Speech
RBI’s Sharma urges euro area rebalance
Reserve Bank of India executive director says current account imbalances are ‘inherently unsustainable’; periphery countries must pursue greater productivity and competitiveness
Bank of Mauritius chief calls for curb on ‘fishy’ banks
Rundheersing Bheenick says new guidelines on corporate governance and separation of international and domestic banking will help prevent ‘global infection’
Romanian governor dedicates Polish award to his forerunners
National Bank of Romania’s Mugur Isărescu receives Order of Merit from Poland for his contribution to the countries’ co-operation; reflects on Romania’s war-time assistance
Noyer trumpets Eurosystem response to crisis
Banque de France governor Christian Noyer believes the monetary policy adopted in the Eurosystem is a source of ‘immediate confidence and stability’
Danish governor laments lack of euro progress
Nils Bernstein says Europe will ‘muddle through’ the crisis, but is concerned that government’s grand promises are yet to deliver a practical solution
Malaysia’s Zeti urges greater harmonisation of Islamic finance
Zeti Akhtar Aziz says there is much common ground in different jurisdictions’ sharia interpretations, but a lack of understanding is holding back the growth of Islamic finance
Ingves defends position on rate-setting
Sveriges Riksbank governor insists in the absence of other instruments monetary policy should deal with potential risks of household indebtedness
BoJ’s Nishimura sees potential for $180 billion funding for lending
Under Bank of Japan’s ‘stimulating bank lending facility’, banks could receive up to 15 trillion yen ($180 billion) in low-cost funding, says deputy governor
MAS chairman says Islamic finance can exploit post-crisis landscape
Tharman Shanmugaratnam suggests weakness and deleveraging in conventional banking systems gives Islamic finance an opportunity to expand
ECB’s Cœuré champions accountability in Europe
Executive board member wants clear ‘network of responsibilities’ and advocates creation of a euro area treasury
Iceland’s Guðmundsson identifies flaw in banking union plans
Már Guðmundsson warns lack of foreign currency lender-of-last-resort provisions is an important omission from economic and monetary union plans
Austria’s Nowotny advocates new growth strategy for emerging Europe
Ewald Nowotny says explosive, capital-driven growth model has been discredited in the wake of the financial crisis; suggests more sustainable model is needed
BoJ’s Shirai examines link between demographics and monetary policy
Sayuri Shirai says the Bank of Japan has been forced to respond to the twin challenges of an ageing population and a string of economic crises, making monetary policy-making difficult
Estonian governor supports fast fiscal reform
Ardo Hansson discusses the merits of speedy reforms and budget balancing but warns mistakes can be made
ECB’s Cœuré wants structural co-ordination
Executive board member appeals for the cohesive implementation of Volcker, Vickers and Liikanen proposals
Zeti promotes Islamic finance expansion
Says the industry’s rapid growth is dependent on its ability to serve the real economy
Ireland’s Elderfield sees tension between micro and macro objectives
Deputy governor of the Central Bank of Ireland says micro-prudential emphasis on ‘more and faster’ capital requirements could fuel pro-cyclicality and harm debt sustainability
Bank Indonesia chief says economy strong despite signs of bubbles
Darmin Nasution says Indonesian growth rate ‘one of the highest in the world’, although signs of a property bubble may be emerging
Mongolian governor defends free capital accounts
Mongolia’s Naidansuren Zoljargal says financial contagion should be contained without abandoning the liberalisation of capital accounts
Indian ‘growth juggernaut’ must be powered by real sector, says RBI deputy
Reserve Bank of India’s Kamalesh Chandra Chakrabarty believes accessing the country’s young workforce holds the key to sustaining higher levels of growth
Serbian vice-governor seeks bond market progress
Veselin Pješčić encourages development of the Serbian debt market through more products and wider activity
ECB’s supervisory board must oversee all banks, Draghi says
ECB president emphasises potential for smaller financial institutions to be systemically important
SNB’s Zurbrügg defends fiscal-monetary relationship
Swiss National Bank board member says tension only arises in times of crisis and monetary policy is burdened with expectations
ECB’s Cœuré concerned about online card fraud
Benoît Cœuré says greater innovation is needed in the internet payments market