Central Banking
IMF annual report says asset bubbles among risks of ‘MP-plus'
IMF warns of risk associated with loose monetary policy in the world's biggest economies, but says stance should remain 'very accommodative until recovery is well established'
Irish central bank puts 'embarrassing' error on new Joyce coin
Erroneous quote from James Joyce novel could make the collectors' coin even more valuable
Disjointed regulation could spell end of global banking era
Report says global banks must move faster with reform if their global operations are to weather the 'balkanisation' of financial markets caused by mismatching regulation between jurisdictions
Central banks weigh use of OTC clearing houses
Survey finds nearly 40% of central banks are considering clearing their OTC derivatives
Haldane issues call to arms in fight against regulatory complexity
Bank of England executive director warns incremental approach to regulation papers over cracks and leads to a burdensome, ineffectual patchwork of rules
Zimbabwean governor attempts to stem panic as StanChart faces closure
Gideon Gono tells depositors not to withdraw their savings following a government announcement that Standard Chartered will be shut down for non-compliance with indigenisation laws
EU and OECD say weak supervision shares blame for Slovenia's impending bank crisis
European Commission follows OECD in highlighting Slovenia's 'excessive imbalances'; both bodies call for improved supervision from the central bank
Lagarde highlights emergence of ‘three-speed’ global economy
IMF managing director says differences between regions are ‘starker than ever’ as emerging markets leave many advanced economies behind
Zambian governor targets Muslim banking expansion
Michael Gondwe says the economically valuable Muslim community is shunning the use of commercial banks due to lack of appropriate products; proposes banking expansion
Palestine Monetary Authority finds greater parity between West Bank and Gaza territories
Palestinian central bank develops business-cycle indicator to assess economic performance in real time; finds gap in performance between two territories is shrinking
Norges Bank governor outlines Norwegian model for stability
Øystein Olsen tells Harvard audience of Norway's fiscal rule and inflation-targeting - but warns the system has yet to be seriously tested
Sri Lankan central bank reveals inflation spike in 2012
Sri Lankan annual report says economic growth, while still strong, fell in 2012 while inflation rose sharply; central bank increased reserves by 15%
FDIC vice-chair says Basel III capital requirements provide illusion of safety
Thomas Hoenig says capital ratios allow banks to leverage up while outwardly appearing safe; warns systemically important banks have much worse leverage ratios than smaller institutions
IMF says independent central banks have ‘muzzled’ the inflation threat
World Economic Outlook says central banks have little reason to fear inflation resulting from loose policy – so long as their independence is upheld
FOMC members saw QE continuing ‘through midyear’ at March meeting
Participants at the FOMC’s last meeting broadly agreed to continue QE at existing pace ‘through midyear’ but failed to reach a consensus on when to slow asset purchases
Emirates central bank to introduce direct debit system
Central Bank of UAE to bring in direct debit system to allow payment in instalments without the need for post-dated cheques
Norwegian authorities chase benchmark rate reform
Financial Supervisory Authority of Norway proposes new framework for Norwegian Interbank Offered Rate-setting process; central bank looks to push envelope further
Bernanke says Fed stress tests were a ‘critical turning point’ in crisis
Fed chair says stress tests offer macro-prudential dimension to supervision; US banks have more tier 1 common equity under a severe stress scenario than they did in reality in 2008
Polish paper scrutinises interest rate holds
Research finds that central banks keep interest rates unchanged on majority of occasions; proposes model that distinguishes between rate-holds in period of tightening, easing and neutrality
Thatcher's stance on the ECB deserves re-appraisal
Former UK prime minister Margaret Thatcher feared an independent ECB ‘accountable to no one, least of all national parliaments'. Her concerns seem even more relevant today
Sarb’s head of financial stability fears new powers may cause conflict
Hendrik Nel says the Reserve Bank was not given much choice but to accept new supervisory powers; warns of conflict with monetary policy and possible threat to independence
BIS' Caruana warns low rate environment allows reforms to be postponed
BIS chief warns regulators may be 'fighting the last war', and calls for central bankers to push for 'a return to sustainable government finances'
Ireland’s financial regulator quits central bank
Deputy governor for financial regulation announces departure to ‘pursue other interests’; term spanned turbulent period for Ireland’s economy
New model prescribes strongly counter-cyclical medicine for financial shocks
Working paper from the Bank of Canada suggests counter-cyclical bank capital rules can help steady the ship in the wake of financial shocks, in tandem with monetary policy measures