Speech
RBNZ can evaluate forecasts using benchmarks – McDermott
Inflation has been weaker and the NZ dollar stronger than the central bank forecast, assistant governor says; can gain insight from comparing its forecast with others
MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities; one is leveraging technology, such as automated name screening and data analytics
MAS’s Menon urges careful calibration of Basel III
Managing director warns against raising capital requirements further for fear of damaging growth; says final calibration must keep SME and trade finance in mind
Slowdown in Brics increasingly down to domestic factors – Mminele
Sarb deputy says structural reform needed to foster global growth; sees role of domestic factors affecting Brics growth increasing since 2013
Mexican deputy calls for reinforced ‘global financial safety net’
Javier Guzmán Calafell sees IMF as key player in maintaining global financial stability, but says it needs more resources, tools and legitimacy
Nouy sees need for rethink of reporting systems
Danièle Nouy says new thinking is needed to help banks and supervisors deal with a ‘paradigm shift’ in data collection; European reporting framework for all banks should be considered
Sarb deputy sees tail risks from Brexit but expects storm to calm
Daniel Mminele sees tail risk coming from asset liquidation by UK corporates and investment funds, but if clear communication is given, the ‘storm is likely to calm’
Granular data aids policy transmission understanding, Draghi says
ECB president highlights “very rich information set” launched this week; involves reporting data on up to 35,000 daily transactions in the money market
Sri Lankan governor stresses integrity in first speech
Indrajit Coomaraswamy suggests his primary responsibility is upholding the central bank’s reputation and credibility; praises “iconic figures” of the past as he takes office
QE has mitigated trade shock to eurozone, ECB’s Praet says
ECB's easing has prevented trade shock from reducing eurozone growth rates, Peter Praet argues; "increasing evidence" that negative deposit rates improve QE’s pass-through
Rate delay could deprive Fed of tools in future, warns Mester
Cleveland Fed president says there is a “non-negligible chance” unconventional tools will be deemed as “ultimately ineffective” by the public if the Fed is too slow to normalise policy
Lagarde encouraged Paris Club to broaden membership as South Korea joins
South Korea becomes 21st member of creditor country group; speaking at its 60th anniversary Lagarde stresses the value of expanding further
Sarb deputy sees reasons for ‘cautious optimism’
‘Green shoots of recovery’ are starting to show, says Groepe; several and more fundamental patterns suggest the economy is on the mend
Mersch stresses importance of democratic legitimacy in Europe
Executive board member at the ECB wants to see the decision-making process in Europe enhanced; calls for a “shared EU-wide identity”
Dombret warns clearing and securities depository business may leave London
Bundesbank’s Andreas Dombret said London’s pull as a venue for euro trading would “shrivel” if the UK voted to leave the EU; warned EBA would need to find “new home”
IMF’s Lipton stresses importance of multilateralism
IMF first managing director calls for co-operation between emerging markets and advanced economies to help foster growth in the wake of Brexit
Bank of Israel sees ‘Brexit’ increasing risks to outlook
Monetary committee warns it is too early to tell whether short-term effect on financial markets has run its course; Flug stresses both central bank and finance ministry “keeping close watch”
PBoC governor sets out challenges of pursuing multiple objectives
Zhou Xiaochuan discusses how the People’s Bank of China expresses its multiple objectives as a function that can be optimised, while noting challenges posed to modelling and communications
Kiuchi says BoJ must communicate better
Board member concerned monetary policy is becoming less predictable as observers expect ever more easing; warns against use of negative rates
Governor: Philippines central bank to keep ‘steady hand’ on monetary policy
Philippines central bank to keep watchful eye on uncertainty surrounding advanced economies’ policy prospects; inflation environment remains ‘manageable’
Discontinuation of Libor would result in ‘significant systemic risk’, Powell says
Fed’s Powell discusses future of Libor; discontinuing the benchmark rate could entail “substantial losses”, he says
Australian fixed-income markets continue to function ‘satisfactorily’, says Debelle
Regulatory change contributing to satisfactory performance, assistant governor notes; large share of activity in derivatives helping bond market to be successful
Kuroda says policy rules deserve further research
BoJ governor says work on policy rules and “incomplete contract theory” could help central bankers set policy more predictably
Steps still needed for renminbi to become reserve currency – BIS head of banking
BIS’s Zöllner considers whether renminbi will become reserve currency; continued modernisation of market infrastructure needed, he says