Central Banking Journal
The next ‘Mr RMB’
Five leading candidates have emerged as the likely successor to Zhou Xiaochuan, governor of the People’s Bank of China. Hui Feng assesses their relative strengths and weaknesses
Governing the central bank governors
Central banks face multiple challenges in the current market environment. But they still need to press towards better governance to build institutions that are fit for purpose
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
The Bretton Woods transcripts
Bretton Woods was one of the world’s most important financial conferences, but one that was little known about until now
Striving for a strategic role for risk management
Risk management needs to be split from control functions to provide boards with a holistic view of qualitative and quantitative risks
Book notes: The Great Recession: Market Failure or Policy Failure?
This is a hugely important book that should be read by all central bankers, bank supervisors, politicians and newspaper editors
Book notes: Guardians of Finance
This is a book offering a useful contribution to the debate over the future of regulation. By James R Barth, Gerard Caprio Jr and Ross Levine
Book notes: Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics
At first glance the cover of this book implies that the overweening attachment of Thatcher and Reagan to free market economics lay at the root of the 2007–08 crisis. But it is not as simple as that
Book notes: First Principles: Five Keys to Restoring America's Prosperity
The author's premise is that the best way to understand the problems confronting the American economy is to go back to the first principles of economic freedom upon which the country was founded
Donald Kohn on the Fed and fixing the global financial system
Donald Kohn talks to Christopher Jeffery about the Fed’s role in the crisis, changes in central bank mandates and exit strategies, and regulatory efforts to clean up the financial system
Bank of Finland's Erkki Liikanen on bank separation in Europe
Bank of Finland governor, Erkki Liikanen, tells Christopher Jeffery why he believes the separation of ‘risky’ activities at banks represents the third leg to ensure financial stability in Europe
Banking union divides Europe
The European Central Bank is set to gain responsibility for the supervision of the continent’s banks in a move unlikely to restore trust with an already sceptical German public
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
ECB in danger of being forged from fiscal fragility
Mario Draghi has made his mark at the helm of the European Central Bank. But Europe also needs a core set of values that must not be violated
Systemic risk in Europe heightened by Target trap
Huge Target liabilities may explain why Germany sanctioned proposals for ECB bond-buying and the formation of the ESM. But this will not solve Europe’s problems
Taming the finance monster
The best way to resolve global financial instability is for the owners of capital to assert themselves, with sovereign funds well positioned to take the lead, say Paul Woolley and Dimitri Vayanos
Bank of Thailand's Prasarn Trairatvorakul on the central bank's 70th anniversary
On the eve of its 70-year anniversary, Bank of Thailand’s governor, Prasarn Trairatvorakul, talks to Blair Baker about the central bank’s emerging role in domestic, regional and global economics
The future of bank capital
Prudential regulators are relying on the Modigliani-Miller theorem to hold true as banks are required to hold substantially more capital. But could their faith in the theorem be misplaced?
The puzzle of monetary policy
The centrepiece of macroeconomic management, inflation targeting by central banks, remains virtually unchallenged despite the crisis of the past five years. This needs to change, argues John Gieve
Where the BIS falls short
Robert Pringle compares the analysis and policy recommendations offered by the BIS in its latest annual report with those in his new book, The Money Trap
The beginning of the end for renminbi internationalisation?
The People’s Bank of China has surprised market watchers by taking critical steps to liberalise the renminbi and interest rate policy in the country
Central bank's crucial role in Myanmar's new economic reform
The Central Bank of Myanmar is on the verge of securing operational independence and a budget that will enable it to double its headcount to help it oversee rapid economic reform
Keeping sight of the real inflation target
The appropriate construction of CPI indexes is vital to maintain public confidence in inflation targets. Jill Leyland points out issues in current index construction