Speech
Klaas Knot blames disharmony in regulation for higher risks
A lack of common standards in eurozone capital markets was an ‘aggravating factor’ in the run-up to the financial crisis, Dutch governor says; urges commission to add this to CMU proposals
Liikanen sees potential for payments revolution
Bank of Finland governor says we are yet to witness the emergence of a ‘true future payment system’ but it nonetheless feels like ‘something fundamental has changed’
ECB’s Mersch wants pan-European instant payment system
Executive board member hopes to bypass national schemes and use Sepa infrastructure to deliver pan-European instant payments
Fed’s Brainard sees scope for ‘watchful waiting’
Governor says there may be room to ‘support further healing’ in the labour market before raising interest rates, but notes first hike could still come this year
Nowotny sees ‘strange irony’ in Austrian success
Central bank governor argues policy-makers made Austria economically successful by acting contrary to the libertarian approach favoured by the Austrian School of economics
Boston Fed president preaches patience
Eric Rosengren says it is too soon to know whether weaker economic activity at start of year is down to temporary factors or ‘broader changes in the economy’
FCA’s Wheatley highlights complexity of banking cultural reform
As banks are hit with yet more record-breaking fines, the head of the UK’s financial watchdog argues they are trying to change their ways, but the job is not a straightforward one
Kocherlakota sets out path back to maximum employment
Minneapolis Fed president says the FOMC should set policy in a way that allows for at least three more years ‘as good as 2014’ if the labour market is to achieve highs last seen in 2006
Micro-prudential policy ‘bulwark’ against systemic risks, says San Fran Fed’s Williams
President says prevalence of shadow banks limits use of conventional macro-prudential tools, but there are other ways to integrate the perspective into the regulatory framework
BoE’s Taylor dismisses calls for ring-fence to be dismantled
FPC member warns of damage that could be done if ‘increasingly shrill’ voices calling for regulation to be rolled back are heeded
Zeti sees ‘immense scope’ for greater financial integration in SE Asia
Bank Negara Malaysia governor tells SME conference that greater integration can help support small business growth; points to banking, insurance and capital markets as ‘next phase of development’
RBA deputy governor shares lessons on collective investment vehicles
Philip Lowe discusses the risks associated with maturity transformation in the country’s growing asset management industry; says disruptions can be managed
Kuroda sees little difference between major central banks
Despite the different wording of the major central bank mandates there is ‘little practical difference’ between them, BoJ governor says
Riksbank deputy debates inflation target change
Cecilia Skingsley weighs up case for both lowering and increasing target; notes it would be easier to change target if several central banks did it at the same time
BoE’s Weale warns MPC may have underestimated oil price impact
A failure to grasp the full importance of ‘tail events’ may have caused the monetary policy committee to underestimate the strength and duration of the oil shock’s impact on inflation, Weale says
Central Bank of Bahrain director plots route to ‘vast’ Islamic financial market
Abdul Rahman Al Baker sees great potential in Islamic financial markets but outlines the many areas in which obstacles remain
Noyer says ECB ‘ready to go further’
Banque de France governor says monetary policy is doing its job and requires time to take effect, but more easing is available if necessary
Poloz sees full capacity and 2% inflation in 18 months
Bank of Canada governor describes the destination the Canadian economy is moving towards, as well as the roadmap for getting there
RBA’s Lowe wary of structural adjustment in global interest rates
Australian deputy governor expects rates on offer to savers to pick up when confidence grows and businesses compete for funds again, but sees potential for structural shift as well
Fed’s Powell supports relief for community banks facing compliance burdens
Governor Jerome Powell supports setting asset threshold of around $10 billion for both the Volcker rule and incentive compensation rules
Mexican deputy cautious of data-dependent Fed policy
Manuel Sánchez sees potential for smooth tightening if markets are able to price in rate changes, but remains alert to risk Fed is pushed into acting faster than planned
Kuroda reviews QQE two years on
Bank of Japan governor says policy is working as intended, and even though inflation has fallen to zero, prices should soon ‘accelerate toward’ the 2% target
Czech vice-governor questions case for joining banking union
Mojmír Hampl considers the pros and cons of the Czech Republic joining the SSM; government adopts a ‘wait-and-see approach’ and will review the issue every 12 months
BoJ’s Sato outlines efforts to reform repo market
Board member says Bank of Japan is seeking to improve repo market functioning with reforms targeted at transparency, stability, efficiency and globalisation