nishimura highlights demography link to asset bubbles
Bank of Japan deputy governor Kiyohiko Nishimura says asset market bubbles are correlated to demographic changes
Australian regulators suggest clearing exemption for FX
Reserve Bank of Australia discussion paper commits to harmonising rules with US and Europe
IMF managing director saga continues
IMF rebukes New York Times for article on Fischer; Strauss-Kahn’s immunity pleas revealed; candidates continue battle for international support
IMF paper on GCC equity market spillovers
Fund study says Gulf Cooperation Council equity markets were exposed to US and regional losses during crisis