Central Banking
Bank reforms money market operations
The Bank of England set out plans for three major reforms of its money market operations, including proposals for two new facilities aimed at alleviating the tensions that have kept prices for interbank loans well above historical norms.
Bernanke, Kohn grim on outlook
Ben Bernanke and Don Kohn, the two top officials at the Federal Reserve, have forecast a gloomy outlook for the American economy.
ECB to loan Hungary up to €5 billion
The European Central Bank (ECB) on Thursday granted the National Bank of Hungary a €5 billion ($6.8 billion) credit line following sharp declines in the forint and local stocks the day before.
Tokyo finally nominates deputy
The Japanese government has nominated Hirohide Yamaguchi for the role of deputy governor at the central bank, a position left vacant since March.
OTC derivatives central counterparty issue urgent
The Financial Stability Forum, a collection of central bankers and financial regulators, has urged market participants to swiftly establish a central counterparty for over-the-counter (OTC) credit derivatives, in its follow-up report on enhancing market…
Italy's Draghi: World Bank should reach out
The World Bank needs to reach out to all its member countries, said Mario Draghi, the governor of the Bank of Italy.
Bank's monetary-policy roundtable
The Bank of England has published a note summarising its first monetary policy roundtable, run jointly with the Centre for Economic Policy Research.
Trichet: joint action sets precedent
Monday's decision to provide broad access to liquidity and unlimited dollar funding marked a "world premiere" in exceptionally-confident cooperation between central banks, Jean-Claude Trichet, the president of the European Central Bank (ECB), has noted.
SF Fed's Yellen: US in recession
The US economy appears to be in recession as every major part of the economy has been hit by the financial shock, said Janet Yellen, the president of the San Francisco Federal Reserve.
MPC's Sentance: downturn risks on the rise
Severe stresses in the financial system and the news from the real economy have certainly increased the risks of a bigger and more sustained downturn, said Andrew Sentance, a member of the Bank of England's Monetary Policy Committee.
A better approach to prediction
The Philadelphia Federal Reserve has developed what it believes to be a superior approach to forecasting a range of macroeconomic variables.
ECB makes bold attempt to break credit logjam
The European Central Bank's (ECB) latest action to unblock money markets, announced Wednesday, looks likely to succeed, economists say.
Iceland slashes rates as economy faces meltdown
The Central Bank of Iceland has cut its key rate by 350 basis points on the back of the meltdown in the country's banking sector.
India pledges more liquidity
The Reserve Bank of India on Wednesday took further steps to shore up liquidity, judging that the global turmoil warranted action.
Norges Bank cuts on signs of swift slowdown
Norges Bank on Wednesday lopped half a point off its key rate on signs real economic activity would slow at a faster rate and to a greater degree than predicted.
Fed picks Pimco to run commercial paper facility
The Federal Reserve has picked Pimco, a bond fund, to manage the assets of its Commercial Paper Funding Facility, which accepts unsecured debt notes direct from the issuer.
Russian reserve requirements cut to 0.5%
The Central Bank of Russia on Tuesday slashed its reserve requirements to 0.5%, a move which analysts say could add $2.7 billion-worth of liquidity into the system.
ECB's Bini Smaghi calls for regulatory overhaul
It is not sustainable to run different financial regulation and supervision policies, said Lorenzo Bini Smaghi, a member of the executive board of the European Central Bank.
FSA's Turner: we learned from Great Depression
We have learned from the Great Depression that in the face financial collapse, governments and central banks must take exceptional measures, said Adair Turner, the chairman of the UK's Financial Services Authority.
Financial integration in Asia
A recent collection of eight papers from the Bank of International Settlements focuses on regional financial integration in Asia.
US offers $250bn in capital, markets shrug
Washington's unveiling of a $250 billion plan to recapitalise its banking sector did little to soothe equity-market sentiment on Tuesday, with gains at the opening bell proving short-lived.
Fannie, Freddie debt fears could have sparked run
Central bankers' fears over the collapse of Fannie Mae and Freddie Mac threatened to lead to sales of US agency debt, the scale of which could have sparked a run, the US regulator responsible for the two government-sponsored enterprises (GSEs) has said.
HKMA steps up stability efforts
The Hong Kong Monetary Authority (HKMA) on Tuesday stepped up its efforts to enhance financial stability, issuing a blanket guarantee for customer deposits and offering to re-capitalise its banks.
Asian central banks act on liquidity shortages
Signs of heightening liquidity tensions in Asia emerged on Tuesday, with the Reserve Bank of India adding Rs20,000 crore ($4.16 billion) to its banking system and Bank Indonesia implementing measures to ease stress in foreign-currency markets. Bank…