Speech
Yellen underlines the importance of education for the economy
Globalisation and technology are driving the demand for educated workers, Fed chair says, emphasising the important role education has to play in the evolving US economy
BIS’s Caruana: fiscal space is ‘slippery’
Fiscal authorities should not overestimate the available room for manoeuvre, as less obvious factors may pose constraints, BIS chief says
Sharper distinction in household vulnerabilities needed – Poloz
Latest financial stability review stresses importance of understanding difference in risk in housing sector; household indebtedness and housing market imbalances are key concerns
Bank of Ireland’s Cronin spells out Brexit process for insurance firms
“Hearts and minds” have to be in Ireland, says director of insurance supervision; 2017 will reveal the “reality” of Brexit, she says
Economic growth on the horizon for Finland, says Liikanen
Improved productivity and higher employment are needed to boost economic growth, says Finnish governor; Bank of Finland’s forecasts show recovery will be slower than in previous cycles
Kganyago warns of ‘importing structural instability’
Sarb governor highlights impact of global banking regulation on South African economy, as Barclays prepares to pull out of the continent
Cambodia to increase number of financially educated, says director general
Around 29% of Cambodia’s adult population remain financially excluded from services; central bank to coordinate financial inclusion approach with various government ministries
Riksbank’s Jansson rejects calls to scrap inflation target
Critics likely underestimate the benefits of the current monetary policy framework when calling for it to change, deputy governor says
Basel III challenging to implement in Islamic countries – Kuwait’s Al-Hashel
Central bank governor says discretion for Islamic systems, “though well-intended”, could create divergence and opportunities for regulatory arbitrage
SAMA governor outlines challenges facing Islamic banking sector
Unified accounting standards would “comfort” regulators and improve transparency for the industry, Alkholifey says; issues need to be addressed in order to foster growth in Islamic banking
Dombret paints gloomy picture of low rates’ impact on banks
Bundesbank board member spells out risks associated with low interest rate environment, noting banks are more likely to take risky assets onto their books the longer it prevails
BoE’s Hauser praises plan for integrated retail payments scheme
Faster Payments, Bacs and Cheque Clearing to be integrated into one system, Hauser says; ISO20022 to make interbank payments “much easier” for the UK
Ingves: internal modelling may create too much complexity
Basel Committee chair says complexity created by internal modelling has a range of adverse effects, though more research is needed
Malawi governor announces plans for central depository system
New system will provide security for transactions taking place in the market, Chuka says; governor hopes project will increase market liquidity in the long run
Fed ‘well positioned’ to regulate fintech firms – Brainard
Tech mantra of “run fast and break things” is not well suited to financial services, Fed governor says, although the central bank does not want to stifle innovation either
Eurozone must urgently raise productivity, Draghi warns
ECB policy provides governments with "window of opportunity" for reform, ECB president says
Poloz urges economists to create new economic models
The rise of the service sector has changed the way productivity and output can be calculated, the Canadian governor says, musing on whether the relationship between inflation and growth could change over time
BoE’s Vlieghe dismisses neo-Fisherian idea that low rates cause low inflation
MPC member says “small minority” of academics who suggest lower rates may cause low inflation do not present particularly compelling arguments
Praet calls for European ‘fiscal backstop’ and deposit insurance scheme
Limited banking union leaves Europe more open to country-specific shocks, ECB economist says
Impact of interest rate cap still unclear – Kenyan governor
There is not enough data on interest caps to influence the MPC’s decision, says Njoroge; interest rates remain on hold at 10%
Banks have still not fixed ‘poisonous mix’ of problems – BIS’s Borio
Claudio Borio warns that in some respects, banks have still not solved the problems revealed by the 2008 crisis, which leaves them vulnerable
Mauritian governor explores low-growth puzzle
The government and the central bank need to work together in order to stimulate growth, Roi says, recognising each institution can only do so much
Kganyago says low point for growth has ‘passed’
The Sarb governor says inflation is “uncomfortably close” to the upper end of the target range; the monetary policy committee unanimously votes to keep rates on hold
Israel’s red tape is bad for business – Flug
The Bank of Israel governor says cutting back on bureaucratic regulations could help the economy grow faster with little budgetary impact