Central Banking
Ireland aims to cut cheque use by two thirds in three years
Central Bank seeks to reduce cheque usage in line with European average, with the potential for significant reductions in the cost of payments
BIS paper anatomises global liquidity
Study finds liquidity conditions are shaped by credit supply, credit demand, and monetary policy; financial crisis a product of all three
Bank of Israel likely to hold rates throughout 2013
Staff at Israeli central bank forecast steady growth and inflation over next year; say benchmark interest rate would remain unchanged
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles
Bank of Mauritius chief bemoans ‘glaring absence’ of bank resolution mechanism
Rundheersing Bheenick says lack of efficient resolution mechanism is harming Mauritius’s position as a global financial centre
Egypt takes new steps to halt economy's downward slide
Central bank adjusts exchange rate rules as Egyptian government announces it will complete its economic reform plan by the end of this week
People: Shirakawa to step down early; Cyprus creates new post of deputy governor
BoJ governor to leave his post ahead of end of term; Cyprus creates deputy governor post to help conform with Troika demands; and more
Mexican governor proposes systematic approach for future crises
Agustín Carstens lays out crisis response plan for governments; stresses the need to manage expectations first and foremost
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
French president calls for euro exchange rate policy
François Hollande says the single currency cannot be left vulnerable to the whims of the market and a valuation that wipes out efforts to improve competitiveness
San Francisco Fed dissects long-term unemployment
Long-term unemployment has ‘persisted remarkably’ since outset of recession; should disappear over time as economic activity increases
Taylor challenges efficacy of central bank independence
Without a rules-based framework central banks tend to stretch the bounds of their independence, and the results tend to be poor, John Taylor says
National Bank of Denmark expects recovery
Central bank says domestic demand and GDP growth will improve in 2013; existing unemployment should not have lasting impact
RBA holds rates but suggests cuts could follow
Reserve Bank of Australia holds interest rate at 3%; governor says stable inflation would allow board to make cuts and boost demand if needed
‘Crisis in the eurozone is not over’, says MAS chief
MAS's Ravi Menon offers a roadmap to central banks and governments to help ‘normalise’ the global financial system; hits out at loose monetary policies and says fiscal policy debate is misinformed
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
Maldives governor urges government frugality
Fazeel Najeeb says ready availability of short-term treasury bills takes away the incentive for banks to lend to one another; lack of an interbank market is damaging monetary policy transmission
UK to ‘electrify' bank ring-fence in bid to end ‘too big to fail'
UK chancellor launches legislation to enforce ring-fencing – and separate banks that fail to comply
Former BoE MPC members divided on ‘maxed out’ easing
John Gieve, Charles Goodhart and Andrew Sentance disagree on whether the Bank of England has more scope to ease policy; Gieve says action at next meeting is likely
Chilean board members wary of low inflation
Chilean wage growth is outstripping inflation; board members show concern but hold rates
ECB paper tweaks the evaluation of early warning systems
Research proposes changes in the way the costs and benefits of early warning systems are calculated
NY Fed president calls for tri-party and money fund reform
William Dudley lays out a range of options to ‘make the basic structure of the wholesale funding market as sound as possible'
Fed research paper finds uncertainty more damaging at the zero lower bound
New paper finds the zero lower bound has exacerbated the effect of uncertainty in the ‘Great Recession'