Central Banking
US Senate passes sanctions on Central Bank of Iran
US Senate passes sanctions aimed at Iran's crucial oil industry; measure will prevent financial institutions from doing business with US and Iran, forcing them to choose
Bank of England selects new chief for Special Resolution Unit
Andrew Gracie returns to Bank of England to lead special resolution unit; takes over later this month
Credit booms linked to financial crisis – IMF paper
IMF working paper shows credit growth becomes less dependent on bank soundness during boom periods
Japan’s Miyao hammers home macroprudential importance
Speaking in San Francisco, policy board member Ryuzo Miyao explains how Japan is working on ways to better assess risks across the country’s entire financial system
Fed paper details highs and lows in Spanish economic activity
Researchers point to change between 2007 and 2011 as one of the worst in Spanish economic history
Financial crisis leaves questions over future of banking: Luc Coene
Belgian governor says with huge reforms beginning to take effect, it is impossible to accurately predict the future state of the banking sector in Belgium
CLS pushing 'transformation' agenda, says Bozian
Central settlement utility is feeding greater resources into expanding its universe of currencies, according to chief executive Alan Bozian
BoE unveils gloomy Financial Stability Report
Bank of England Financial Stability Report demands banks boost capital levels; King says he initiated talks of co-ordinated swap line action with central banks around the world
Draghi pushes for greater fiscal integration in eurozone
European Central Bank president Mario Draghi says new fiscal pact is needed between eurozone countries to deepen economic integration
Kenyan parliament passes new payments regulation law
Central Bank of Kenya governor offers overview of 2011 for economy; reports on progress of National Payments System Bill
Fed picks new head for banking supervision division
Michael Gibson takes over from Patrick Parkinson on January 1; Parkinson leaves Fed after 30 years of service
Inelastic demand and supply explain oil volatility: Bank of Canada paper
Bank of Canada study shows decline in price elasticity raised oil price and reduced oil production volatility
Capital flows reversed in India post-QE2: RBI paper
Reserve Bank of India study shows capital inflows into India declined after the US Federal Reserve’s second quantitative easing programme
Minneapolis Fed’s Kocherlakota warns FOMC against inflation drift
Minneapolis Federal Reserve president Narayana Kocherlakota says Federal Reserve should formulate a public contingency plan to avoid tolerance of high inflation
MAS’s Menon defends central bank’s governance structure
Monetary Authority of Singapore managing director Ravi Menon says central bank has proven it can act independently “within” government
UK banks lament costs of ring-fencing operations
House of Lords Economic Affairs Committee report shows UK’s biggest banks believe recommendations to ring-fence retail operations underestimate costs of reform but agree measures are a “done deal”
Major central banks take co-ordinated action
Central banks reduce US overnight index swap rate from 100 basis points to 50 basis points above market rate to flood financial system with dollar liquidity
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
Eurozone bolsters EFSF’s lending capacity
European Financial Stability Facility to guarantee between 20% and 30% of new bond issuance by beleaguered eurozone states; new measures will enable fund to leverage €250 billion of funds
Lithuania fires head of credit institutions supervision department
Kazimieras Ramonas unceremoniously sacked; new central bank department will take over financial market supervision in 2012
China central bank official nominated to join private bank’s board
Wang Hongzhang tipped to become chairman of the China Construction Bank Corporation after unanimous nomination to join board of directors; will leave People’s Bank of China after a long career there
Canada’s Murray identifies shift in global policy effort
Bank of Canada deputy governor John Murray highlights prospective benefits from co-ordinated policy response to current economic problems
IMF paper calls for urgent completion of macro-prudential frameworks
Fund study says early implementation of new macro-prudential measures will mitigate cross-border risks
Vices of monetary policy must be addressed: ECB's Stark
European Central Bank executive board member draws on the ‘virtuous’ and ‘vicious’ relationship between globalisation and monetary policy