Speech
US FOMC has less room to respond to recession – Dudley
The US Federal Reserve would not be able to respond to a recession with a cut of the same “magnitude” as experienced in 2007, New York Fed president says; a risk management approach to policy is needed
UK PM says she will deliver ‘change’ to monetary policy
Theresa May criticises monetary policy for punishing savers and those without assets, promising to deliver change
BoE’s Saunders expects higher post-Brexit growth than central forecast
Bank of England’s newest committee member says the labour market is likely to prove more sluggish than the consensus suggests, but growth will be more positive
Fall in inflation only ‘temporary’ – Sarb governor
Positive factors underlying inflation decrease may not be here to stay, says Kganyago, emphasising a continued rise in inflation could threaten long-run growth
Mersch says eurozone deposit rates are only ‘mildly’ negative
ECB board member says rates can be “mildly” but not “wildly” negative before costs outweigh benefits; calls for faster progress on banking union
RBI’s Mundra: pinning down credit-GDP link is tricky
Deputy governor says a host of factors combine to make the link between credit and growth unclear, but the link may reinstate itself as the economy stabilises
Don’t underestimate East Africa’s potential, says Sarb deputy
Eastern region of the continent benefitting from slower inflation and improved regulatory regime, Mminele says; “strict” fiscal discipline must be applied throughout the region
Draghi defends ECB policy to German lawmakers
Monetary policy not causing low profitability at some German banks, ECB president says; calls on policy-makers to initiate structural reforms
Decentralised tech will not become the new normal – SNB’s Jordan
There is a time and a place for distributed ledgers, says chairman of Switzerland’s SNB, but right now they cannot compete with existing FMIs
Fischer: economics needs more diversity
Fed vice-chair says economics would benefit from more ethnic and gender diversity, outlining some ways in which the central bank is trying to move in that direction
Questions need to be answered before DL technology becomes viable payments option – BoE’s Hauser
Challenges in the payments landscape could be overcome by new technology such as the distributed ledger, says Hauser, but too many “big questions” remain around such a scheme, relegating it to the realm of research
Better swap lines could support global co-operation – BIS’s da Silva
Improving the global network of swaps, particularly between advanced and emerging economies, could create a more stable system, deputy general manager says
Factors behind weak growth in advanced economies do not apply to South Africa – Sarb deputy
Mminele says 2008 recession did not create savings glut in South Africa, suggesting other factors such as a shortage of skills are responsible
Fiji governor encourages wider use of stock market
Stock market an “excellent” platform for savers and businesses looking to expand, says Barry Whiteside, who expects the number of firms listed on the stock exchange to increase over time
Carney: green finance could help reverse long-run rate decline
Bank of England governor says green finance has the potential to send capital where it is most needed, and help advanced economies escape the problem of falling equilibrium interest rates
BoE’s Forbes studies generation of ‘global tsunamis’
External MPC member asks why some global shocks have major consequences and others do not, seeking answers in countries’ financial linkages, common shocks and contagion
RBA’s Lowe: we are not ‘inflation nutters’
Philip Lowe underscores central bank’s “balanced” approach to controlling inflation in his first public appearance as RBA governor, and highlights other initiatives
RBA’s Heath highlights changing nature of Australian workforce
Automation, ageing population and decline of industry are reshaping the labour market’s demand for skills, head of economic analysis says, with lessons for central bank recruiting
Savers must adjust their plans amid low rates – Poloz
Bank of Canada governor illustrates harsh reality for savers with rates so low, underlining the need for people to put aside more funds or work for longer than anticipated
BoE’s Hauser foresees end to fragmented post-trade structures
Central bank is supporting a movement away from “complex and balkanised” securities services as it looks to revamp infrastructure and encourage innovation
HKMA to launch cyber security training framework in December
New technology has made cyber security more important than ever, says Chan; HKMA to widen pool of talent as part of new initiative to be rolled out at the end of the year
‘Absolutely urgent’ for Mexico to strengthen fiscal stance – Sánchez
Bank of Mexico deputy governor stresses need for fiscal revamp to bolster the Mexican economy as monetary policy can only carry so much weight
BIS’s Borio: leaning against the wind must be systematic
Claudio Borio says using monetary policy to stabilise the financial cycle is only likely to be effective if done all the time, not just when trouble is brewing
RBA’s Kent considers life after the mining boom
Australian economy is well into an adjustment, following the country’s mining investment boom; RBA correctly identified the patterns of adjustment, but was surprised by the magnitude