Central Banking
BoE’s Broadbent: globalisation has been largely a good thing
Bank of England deputy says flexible labour market has helped dull the pain of adjustment to trade shocks, while lower prices have most benefited the poorest groups
BSP’s Espenilla: Philippine banking system is ‘very robust’
Central bank to use data-gathering portal to improve services and increase communication with the general public
Da Silva argues for ‘second-best solution’ to climate change
Financial sector must play a “pivotal” role in tackling climate change, but central banks should not be overstretched in the process, the BIS deputy general manager says
Trust key to interbank lending, study finds
'Social collateral' collapsed during 2008 crisis, finds Swiss National Bank paper
Yellen warns of debt impact on productivity
Fed chair states in “strongest possible terms” that the current spending by the US government is unsustainable and could harm productivity
Armenia dropping high-denomination note in new hybrid series
The central bank says the note worth $200 will not be included in the new series; submissions for design proposals for the new series are now being accepted
BEAC to implement measures to rebuild reserves across region
African central bank to restrict bank refinancing, while attempting to modernise its liquidity and monetary policy framework; previous monetary policy has contributed to current account deficit
UK elects first woman to chair Treasury Select Committee
Nicky Morgan to take over from influential chair Andrew Tyrie, who stepped down this year; former secretary to treasury seen as supporter of “soft” Brexit
Bank of Canada hikes for first time in seven years
Bank of Canada becomes the latest advanced economy central bank to hike as the economy proves robust and inflation moves towards target
Deregulation aided women entering US labour force – paper
ECB paper finds efforts to open up the credit market from the 1970s to 90s helped reduce the gender gap in the labour force
Bank of Russia takes over major commercial bank
Deputy governor says there is evidence of “misleading” reporting from Bank Jugra; depositors will be able to access their money from July 24
Zimbabwe’s bond notes are ‘exacerbating’ economic fragility, IMF says
Fund urges Zim authorities to restore credibility to currency regime as financial crisis shows no sign of abating
Brainard cautious over further hikes in interest rates
Fed governor says she will be watching inflation “carefully” over the coming months, stating the unwinding of the balance sheet will begin ”soon”
ECB’s Cœuré says asset purchases are not responsible for exchange rate movements
Executive board member says Europe’s asset purchase programme has boosted economic growth and inflation prospects; policy not “fundamentally different” from conventional policy
BoE leads foray into non-bank stress simulations
Paper sets out agent-based approach to modelling feedback loop that could create sharp price moves, even where funds and dealers are individually safe
Vietnamese central bank cuts rates, despite IMF credit warning
Decision contradicts IMF advice to keep monetary policy on hold to contain rapid credit growth, but growth and inflation have disappointed
PNG governor urges country to reduce reliance on extractive industries
Bank of Papua New Guinea governor says country needs to diversify its industries and create a culture of savings
BoE distributed ledger project delivers cross-border payments success
Bank of England completes transactions across two RTGS networks using Ripple’s DLT solution; issues remain on how tech could be adapted for wholesale payments
Randal Quarles nominated to Fed’s top supervision role
Donald Trump’s pick for vice-chair of supervision viewed as a moderate figure, but critical of Dodd-Frank Act
Bundesbank’s Buch calls for three-pronged reform effort
Bundesbank vice-president says policymakers should tackle “excessive” risk-taking to prevent further financial crises; evaluating reform is key, says Buch
CEPR paper sketches ‘radical, realistic’ Greek reform plan
Stanford and Yale economists outline “unorthodox” policies that could put Greek debt on a sustainable footing – and might be acceptable to all negotiating parties
Public protector backs down over Sarb mandate challenge
Mkhwebane admits she lacks power to suggest parliament make changes to the constitution, though she stands by her call for a review of the Sarb’s mandate
BoJ faces growing communications challenge
Japanese central bank embarks on its third attempt at unlimited fixed-rate outright JGB purchases; further fiscal stimulus would do little to help
Central Bank of Egypt hikes rate in bid to rein in rapid inflation
Inflation is starting to slow after impact of devaluation but is still running at close to 30%, the central bank says