Central Banking
Gulf monetary-union plans in tatters as UAE quits
The United Arab Emirates (UAE), the second largest economy in the Gulf, on Wednesday withdrew from plans for a regional monetary union, causing further consternation for the beleaguered project.
Greenspan: we're still on the edge
Alan Greenspan, a former chairman of the Federal Reserve, has warned that American banks need to raise a lot more capital before the financial crisis can end.
Ex-Brazil governor dismisses plan to ditch dollar
Gustavo Franco, a former governor of the Central Bank of Brazil, has said that proposals for China and Brazil to trade in renminbi and reals rather than dollars are "pure idle talk".
Fed wants to stay silent on borrower details
The Federal Reserve will continue to resist calls by lawmakers to name and shame the recipients of central bank aid, Federal Open Market Committee minutes suggest.
A feeble response to an unprecedented crisis
Officials have failed to deliver on their promises of a regulatory overhaul. It is a pity, writes Robert Pringle, the chairman of Central Banking Publications.
Ghana's Acquah emphasises role of social contract
To ensure the safety and security of the financial system, officials must re-commit to the tenets of the unwritten compact that are essential to maintain the confidence and trust of the public, Paul Acquah, the governor of the Bank of Ghana, has said.
SARB - Monetary Policy Review
The heightened levels of global economic uncertainty are making monetary-policy decisions more challenging, notes the latest Monetary Policy Review from the South African Reserve Bank.
Banking crises bring longer downturns
Financial turmoil characterised by banking distress is more likely to result in severe and protracted downturns than crises caused by volatility in securities or foreign exchange markets, new research from the International Monetary Fund posits.
Basel Committee's Wellink wants burden shared
Nout Wellink, the president of the Netherlands Bank and the chairman of the Basel Committee on Banking Supervision, has said that he is in favour of proposals for supranational supervision in Europe but warned that the issue of burden-sharing was crucial.
US set for new regulator?
The United States administration is considering setting up a regulator to oversee certain financial products, it emerged on Wednesday.
Firms must adapt to low growth: Bahrain's Al Maraj
Rasheed Al Maraj, the governor of the Central Bank of Bahrain, has said businesses and government will need to adjust to the reality of slower economic growth.
Fed aids Treasury in toxic-asset removal
To support the Treasury's plan to rid banks of toxic assets, the Federal Reserve on Tuesday said that it will take some mortgage-backed securities on to its books from July.
Basel Committee issues stress-test guidelines
The Basel Committee on Banking Supervision has produced a raft of measures for the sound governance, design and implementation of stress tests.
Our outdated global monetary regime must go
From its roots in post-war reconstruction, the current international monetary system has evolved into a regime fundamentally unsuited to the realities of today's global economy. But it cannot last, writes Ousmene Mandeng
Sub-Saharan Africa faces severe slump, IMF warns
The International Monetary Fund warned on Tuesday that economies in sub-Saharan Africa were facing a "severe downturn" and called for a strong public-policy response both domestically and internationally.
Brazil and China planning link-up to ditch dollar
A Central Bank of Brazil official has said that trade between the country and China will be conducted in reals and renminbi rather than dollars.
HKMA's Yam confirms retirement
Joseph Yam, the chief executive of the Hong Kong Monetary Authority (HKMA), is to step down in October, it emerged on Tuesday.
Malaysian state sets up $5 billion SWF
Malaysia's oil-rich Terengganu state will establish a M$11 billion ($3 billion) ringgit sovereign wealth fund with a M$5 billion bond issuance later this week.
Minneapolis Fed puts downturn in perspective
The Minneapolis Federal Reserve has produced a series of charts comparing the current recession with other downturns in the United States in the post-war period.
Are Libor spreads near the new normal?
A decline in interbank spreads shows confidence is returning. But, the margins at which spreads settle are likely to reveal much about how the crisis has changed the face of finance for years to come, Claire Jones, the editor of CentralBanking.com, says.
IMF's Kato: speed up governance reform
The International Monetary Fund should accelerate reform of its governance structure to better reflect global realities, said Takatoshi Kato, a deputy managing director of the Fund.
Banks back to deposit funding - Norway's Gjedrem
Deposits must again take precedence as the largest funding source for banks, said Svein Gjedrem, the governor of the Norges Bank.
Income distribution impacts the economy
Movements in the distribution of income can have a significant impact on the macroeconomy, a new paper from the St Louis Federal Reserve posits.
BIS data show derivatives market contracting
The rapid growth of the derivatives market reversed in the wake of the collapse of now-defunct investment bank Lehman Brothers - an event which revealed the fragility of the industry - data from the Bank for International Settlements (BIS) out Tuesday…