Speech
Regulators can influence but not prescribe culture, Bailey says in last speech at PRA
Incoming FCA chief warns bank regulators cannot write a rule to “settle” culture, but cites the senior managers regime as an example of influence
Political and public support ‘critical’ for macro-prudential policy, says Kohn
Effective communication can help ensure public support for macro-prudential policy, BoE FPC member says; lack of support could encourage political interference
Ugandan deputy calls for caution in forecasting deficits
Louis Kasekende warns inflation could be threatened if governments lose access to the market and are unable to meet their borrowing requirements, turning to the central bank instead
Bundesbank's Dombret draws lessons from European CMU for Asia
As Europe constructs its capital markets union, it could offer relevant lessons for Asian economies as they look to finance infrastructure demand in the region, Bundesbank's Dombret says
New York Fed official stresses third site capacity for FMIs
Richard Dzina argues systemic FMIs should consider maintaining technologically diverse third site solutions to successfully deal with present cyber challenges
Swiss franc still ‘significantly overvalued' – Jordan
Chairman of Swiss National Bank governing board says dual policy of negative rates and willingness to intervene in forex market are helping support the economy
Visco wary of changing regulation on sovereign exposures
Italian governor acknowledges sovereign exposures are not risk-free, but questions logic to changing prudential rules
Cunliffe warns of tough transition to new resolution regime
Going back to world of small, less complex banks is not how to solve ‘too big to fail’ problem, BoE deputy suggests, instead favouring a ‘multi-pronged’ regulatory approach
Wheeler says further easing may be needed as RBNZ holds
Wheeler says interest rate cuts could be needed, though the RBNZ kept its key rate at 2.25% today; mixed picture with dairy export prices improving but currency still high
Time ‘ripe’ to consolidate public banks – RBI’s Gandhi
Consolidation could help banks spread their risk and compete on a global scale, deputy governor says – though they may need a “nudge” from government to get going
FinCoNet offers regulators chance to advance financial consumer protection – chairman
The association of national financial consumer protection agencies has made progress in supporting reform, but has considerable work ahead, chairman Sheridan says
MAS director hails work on natural catastrophe data
Bernard Wee introduces Natural Catastrophe Data Analytics Exchange, aimed at remedying “gappy” expertise in the region
Carney speaks of ‘new’ financial system to support sustainable finance
Bank of England governor launches FAIR initiative; FSB members developing more ‘effective’ macro-prudential policies to support system
RBI deputy outlines ‘key tasks’ for market development
Harun Khan lays out the main areas of work in broadening financial markets, including efforts to improve liquidity and access and improving central bank communication around debt management
Australian governor Stevens sees more viable options than helicopter money
Reserve Bank of Australia governor identifies a host of practical issues to helicopter money, and says there is more governments can be doing before then
Fed's Rosengren warns against exceeding full employment
Boston Fed president says significantly overshooting full employment, which he estimates at 4.7%, could lead to an overheating economy and “rapid removal” of monetary policy accommodation
Italian deputy governor calls for fiscal expansion in eurozone
Some eurozone countries should follow fiscally expansionary policies, Bank of Italy deputy governor argues; policy so far has been “less expansionary” than other major economies
Fed should stay the course with gradual rate rises – Lacker
The Federal Open Market Committee should continue raising rates, suggests Richmond Fed president; oil price falls and financial markets volatility both stabilising, Lacker argues
Kuroda: Negative rates having ‘visible’ impact on JGB yields
Bank of Japan governor Haruhiko Kuroda says rates are falling across the yield curve, falling negative up to a maturity of “around” 10 years; sees effects spreading in future
Norges Bank deputy pits Keynes against Hayek
Jon Nicolaisen says European countries may have invoked the lessons of Keynes without paying heed to the warnings of Hayek – both views are needed to avoid problems
Mexican deputy calls for ‘proper consideration’ of peers
Mexican deputy stresses need for improved policy communication between advanced economies and emerging markets
World needs ‘less and better’ finance, Bundesbank board member says
Regulators must resist political pressure to water down implementation of reforms; Basel III must increase capital requirements for high-risk portfolios, Bundesbank executive board member says
Rohde laments Denmark’s lack of banking reform clout
National Bank of Denmark governor says Danish system of mortgage credit does not necessarily fit well with Basel framework, but the country has limited options to influence reform process
Visco warns of danger of revising wages down if inflation undershoots predictions
Some Italian contracts will be downwardly revising elements of pay if inflation undershoots expectations, Ignazio Visco says; general adoption of this rule could harm the ECB’s policy