Central Banking
Hildebrand succumbs to pressure and resigns
Governor of the Swiss National Bank steps down; mounting political pressure follows uproar over wife’s currency trading activities
Central Bank Directory highlights rise in female central bank governors
Four new female governors takes worldwide total to 12; Central Bank Directory also notes 4.1% increase in central bank staff in European Union
Lagarde expresses concerns ahead of crucial meeting with Hungary
Christine Lagarde stresses importance of Hungarian authorities' compliance with the European requirements ahead of key discussions over financial aid in Washington
Fed champions further action to revive housing market
Federal Reserve publishes review of policies to address impediments in US housing market in bid to revitalise economic recovery
Belgium’s Coene believes in commitment of eurozone countries
Governor of National Bank of Belgium says even if Greece were to leave single currency, other member states would draw together to "protect the system"
Norges Bank paper on central bank independence in the post-war era
Norges Bank case study shows central banks in the UK and Sweden had a higher degree of operational independence than Norway, despite its legal autonomy from government
Central Bank of Barbados warns of weakness in tourism industry
Central Bank of Barbados Economic Review says tourists vacationing on the island are spending less despite an increase in arrivals
RBI’s Sharma urges businesses to hedge risks
Reserve Bank of India executive director VK Sharma says businesses in India must take appropriate measures to hedge their actual risk exposures
Financial cycles lead downturns, says Bank of Finland paper
Bank of Finland study says connection between financial variables and real activity is stronger during periods of recession
Basel implementation monitoring strategy approved
Basel Committee governing body agrees plans to monitor member countries' efforts to implement new rules; also discusses liquidity coverage ratio
Fed 'very close' to adopting inflation target, says Bullard
St Louis Federal Reserve president says FOMC nearing agreement to introduce inflation targeting in US; move is part of effort to improve transparency at the Fed
Fitch downgrades Hungary credit rating to junk status
Hungary long-term foreign issuer default rating lowered to BB+; outlook remains negative according to rating agency
Albania approves monetary policy strategy for 2012-2014
Bank of Albania renews monetary policy strategy; offers clarifications and elaborations on previous versions of aims
CNB minutes reveals falling koruna allowed rate hold
Czech National Bank minutes shows weakening koruna allowed central bank board to leave rates unchanged at 0.75%
Commemorative euro coin launched
Eurozone countries issue new €2 coin to commemorate 10 years of the currency; few central banks announce the move
CNB paper reviews inflation-targeting framework
Czech National Bank study evaluates changes to the monetary transmission mechanism in the Czech Republic
Global supply chains explain trade collapse, says ECB paper
European Central Bank study shows intra-group trade reacted more rapidly than arm’s length trade to global trade collapse
RBA paper expects larger spillover effects from mining boom
Reserve Bank of Australia study says rise in mining investment expected to have larger impact on a broader range of prices in Australian economy
Clarity in central bank communications remains strong: Netherlands Bank paper
Netherlands Bank study shows central banks communicate policies effectively, despite high degree of uncertainty and less favourable inflation outlook during recent years
Hildebrand defiant over currency trade row
Swiss governor will not resign, expresses regret at political attack on the Swiss National Bank and reveals details of how information was leaked
Hungary's borrowing costs soar
Yield on Hungarian 10-year debt exceeds 10% amid investor concern that Budapest will not receive IMF assistance
Iceland receives final Nordic cash injection
Central Bank of Iceland receives last tranche of loans from Nordic countries as part of IMF deal to build foreign exchange reserves; agrees to delay loan from Poland
Self-employment fuelled labour recovery, says Central Bank of Chile paper
Central Bank of Chile study shows the recovery in Chile’s labour market was driven by self-employment rather than job creation in the formal sector
Bank of Italy: ECB’s flexible operational framework assisted crisis response
Bank of Italy study compares effectiveness of unconventional monetary policies adopted by the Federal Reserve and European Central Bank in response to crisis