Central Banking
Macroprudential tools need hard, fast rules: BIS
Basel-based Committee on the Global Financial System says macroprudential policy needs as strong a mandate as monetary policy to work
Venezuela cracks down on “parallel” currency market
Venezuelan government stops trading in foreign government bonds in bid to stifle unofficial currency markets; plans for central bank to provide central platform
Trichet lays first stone at ECB’s new HQ
ECB president marks the start of building work at a ceremony in Frankfurt
Dubai World agrees restructuring terms
Government owned investment company agrees the terms of a $23.5 billion restructuring effort with creditors and state; markets welcome news
Former head of UK FSA backs new British supervisory structure
Howard Davies says new coalition government was right to keep banking supervision out of Threadneedle Street
BoE minutes: Bank held rates on delayed recovery
Bank of England minutes show key rate was left at 0.5% on continued uncertainty over pick-up in economic growth
RBA’s Edey: price competitiveness sparked by special rates on term deposits
Reserve Bank of Australia assistant governor says demand for liquid paper has led to special rates for term deposits
Malta's Bonello: Basel II amendments ambitious and far-reaching
Central Bank of Malta governor discusses new proposals to amend the Basel II requirements following lessons from financial crisis
BOJ's Kamezaki: Japanese deflation imminent threat
Bank of Japan board member Hidetoshi Kamezaki says the risks of deflation must be widely acknowledged in the economy
Berlin hastily bans naked CDS, short-selling
Supervisor places temporary ban on naked credit default swaps, eurozone bond short sales, citing market volatility; analysts say uncoordinated move is further sign of fragmentation within eurozone
Inflation targets must account for financial stability: former FSA head
Ex-Bank of England deputy governor Howard Davies proposes more flexible inflation target that takes into account credit conditions
Italy amends laws on capital gains to ease sovereign debt pressure
New laws imposed on capital losses by the Bank of Italy signals continued fragility in European markets
Hungary’s Simor tells critical government to curb debt
National Bank of Hungary governor András Simor says high external and government debt levels must be corrected; central bank adds that growth cannot be financed through foreign borrowing anymore
Iceland seals deal to buy back Luxembourg-based króna bonds
Icelandic central bank agrees to buy nearly all outstanding bonds pledged by Landsbanki's Luxembourg subsidiary to secure funds from Luxembourg central bank
Market puzzled by Bafin ban
Traders incredulous as Bafin acts unilaterally to calm “extraordinary volatility”
Systemic risk regulators should direct policy not just give warnings, says HSBC's Haswell
Past experience suggests the new financial stability bodies should direct regulatory policies, not just warn about instability
RBA’s Ellis: build more houses
Reserve Bank of Australia financial stability head Luci Ellis says more housing needed to offset rapid rise in house prices
RBA: May minutes show hike down to inflation scare
Reserve Bank of Australia’s May Board meeting reveal upward revision in inflation led to rate hike
Ireland’s Honohan says bank and government partnership key
Central Bank of Ireland governor Patrick Honohan says co-operation between banks and state is essential to credit markets
Philly Fed: trade declines in US recession normal
Philadelphia Federal Reserve study shows that inventories stock created a buffer following declines in post-crisis trade
Bond vote highlights flaws in ECB’s governance: Ex-FSA head Davies
Former head of UK Financial Services Authority Howard Davies says vote on bond purchases underlines flaws in European Central Bank’s one member, one vote policy
Persistent UK inflation sparks concern over Bank’s forecasting
Mervyn King forced to pen another letter to chancellor as inflation remains way above target
Venezuela tightens grip on FX in bid to close down unofficial market
Central Bank of Venezuela to attempt to curb the depreciation of the bolivar by taking control of foreign exchange
China sought safety in US Treasuries as eurozone markets unsettled investors
Treasury data out on Monday show China and Japan heavily increased their holdings in US Treasuries in March