Central Banking
ECB publishes inaugural payments oversight report
European Central Bank reports on robustness of payments systems to increase transparency and public understanding
BIS data show rebound in OTC derivatives
Notional amount of OTC derivatives trades rises by 10% in six months to June after fall in final half of last year
China to keep policy “moderately loose”; hint at yuan appreciation
People’s Bank of China to maintain accommodative policy stance, suggests renminbi appreciation could be possible
Draghi calls for unity to back “major” changes
Financial Stability Board’s Mario Draghi says regulators from across the globe must co-operate to create a world in which no bank becomes too big to fail
Korea holds rates for ninth month
Bank of Korea keeps its base rate unchanged, citing resurgence in domestic economic activity
European Central Bank – November Monthly Bulletin
ECB’s monthly report suggests eurozone inflation rates will inch back into positive territory towards the end of the year
Italy’s Draghi welcomes Islamic finance
Bank of Italy’s Mario Draghi says sharing information crucial to the smooth integration of Islamic finance
Separating the casino from the retail bank will not work
A division between investment and retail banking will not prevent future financial crises, Clive Briault, the founder of Risk and Regulation Consulting and a former managing director at the Financial Services Authority, argues
QE working, but growth levels to remain anaemic: Bank
Bank of England confident quantitative easing having some impact; more bullish on growth but stresses slack is set to stay until beyond forecast period
Bank of Israel – Third Quarter Inflation Report 2009
Report shows inflation slowed as a result of rate hike
Recovery will be shaped like a tick: Fed’s Fisher
Richard Fisher, president of the Dallas Fed, explained why there would be no V-shaped economic recovery
Senator calls for Fed’s powers to be cut
Chris Dodd, head of the Senate Banking Committee, submits bill demanding reduction in Fed’s supervisory ambit; calls for one overall regulator
Czechs set fixed time for policy announcements
The Czech National Bank will announce monetary policy decisions at 1 p.m. starting next February
King says credit easing not for central banks
Bank of England governor counters calls to target specific markets and industries through quantitative easing, says this is the responsibility of governments
ECB appoints new directors general
The ECB names new heads for information systems and human resources
Norways’s Qvigstad on the art of communication
Norges Bank’s Jan Qvigstad outlines criteria for good central bank communication
Price volatility lower in inflation-targeting countries
Reserve Bank of Australia compares inflation volatility in inflation-targeting and non-inflation-targeting countries
Fed presidents focus on commercial property fears
Atlanta and San Francisco Federal Reserve chiefs echo William Dudley’s warning on commercial real estate
Evaluating monetary policy
Risksbank’s Svensson on the difficulties of measuring the right rate for inflation targeting
Multilaterals define systemic importance
Report suggests an initial framework that can be adapted by individual countries
Fed’s Tarullo warns against another Glass-Steagall
Fed governor Daniel Tarullo says split between investment and commercial banking would do little to abate too-big-to-fail problem
Fed poll positive on lending standards but demand still weak
The Federal Reserve’s loan officer opinion survey shows demand for loans in most areas is still weak ; proportion of banks tightening lending standards declining
Output does not rebound, but recovers in the long run
A new working paper from the IMF argues that the absence of simultaneous banking and currency crisis and high levels of investment shore up output in the medium term
Swiss stability maintained through tighter regulation: SNB board member
Thomas Jordan, a member of the Swiss National Banks’ governing board, also says record low interest rates could lead to excessive behaviour in mortgages and real estate again