Central Banking
Shirakawa on a delicate balancing act
Bank of Japan’s governor notes role of experience in safeguarding stability
Using inflation to erode the US public debt
Paper examines relationship between size of debt and the temptation to inflate
British regulator calls on banks to step up stress tests
British financial regulator beefs up stress test rules; calls on banks to examine business models
Old mortgage model is dead: Fed’s Duke
Federal Reserve’s Elizabeth Duke warns of the ghost of homeownership yet to come
Rate decisions this week
Korea, New Zealand hold but indicate tightening soon to come. Bank of England and Bank of Canada maintain policy stance, along with Peru and Brazil as Denmark and Iceland cut
RBI’s Subbarao pushes for financial inclusion
Reserve Bank of India’s Duvuuri Subbarao wants all villages with more than 2,000 people to have a banking outlet by early 2011
America can learn from us: Uganda’s Tumusiime-Mutebile
Bank of Uganda’s governor says risk-based supervision saved the country’s banks; reinforces the importance of open-market principles for the economy
Iceland cuts on further signs of stability
Central Bank of Iceland continues with “gradual” easing as currency stabilises
SNB steps towards exit
Swiss National Bank announces end to credit easing
Ireland creates senior posts
Central Bank & Financial Services Authority of Ireland announces new roles as part of regulatory shift
FSB’s Draghi on global regulation
Financial Stability Board chairman urges patience, stresses importance of political will
SNB’s Hildebrand on too big to fail
Swiss National Bank’s Philipp Hildebrand stresses that banks must be allowed to collapse without hindrance to the real economy
Financial education for all: RBI’s Chakrabarty
Reserve Bank of India deputy says education is crucial for the public and the central bank will expand outreach
Explaining wage stickiness
Bank of Estonia research suggests workforce composition, factors in individual countries and a positive relationship with competition all explain the downward rigidity of earnings
Basel Committee reaches agreement on liquidity and counterparty risk
Two-day gathering results in progress on new rules
CentralBanking.com panel: it’s too soon to exit
Charles Goodhart, Paul Mortimer-Lee, Lucrezia Reichlin and Gabriel Stein concur that dangers are greater from exiting too early than too late but warn that asset prices risk becoming over inflated
Former Jamaican governor attacks PM
Recently resigned governor Derick Latibeaudiere says PM has shown a lack of respect
Mexican finance minister nominated to head central bank
Guillermo Ortiz set to step down after 12 years at the helm of the Bank of Mexico
Czech’s Tuma accuses IMF, EBRD over CEE comments
Czech National Bank governor says multilateral organisations failed to differentiate between central and eastern European countries at the height of the crisis
‘Nothing to fear but FEER itself’: CEPR paper
Centre for Economic Policy Research paper argues that there are payoffs to be had with the more sophisticated versions of carry trade strategies
SMEs are pulling through: ECB’s Tumpel-Gugerell
European Central Bank board member says small firms are the backbone of the euro economy and have done well in the crisis; outlines advantages of SEPA for SMEs
Riksbank – Financial Stability Report 2009:2
Sveriges Riksbank’s second report of the year finds conditions have improved, but emphases the brittle nature of financial markets’ confidence
BoJ’s special funds operation most effective for CP market
A Bank of Japan paper argues that outright purchases and repo operations were only briefly effective compared to the authority’s special funds operation
Greece downgraded; remains on negative watch
One of the big-three ratings agencies downgrades Greece and keeps outlook on negative