Speech
Fed’s Harker adopts more cautious tone on policy
Philadelphia Fed president says it may be more 'prudent’ to wait for stronger inflation data before hiking for a second time; sees inflation rising more gradually than before
BoJ’s Nakaso sees analytical challenge in gauging reforms
Policy board member says the design of standard models may be one reason why it is hard to tell whether Japan needs demand- or supply-side reform
Australian governor Stevens stresses policy ‘flexibility’
Governor says Reserve Bank of Australia has scope to ease monetary policy if need be, though economy expected to continue expanding
No room for mediocrity, Kenya governor warns banks
Patrick Njoroge tells bankers there is ‘only the thinnest of margins’ for error; each customer should be treated as if they were ‘the only customer in the world’
Fischer raises concern over ‘stigma’ around Fed loans
Fed vice-chair Stanley Fischer warns new reporting requirements in the Dodd-Frank Act will “likely add to the challenge of reducing stigma” associated with borrowing from discount window
Lender of last resort function must be flexible to cope with crises, BoE’s Hauser says
Central banks should prepare in advance to open up lender of last resort frameworks to new counterparties and instruments, Bank of England executive director says
Canadian deputy warns limits to macro-prudential tools may impact monetary policy
Timothy Lane says fiscal policy may have to step into the breach and provide stimulus when using monetary policy would risk creating ‘vulnerabilities’ macro-prudential policy can’t offset
RBI’s Gandhi: are regulators ‘barking up the right trees’?
Deputy governor stresses effective regulation is not about ever more detailed rules but rather taking a broad view and spotting emerging risks early on
ECB’s Angeloni wants analysis of macro-prudential measures ‘at some stage’
Supervisory board member says analysis will be important in the future, partly because it will help identify ‘scope’ of potential ECB actions
Esther George supports further rate rises unless outlook ‘significantly shifts’
Kansas City Fed president supports further rate rises unless economic outlook changes notably; normalisation justified by job increases and economic growth, she argues
Some eurozone countries increasing ‘regulatory fragmentation’, Lautenschläger says
‘Regulatory fragmentation’ between eurozone nations’ banking supervision regimes is being increased in some cases, Sabine Lautenschläger argues
Irish credit unions still face challenges, regulator says
Ireland’s credit union sector faces ‘significant challenges’ despite recent improvements, with numbers of institutions under loan restrictions ‘far too high’, central bank regulator says
Rajan flags pitfalls of short-term thinking
RBI governor extols the virtues of macroeconomic stability, defending the central bank’s strict stance on inflation and calling on the government to stick to its fiscal consolidation plans
BoE’s Woods says Solvency II not a revolution
Executive director at the Bank of England examines historical changes in insurance regulation, concluding the introduction of Solvency II is in line with existing philosophy
ECB’s Cœuré: European Fiscal Board can play key role
The newly created European Fiscal Board, as well as independent fiscal councils in eurozone nations, can make ‘decisive contributions’ to policy, Benoît Cœuré says
BoE’s Bailey sets sights on balance sheet clarity
Clear disclosure of creditor hierarchies will be ‘critical’ moving forward, says Andrew Bailey; clarity in bank balance sheets is a ‘good thing’
Banque de France governor wants public reforms
France must cut its public debt and reform its labour market, says Francois Villeroy de Galhau; the governor also calls for new investment products
Weidmann says clearer liability would strengthen eurozone
Bundesbank chief says important element of fixing the eurozone’s ills is reinstating the ‘principle of liability’, instead of resorting to bailouts
BoE’s Weale sees shorter working week adding to inflation
Various measures suggest UK workers will gradually cut back on the number of hours they work over the next few years, adding to unit labour costs, external MPC member says
French governor weighs up ‘disruptive effects’ in card payments market
François Villeroy de Galhau discusses ‘main trends’ influencing card payments market, including ‘new solutions, new behaviours and players, new regulations’
ECB's Mersch considers hurdles to single payments area for cards
European payment card schemes and processors must address issues of standardisation, security and interoperability to create an effective single payments area, Yves Mersch says
New York Fed president keeping eye on expectations
William Dudley expects inflation expectations to increase if the economy keeps growing at an above-trend pace, but any deviation could be cause for concern
ECB's Cœuré wants ‘corrective arm’ of EU tool used ‘forcefully’
European Central Bank executive board member stresses importance of sustainable rebalancing in the eurozone; wants to see potential of macroeconomic imbalance procedure realised
Europe needs ‘consistent’ policy on solvency issues, Lautenschläger argues
Decisions needed on whether the SSM has competence in solvency issues currently dealt with at national level, Lautenschläger argues; calls for reform to ‘routine’ decisions process