Central Banking
European Court of Justice to rule on OMTs after German court ‘fudge'
German constitutional court finds ‘reasons to assume OMTs exceed the ECB's mandate', but asks Europe's top court in Luxembourg to take the final decision
Oil revenue fraud in Nigeria has forced ‘tight monetary conditions' says Sanusi memo
Document purportedly submitted to Senate committee by central bank governor claims oil money embezzlement has made management of exchange rates and price stability ‘extremely difficult'
ECB unveils ‘co-operation framework’ for SSM
European Central Bank outlines how it will co-operate with national authorities in the forthcoming single supervisor mechanism; proposals open to public consultation
Capital vulnerability at US banks began four years prior to crisis, NY Fed paper finds
CLASS model projections show capital vulnerability in the US banking sector started as far back as 2004, before it peaked during the financial crisis at the end of 2008
Fed's Plosser wants to end asset purchases by summer
Philadelphia Fed president and FOMC member who voted for the Fed's ‘measured' $10bn taper in January reiterates earlier calls to scale back QE at ‘faster pace'
ECB paper employs survey data to improve yield curve forecasts
Researchers find that survey expectations can be used to help model ‘dynamic behaviour’ of interest rate term structure
Political impasse threatens SRM progress
European parliamentarians express frustration with the slow negotiations over the single resolution mechanism; Martin Schulz urges finance ministers to pick up the pace
Albania governor calls for Balkan payments system in annual conference speech
The Bank of Albania's 10th annual international conference celebrated the 20th anniversary of the central bank and the 100th anniversary of its declaration of independence
ECB holds rates despite continued disinflation
European Central Bank holds refinance rate at 0.25% and shuns additional policy instruments despite inflation falling to 0.7%; attention turns to updated and expanded staff forecasts in March
Regulatory reliance to blame for faulty credit ratings, paper claims
The growing importance of credit ratings to financial regulators and prudential regulation explains more of the distortion in ratings than the question of who pays for the rating
Bank of Ghana hikes rates and tightens forex controls in bid to defend currency
Central bank raises interest rates by 200bp to 18% at emergency meeting; follows yesterday's decree that all domestic transactions must be denominated in local cedi
US Congress committee highlights Volcker rule anomalies
Fed's Tarullo among regulators grilled by US Congress over apparently arbitrary exemptions to the Volcker rule
Lagarde lends weight to global clamour for policy co-ordination
IMF managing director joins Rajan and others in renewed calls for monetary policy to take into account international spillovers, as Fed taper rocks emerging markets
NY Fed research head calls for data innovation
James McAndrews encourages an audience of central bankers to find novel uses for existing data sets as well as collecting new ones
People: Former PM joins Czech central bank; Bank of Canada appoints ‘special adviser'
Czech National Bank replaces outgoing board member with man who was Prime Minister until last week; Canada appoints special adviser with financial system expertise
‘Normal' Norway has no need of forward guidance, says monetary policy chief
Head of Norges Bank's monetary policy division says interest rate forecasts are all the forward guidance his country needs, as the crisis did not hit Norway to the same extent
Fed proposals for updated payments system meets with mixed response
Some industry practitioners tell Fed it should move faster on payments reform, though others argue if it isn't broken, don't fix it
Thailand MPC split over rate cut
Minutes from the policy-makers' January meeting show that a motion to cut rates in the face of growing political unrest was defeated by four votes to three
Bank of England says BBA could co-ordinate response to banking cyber attacks
Sweeping exercise aimed at preparing UK banks against attacks against financial infrastructure by ‘hostile nation state' also sees some firms struggle with new dual regulatory structure
Reserve Bank of Fiji targets more effective communication
The central bank will build a new communications framework and resurrect plans for a financial stability report as part of its strategic outlook for 2014-18
ECB reshuffles executive board
Benoît Coeuré takes over international and European relations; Yves Mersch inherits payments and market infrastructure; Vítor Constâncio gets macro-prudential policy
Aid ‘surges' benefit countries where currency or inflation is allowed to rise
If large inflows of aid are ‘sterilised' in an attempt to curb inflation or maintain a set exchange rate, the economy will not feel the benefit of aid, a new IMF paper finds
Central Bank of Nicaragua appoints Ovidio Reyes president
General manager was made acting president when Alberto Guevara was stripped of his responsibilities in mid-January, but was only officially appointed on Thursday
Fed 'policy shocks' cause both dollar and foreign interest rates to fall, Boston Fed paper finds
Expansionary monetary policy shocks by the Federal Reserve leads to dollar depreciation, while similar 'unexpected expansionary announcements' by foreign central banks cause it to appreciate