Speech
Global crises raise need for digital financial inclusion – BIS’s Caruana
Refugee crisis, climate change, banking challenges and cyber crime all point to the need for better inclusion through the use of technology, says BIS chief
Lagarde welcomes ‘major policy shift’ in Saudi Arabia
IMF managing director says efforts to reduce reliance on oil are “very welcome”, although Gulf countries more generally need to continue their fiscal adjustment
Bundesbank board member calls for ‘moderate’ consolidation of German banking sector
Dombret criticises German banks for low cost efficiency and outdated business models
Fed raising bar for BNY Mellon – Powell
Fed working with treasury to ensure “smooth transition” as BNY Mellon becomes sole provider of government securities; bank must remain “robust”, says Fed’s Powell
RBI’s Gandhi hails ‘silent revolution’ in payments
Incremental growth has revolutionised payments, deputy says, with more initiatives such as unified mobile payments interface set to deliver further change
Macro-prudential rules must be reciprocated – Shafik
“Leakages” will reduce the effectiveness of macro-prudential policy if countries do not reciprocate changes in countercyclical buffers, BoE deputy warns
Financial regulation courses should look more at liabilities – Tarullo
Fed board member suggests courses should be based around a “point of reference”
‘Hard’ law not enough to reform banking culture, says BoE’s Shafik
Market participants must do their bit to reform behaviour and culture in the financial services industry with ‘soft’ law playing a broader role, says BoE deputy
Sarb governor underlines bank’s operational independence
The government cannot ‘dictate’ interest rate policy, governor Kganyago says, emphasising the South African Reserve Bank can implement ‘appropriate policy’ without political interference
Fischer notes ‘considerable uncertainty’ around longer-run federal rate
Fed vice-chairman cites 2003 paper by Laubach and Williams
Still room to support domestic economic growth after cut, says Ugandan governor
Exchange rate movements remain key risk to inflation, says Tumusiime-Mutebile, as Bank of Uganda cuts interest rates by 100bps
Low rates and Solvency II raise ‘profound challenges’ for insurers – French governor
The move to unit-linked products is “not the only answer” to the need for diversification, de Galhau says; policy-makers must monitor the impact of the transition to Solvency II
RBA seeks to gain ‘additional’ insight into wages – Lowe
Central bank teams up with statistical agency to gain insight into declining wage patterns; frequency of wage increases is decreasing, says RBA governor
Kansas Fed’s George: 2017 will be ‘significant’ year for US payments
Esther George says major milestones in faster payment project will be passed next year – although some of the hardest work will follow afterwards
Evolution of exchange rate main risk to inflation – Mexican deputy
Electoral uncertainty playing on the minds of policy-makers at Bank of Mexico, says Guzmán Calafell; higher pass-through to prices now more of a risk thanks to peso depreciation
ECB’s Mersch: central banks have failed to correctly assess growth potential
Central banks were “over-reliant on pro-cyclical forecasts” before the financial crisis, ECB board member says; repeats call for fiscal stimulus and structural reform
No timelines for easing monetary policy – Brazilian governor
Goldfajn comments on monetary policy arrangement in Brazil at the first IMF annual meeting appearance; decisions will be data-dependent, he says
Olsen says Norges Bank must tread carefully as it nears the zero lower bound
Governor says effects of monetary policy may become less certain; review of monetary policy framework about to begin
Further policy easing will be required – RBNZ assistant governor
Another rate cut on the cards despite improved inflation outlook, says McDermott, emphasising need for accommodative monetary policy to push inflation to middle of target range
Yield curve control risks are manageable – Kuroda
BoJ governor says he shares concerns raised by Ben Bernanke, but believes the central bank will be able to cope with them
Benefits to inflation overshooting target – Chicago Fed president
Policy-makers “willing to accept” inflationary risk that comes with falling unemployment if Fed overshoots target, Evans says
Greater role for capital markets would not necessarily harm policy transmission – ECB’s Praet
A ‘range of common factors’ is affecting both banks and non-banks, ECB chief economist says
Policy-makers need to be aware of the distributional impact of policies – Carstens
Hunt for growth needs to accommodate all, says Bank of Mexico governor; Carstens advocates a "three-pronged approach"
Mexican deputy supports more currencies in global system
Calafell says monetary system with more international currencies could result in “periods of turbulence”, but would be stronger than the current system