Central Banking
Interest rate cut finally passes in Poland
Polish central bank’s monetary policy council agrees to cut rates by 25 basis points to 4.5%, after proposed cut mentioned in fourth successive meeting
Danish paper studies liquidity of covered and sovereign bonds
Market liquidity of covered bonds suffered less during the financial crisis
ECB’s supervisory board must oversee all banks, Draghi says
ECB president emphasises potential for smaller financial institutions to be systemically important
Czech president re-appoints both CNB vice-governors
Mojmír Hampl and Vladimír Tomšík appointed for second and final six-year terms at the Czech National Bank
Mersch appointed to ECB amid continuing controversy
Appointment to ECB board finalised despite challenge over lack of female candidates; Sharon Bowles says democracy has been shown to be discarded when ‘its truths are inconvenient’
RBA moves closer to implementing real-time payments system
Reserve Bank of Australia publishes criteria for proposals of real-time consumer and business payments provision following consultations with the industry
EBA reveals criteria for assessing good governance
European Banking Authority sets out process, criteria and minimum requirements for assessing suitability of top management of credit institutions
Bundesbank’s Dombret dismisses banking separation
German central bank executive board member says banking separation will not solve too-big-to-fail problem
Bank of England MPC unanimously rejects QE
Minutes from the Monetary Policy Committee’s meeting show debate about the potential effects of further asset purchases; unanimous vote to maintain programme level and hold interest rate
Fin paper assesses eurozone’s fiscal planning
Research finds countries on the periphery had adjusted their budgets before the euro crisis event; others were more reactive and may have suffered as a result
SNB’s Zurbrügg defends fiscal-monetary relationship
Swiss National Bank board member says tension only arises in times of crisis and monetary policy is burdened with expectations
ECB’s Cœuré concerned about online card fraud
Benoît Cœuré says greater innovation is needed in the internet payments market
Spain’s Linde hits out at countries delaying euro reform
Bank of Spain governor says sovereign debt problems are being dragged out by the slow acceptance of a 'new reality' in the monetary union
King urges government to consider going beyond ring-fencing
BoE’s Mervyn King, Paul Tucker and Andy Haldane give evidence on Vickers proposals on ring-fencing retail banks; King argues recommendations could be extended to full separation of investment arms
Strategic plan for Ireland revealed
Central Bank of Ireland targets reform of regulatory and supervisory framework; aims to exit from EU-IMF support programme by 2014
Annual report highlights transformative year for Bank of Mauritius
Bank of Mauritius experimented with new policy measures and a redesigned monetary policy committee in the past year
Raft of changes could shrink Basel III liquidity buffers
Basel Committee estimates liquid asset shortfall could be cut by 14% if a menu of potential changes is adopted
Nigeria commits to tight monetary stance
Interest rate held at 12% despite decline in growth and core inflation
Fed paper finds benefits in card networks’ price discrimination
Study finds the use of linear ad-valorem fees is capable of improving social welfare
Interest rates ‘too blunt’ to address financial stability, says Chilean governor
Chile’s Rodrigo Vergara says rates are often not the most efficient instrument to tackle financial stability issues
RBI’s Subbarao encourages more ambitious global governance
Reserve Bank of India governor wants more cohesive policies between countries, and commitments to be enforced
Bernanke steps up pressure for action on fiscal cliff
Fed chairman warns of damaging effects of uncertainty over ‘fiscal cliff’ on the economy; says plan for long-term debt sustainability would reinforce confidence and promote recovery
UK’s Wheatley talks tough on financial market intervention
Head of UK’s Financial Conduct Authority says he will act ‘early and decisively’ in cases of misconduct; fleshes out details of wholesale market and client asset regulations
Norges Bank’s Olsen says inflation targeting is 'more flexible'
Firmly anchored inflation expectations allow economic stability to be considered when setting interest rates