Central Banking
Robert Pringle’s Viewpoint: Cameron’s high-risk European gamble
British Prime Minister David Cameron's high-stakes bid to renegotiate the UK’s role within the EU has rankled some officials in Europe. But both sides would lose from a UK withdrawal
Riksbank deputy governor speaks out over ‘entrenched' unemployment fears
Deputy governor calls for rate cuts to bring unemployment down to 'lowest sustainable level'
Norges Bank memo investigates structure of monetary policy committees
Staff memo distinguishes between collegiate and individualistic committees, and considers the benefits and drawbacks of each
Abe adviser hints at possible BoJ governor candidates
Economic adviser to Japanese Prime Minister Shinzo Abe suggests possible names and criteria for the next Bank of Japan governor
ECB’s Cœuré examines trend towards secured transactions
Benoît Cœuré highlights increasing proportion of secured money market transactions and greater use of central counterparties in Europe, but warns this can cause problems
BoJ’s Shirai hints deflation is partly out of the central bank’s hands
Sayuri Shirai says conquering deflation depends partly on demographic change, red tape and weak growth expectations, which the Bank of Japan has limited influence over
BoE governor says FPC ‘experiment' will need public acceptance
King says FPC will prioritise financial stability over economic policy of the day, but would need a stronger parliamentary mandate to implement loan-to-value ratios
Fed presidents back unemployment offensive
Minneapolis and Boston Fed presidents call for aggressive monetary policy to tackle lethargic unemployment rate
Banking union no ‘magic answer’ to Europe’s woes, says BoE’s King
Bank of England governor says no sign of any significant progress in resolving the core issues afflicting the eurozone. But banking union may help in dealing with too-big-to-fail banks
Bernanke champions FOMC policy and Fed independence
Ben Bernanke, chairman of the Federal Reserve, gives his support to the ongoing accommodative policy of the FOMC; stresses importance of central bank independence
Banque de France puts cyber crime defences to the test
French central bank simulates attack on financial system to assess financial institutions’ defences; co-ordination crucial to successful response
PBoC statistics show rapid increase in renminbi trade
Efforts made by the People’s Bank of China to promote renminbi internationalisation start to pay off, as cross-border trade in local currency increases 41% in 2012
IMF research examines ‘borrower effects’ during crisis
Working paper constructs index to assess the contribution of risky borrower portfolios in tightened overall credit conditions during a financial crisis
Irish deputy governor says economy has ‘little safety margin’
Stefan Gerlach says while growth may show a modest recovery this year, even a small shock to market confidence could complicate an exit from the IMF programme
IMF paper analyses ‘prolonged decline’ in Asian investment
Paper finds investment is suffering from the financial constraints facing non-tradable sector; proposes widening forms of credit available to small and medium-sized enterprises
Macro-prudential policy needs cross-border co-ordination, says ECB paper
Legal working paper says co-ordination is a ‘daunting challenge’ for central banks and other national authorities involved in macro-prudential oversight
Further dispute among Fed presidents
Three more Federal Reserve bank presidents deliver their verdicts on the FOMC’s accommodative policy stance
EBA-Esma report slams Euribor administrator
Study uncovers ‘weaknesses and insufficiencies’ in benchmark rate-setting process and says prompt action must be taken to address shortcomings
UK monetary easing could be pointless, says HSBC
Top HSBC economist says lack of spare capacity in UK economy could make easing risky, with little upside; former MPC member Blanchflower takes 'almost exactly the opposite view'
New deputy governor takes office at RBI
Indian government appoints Urjit Patel to replace Subir Gokarn on the Reserve Bank of India’s governing board; management roles reallocated again
BoE unveils action plan for macroprudential powers
UK Government proposals will enable the Bank of England’s financial policy committee to impose ‘sectoral capital requirements’ to tackle systemic threats early
Bank of Israel paper advocates inflation sacrifice when wages are rigid
Research says controlling inflation requires a greater sacrifice of economic output and employment when there are frictions in the labour market
IMF paper explores currency value at times of risk aversion
Research published by the International Monetary Fund says currency movements in periods of risk aversion are increasingly reliant on yield
MAS sets out FMI supervisory framework
Monograph gives details of Monetary Authority’s approach to regulating financial market infrastructures in line with CPSS-Iosco principles