Speech
Global forex code is ‘on track’, says Debelle
Work on the code has been a “constructive and co-operative effort” by central banks and market participants, says RBA deputy; “on track” for launch in May 2017
Bank of England’s COO gives update on ‘fintech accelerator’
Charlotte Hogg outlines the firms and projects the bank has been working with in order to better understand fintech; BoE is now accepting applications for the next round of projects
Jamaica establishes foreign exchange market working group
Governor Wynter calls meeting to inform market about new group, established to formulate proposals to address the depreciation of the Jamaican dollar
Riksbank’s Flodén warns QE dividends may not continue
Quantitative easing has generated profits so far, but the central bank is likely to incur losses in future, deputy governor warns; purchases amount to maturity transformation and therefore carry risk
Constâncio rejects higher inflation targets and instrument rules
Higher targets would not re-anchor inflation expectations, ECB vice-president says
Fischer examines growth dilemma
Fed vice-chairman says behaviour of inflation and output as economy normalises may provide some answers
Brexit unlikely to spell end of London as a financial centre – BoE’s Cunliffe
“Clustering effects” should ensure London remains a major financial centre, says BoE deputy, though fragmentation poses a risk to activity throughout the EU
Malaysia has work to do to improve renminbi hub status – assistant governor
Adnan Zaylani Mohamad Zahid says deepening Malaysian renminbi markets is a priority, and the central bank has plans to offer support
Brexit may not lead to ‘new dominant location’ for European finance – Irish governor
Regulatory considerations should not drive firms’ location decisions, Lane argues
Banks not fully adapted to new prudential environment – BoE deputy
Firms need a “proper chance” to adapt to the “new world”, says Woods, warning that the banking system still looks fragile on some metrics, despite work by his predecessor, Andrew Bailey
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