Central Banking
Iosco calls for tighter regulation of money market funds
Recommendations aimed at reducing systemic risk posed by money market funds; report published despite opposition from the US Securities and Exchange Commission
Bangladesh governor moves to stamp out imbalances
Atiur Rahman says the Bangladesh central bank will act firmly to prevent build-up of banking imbalances; tells bank CEOs to co-operate with new regulations
Bond market contagion permanently increased in Emu, says Czech paper
Czech National Bank research investigates increased contagion of sovereign bond markets in European Monetary Union; evaluates impact of rating agencies
Adaptability key to stability, says Shirakawa
Bank of Japan governor reviews the main roles of central banks and says adaptability is now crucial to achieving other goals
ECB chief views speed of reform as critical for success
ECB chief Mario Draghi calls for the fast implementation of single supervisory mechanism despite many details remaining unclear; others say reform needs to be more ‘thought out’
IMF says fiscal consolidation still needed
The ability for many governments to eschew austerity in favour of fiscal spending to spur growth is limited; authorities will also struggle to ‘inflate’ their way out of debt, IMF report finds
Risks of a serious global slowdown ‘alarmingly high', says IMF
IMF lowers global growth forecast; says influence of highly accommodative policies by central banks may be diminishing and the probability of an ‘alarming’ scenario for growth stands at 17%
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Riksbank tightens collateral requirements
Swedish central bank moves against trend in Europe by tightening collateral conditions for loans; will offer banks a transitional period to adjust
G-Sibs facing ‘a tall order’ in meeting 2016 data deadline, UK regulator warns
The FSA’s Gerald Sampson says large, complex banks may struggle to meet a 2016 deadline for risk data aggregation and reporting standards
Bermuda Monetary Authority expands regulation team
Bermuda Monetary Authority plans to expand headcount in banking and insurance regulatory departments
Most countries set to miss Basel III deadline
Progress report on Basel III implementation reveals no country has yet adopted final rules; Stefan Ingves says it is clear some jurisdictions will miss January 1 deadline
Norway’s SWF adds further $560m of property to portfolio
Government Pension Fund Global continues progress towards 5% of fund invested in real estate with purchase of 50% stake in UK’s Meadowhall shopping centre
Spillovers at ‘zero lower-bound’ examined by BoE paper
Bank of England study investigates how monetary policy decisions by large countries in low interest-rate environments affect the ability of small economies to stimulate demand
Fed paper studies impact of fiscal reform within a monetary union
Research published by the Federal Reserve considers the effects of a unilateral shift in taxation policy within a monetary union and finds that risk of spillovers only comes with full integration
Linde says Spain on the path to fiscal adjustment
The governor of the Bank of Spain says country is attaining fiscal adjustment and the largest challenge to the economy is restoring market confidence
Mauritius MPC split on September rates decision
Three members of the Bank of Mauritius’s monetary policy committee called for more accommodative monetary policy last month
Conundrum facing reserve managers set to continue, say Nalm speakers
Central bank reserve managers to face further challenges about where to allocate their resources as reserve levels look set grow
Iranian central bank struggles to support plummeting rial
‘Foreign exchange centre’ set up by Central Bank of Iran to regulate exchange rate as rial falls sharply in value; fears emerge that currency free-fall could cause hyperinflation
Hungarian government abandons central bank transaction tax
Hungary’s minister for the national economy says transaction tax will not be applied to central bank following pressure from European authorities and the IMF
New rate-setting communication deliberated by Fed
Minutes from the FOMC’s September meeting show consideration of a switch in the way interest rate decisions are disclosed as well as motivation behind QE3
Singapore moves to prevent property price bubble
MAS introduces restrictions on loan tenures and lowers loan-to-value ratios in a bid to stem risk of price bubble in property market
Swedish deputy governor says IMF ready for global surveillance role
Barbro Wickman-Parak says IMF should lead surveillance of global financial system due to its legitimacy and depth of knowledge
IMF paper considers risks to sovereign assets
Study by IMF discusses benefits of sovereign asset and liability management frameworks; finds they help account for correlations between separate indicators