Central Banking
SNB: Quarterly Bulletin – June 2010
Swiss National Bank estimates export driven growth of 2% in 2010, despite renewed tensions in Europe
CEPR: market liberalisation exacerbated credit crunch
Centre for Economic Policy Research study on financial crisis finds countries with deregulated markets were most negatively affected in credit markets
Greece’s Provopoulos: fiscal policy has its limitations
Bank of Greece governor George Provopoulos says Greek crisis highlighted the limitations of fiscal policy
IMF: Structural reforms will strengthen Mauritius’ balance sheets
IMF study of Mauritian economy shows economic fundamentals are strong but economy continues to remain vulnerable to global developments
US lawmakers seal deal on reform bill
Members of the House of Representatives and Senate conclude the conference process; text includes part of the Volcker rule, surprise bank levy, and stronger-than-expected Fed audit clause
Old Lady: banks must reduce reliance on rating agencies
Bank of England calls for capital incentives for firms that rely less on external ratings; urges Basel Committee to go slow on introducing Basel III
Basel Committee: no decision yet to scrap Basel III liquidity rules
Regulators accept reform package will need to be reshaped but claim no decisions will be taken until July's committee meeting
Bank’s pledge to support growth could face internal resistance
Government repeats promise of loose monetary and tight fiscal policy even as officials within the Bank of England make the case that inflation is getting out of hand
Central banks’ holdings of US agency debt rise on dollar demand
Fed data show official-sector holdings of US agency securities rose for a 12th straight week; auction for seven-year US Treasury bills displayed growing demand for dollar denominated assets
Tuvalu joins IMF
Remote island of Tuvalu gains access to IMF resources after becoming 187th member at the Fund
Volcker rule faces dilution as lawmakers haggle: reports
Lawmakers in US Congress thought to be weakening Volcker rule, turning outright bans on prop trading and hedge fund investment into caps; legislation being pushed through to make 4 July deadline
Denmark’s Bernstein proposes UK-style merger between central bank and regulator
National Bank of Denmark director Nils Bernstein says collaboration between the central bank and Financial Services Authority will sharpen supervisory powers
FSA heads push back on regulator's abolition
Chairman and chief executive of the UK regulator say decision to break it up is ill-timed
BIS proffers history books online
Bank for International Settlements puts back catalogue of Annual Reports online; early reports observe difficulties of war and the importance of fora for central bank collaboration
Financial inclusion no easy task: Malaysia’s Ibrahim
Bank Negara Malaysia deputy governor Muhammad bin Ibrahim says financial inclusion has gained efficiency, but requires combined effort from country
Bank of Mexico: prices heterogeneous between sectors
Bank of Mexico study on price movements shows that prices vary considerably across sectors, with contrast greatest between unregulated and regulated sectors
Philly Fed: freedom of databases may improve market oversight
Philadelphia Federal Reserve study on macro-micro databases shows that had information been made readily available, the crisis may have been less pronounced
Kenya’s Ndung’u: long term financing key to housing sector growth
Kenyan central bank governor Njuguna Ndung’u says Finance Bill 2010 provisions will create long term financing and address excess demand for housing in Kenya
Norges Bank takes reputation poll
Norwegian central bank publishes outcome of its first ever reputation survey; poll finds central bank is doing well in public eyes, but could be more open
PNG’s Popoitai: inflation could get out of hand
Papua New Guinea central bank deputy governor Benny Popoitai says inflationary pressures are rising from escalation in capital inflows
Russian FX regime change ties rates closer to Europe: Bank of Finland
Bank of Finland study shows Russian interest rates moved more in line with Europe than the United States, following overhaul of exchange rate basket
Iceland poised to lift all capital controls
Central Bank of Iceland says full liberalisation could begin at the end of July, as króna continues to soar and inflation falls closer to target; draws on bilateral credit lines to boost reserves
Bank of Italy: location, not size instrumental to debt restructuring
Bank of Italy study finds debt restructuring of firms is more likely when located closer to borrowers
Demand and supply forces restriced credit: Bank of Italy
Bank of Italy study finds declines in demand and supply of credit dampened lending growth in Italian banks during financial crisis