Central Banking
Canada’s Carney wants an end to ‘global angst’
Bank of Canada governor Mark Carney says quick and bold action needed to end uncertainty restraining economic growth
Robert Pringle’s Viewpoint: Fixing banks and regulation
Central bank balance sheets are ballooning due to the failure of banking systems and new rules are unlikely to address the issue. Only a full legal separation of banking activities will do.
Shirakawa proposes tackling financial stability as a ‘public good problem’
Bank of Japan governor, Masaaki Shirakawa, says an optimal solution to create the conditions needed for financial stability could be achieved by reviewing the challenge as a ‘public good problem’
Bernanke plays down emerging market impact of QE
Fed chairman says negative impact of quantitative easing on emerging markets is offset by a stronger US economy. But countries such as Brazil have had to take action to protect their currencies
Bank of Canada grandees pay tribute to James Coyne
Incumbent and retired Bank of Canada governors pay tribute to James Coyne, an early crusader for price stability and central bank operational independence, who died on October 12
Lacker explains dissenting votes
Jeffrey Lacker, president of the Richmond Fed, explains his dissenting votes during past six FOMC meetings; warns of misinterpretation
Sarb deputy says domestic woes are impacting growth
South African Reserve Bank deputy governor says domestic issues, including labour strikes, are dictating price and exchange rate concerns; growth rate likely to need downward revision
Asian integration holds key for Malaysia’s Zeti
Bank Negara Malaysia governor says integration necessary if Asia is to continue to develop; funds need to be able to reach investment opportunities
CFTC’s clearing timeline prompts backloading 'meltdown'
A re-reading of the CFTC's phase-in rules for central clearing is prompting alarm among buy- and sell-side firms
Poland paper analyses asymmetric policy
National Bank of Poland study reveals asymmetric central bank policy for inflation rates and economic activity; shown to have strong preference for inflation avoidance
PBoC’s Yi urges IMF to complete quota and governance reforms
Deputy governor of the People’s Bank of China calls on remaining IMF members to approve 2010 quota and governance reforms; US has yet to accept the changes
Europeans round on IMF as rescue plan takes shape
European policy-makers take on critics at the IMF saying the Fund’s view that matters now are worse in Europe compared with six months ago is flawed; set out a roadmap to eurozone stability
MAS surprises consensus by holding currency band
Singapore’s central bank takes a tough stance on inflation despite calls for policy softening to bolster the economy
Riksbank deputy questions the role of inflation targeting
Per Jansson, deputy governor of the Sveriges Riksbank, suggests a move away from fine-tuning monetary policy around inflation but says a shift to a higher target does not seem advisable
Top policy-makers debate Japan’s challenging road to recovery
Policy-makers gathered in Tokyo this week warn that the eurozone crisis, domestic demographic changes and high levels of government debt may thwart Japan’s efforts to bolster economic growth
Tyrie to scrutinise draft of UK’s Banking Reform bill
The UK’s Banking Reform Bill published today will undergo parliamentary scrutiny; Andrew Tyrie concerned important details are being left to secondary legislation
UK needs ‘innovative’ policy levers beyond price stability, says FSA’s Turner
Adair Turner blasts past regulatory failings and says UK must now turn to ‘innovative and unconventional’ policies; remains a leading contender for Bank of England governorship
Asmussen trumpets progress on European debt stabilisation
ECB board member Jörg Asmussen says eurozone’s progress on debt stabilisation is ahead of other developed economies, but more work needs to be done
‘Soft power’ is key to international success, says HKMA’s Chan
HKMA chief executive says soft power is central to improving international financial centres; institutions’ culture is integral in this
Italian paper evaluates stressed CDS pricing
Study by the Bank of Italy considers the performance of credit default swap pricing models under highly volatile conditions
IMF paper untangles liquidity indicators
A study by IMF staff finds price and quantity indicators can be used to separate the effects of supply and demand shocks on global liquidity; changes especially telling in a crisis
IMF meeting set to reinforce global pessimism
Governments need to take urgent policy action to capitalise on the ‘breathing space’ created by central banks. But few attending the IMF meeting in Tokyo believe law-makers are fit for the task
Final rules for D-Sibs published as FSB holds plenary meeting
Financial Stability Board meeting in Tokyo endorses publication of final framework for regulating D-Sibs; principles focus on assessment methodology and higher loss-absorbency requirements
Ukraine issues US dollar bonds aimed at retail investors
Ukraine government is issuing US dollar-denominated bonds targeted at domestic retail investors, despite previous warning by central bank director about Ukrainians taking on forex risk