Central Banking
Fitch ups Iceland default rating outlook to stable
Rating agency Fitch affirms Iceland rating; revises outlooks to stable from negative
Egypt asks IMF for loan
IMF announces Egypt has requested a loan of $10 billion-12 billion
Eurozone sovereign bailouts likely to stop at Portugal, say investors
The Eurozone crisis has already forced three members of the currency union to take EU/IMF bailouts but Spain, the next potential target of investors, is unlikely to follow
Trichet on the building blocks for financial reconstruction
European Central Bank president Jean-Claude Trichet describes three ways in which finance must be rebuilt
Italy presents a legal perspective on cross-border insolvency
Bank of Italy draws on conference proceedings to produce booklet on legal issues surrounding cross-border insolvency
South Africa inflation set to exceed target range
Monetary Policy Committee statement reveals South African Reserve Bank’s fears over inflation
Lipsky to leave IMF in August
First deputy managing director John Lipsky says he will not seek a second term; will stay on as special adviser until the autumn
Namibia introduces interbank lending rates
Bank of Nambia launches the country’s first-ever official short-term interbank lending rates; gives full endorsement and encourages further developments
Fed critic Ron Paul to run for Republican presidential candidacy
Ron Paul announces he wants to be Republican candidate for presidential elections; fierce Fed critic wants central bank abolished
Bernanke: Fed striving to ensure level playing field
Federal Reserve chair Ben Bernanke outlines road map ahead for Basel Committee and the Financial Stability Board
Bernanke to make motion picture debut in “Too big to fail” film
New film chronicles the months leading up to Lehman Brothers’ collapse in 2008; centres on treasury secretary Henry Paulson
We can never get rid of financial instability: FDIC’s Bair
FDIC chair, Sheila Bair says it is impossible to regulate to remove all financial instability; Dodd-Frank reforms “can make the core of our financial system more resilient to shocks”
ECB Monthly Bulletin - May 2011
European Central Bank report highlights the need for structural reform
ECB’s Tumpel-Gugerell: self-regulation hasn’t worked for Sepa
European Central Bank executive board member Gertrude Tumpel-Gugerell acknowledges banks’ progress “has not achieved the required results”
Philly Fed’s Plosser offers perspective on economic outlook
President of Philadelphia Federal Reserve notes “somewhat troubling” movements of inflation expectations
Finland supports Portuguese bailout; calls for international banking tax
National Coalition Party and Social Democratic Party agree to support bailout; want to see EU-wide banking tax “to collect funds from banks in advance in view of a possible future financial crisis”
IMF makes strong call for strengthened policy response in Europe
International Monetary Fund wants stronger financial integration to bolster Europe’s recovery; comes as officials gather in Greece to see progress
Thai governor becomes latest to attack IMF capital controls framework
Bank of Thailand governor Prasarn Trairatvorakul’s criticisms of IMF framework on capital controls come after similar comments from Brazilian, Indian officials
Lambert will not take up seat on Bank’s FPC
Former Monetary Policy Committee member Sir Richard Lambert says he no longer wishes to become one of four external members of macroprudential body
Basel Committee unveils final proposals on pay
Basel Committee on Banking Supervision reveals risk-adjusted remuneration report; urges large firms to move away from remunerating employees based purely on their profits
Frank’s FOMC attack offers further evidence of the politicisation of Fed policy
Attempts to rescind regional Fed presidents’ voting rights as members of the Federal Open Market Committee manifest an unfortunate trend in US monetary policy, Thomas F. Cargill believes.
IMF re-examines link between exchange and inflation rates
IMF examines link between nominal exchange rate and inflation
Watch out for policy spillovers: Subbarao
Reserve Bank of India governor warns that process of globalisation can cause unexpected policy spillover damage
New model for assessing underlying inflationary pressure: Canada
Discussion paper calls for exclusion of components with “exceptionally large price changes” when assessing underlying inflationary pressures