Debt
Lagarde proposes new European fiscal fund
The mechanism would reduce reliance on monetary policy to respond to future crises
Bank of Uganda warns on debt levels
Debt levels could be closer to 50% of GDP if undisbursed loans are taken into account; government upgrades risk of debt distress to “moderate”
Public debt in low-income countries rising to risky levels – IMF
The fund recommends official creditors co-ordinate their response to debt crises
Who is Yi Gang?
Hui Feng says Beijing’s choice for PBoC chief fits into a wider liberal cadre across senior financial positions – but Yi faces plenty of challenges in delivering reform
Venezuela pays off $2.1 million debt to Chile
Struggling Latin American country honours debt repayments under Reciprocal Payments and Credit Agreement, after missing payment in 2017
BoE’s FPC sees risks lurking in global debt markets
Committee highlights “material” global vulnerabilities, particularly in debt markets
Stock imbalances can stabilise or destabilise – BIS paper
Asymmetry implies burden of adjustment tends to fall on deficit countries
Macro-prudential measures should be made to last – RBNZ’s Spencer
Outgoing governor wants temporary framework for loan-to-value ratios to stay; says debt-to-income instrument should also be part of toolkit
Return of volatility helps shatter market illusions – BIS’s Borio
Quarterly review focuses on recent market gyrations; researchers outline new early warning indicators for financial stress
Zhou says China is ready for bolder reform
Zhou Xiaochuan comments on further progress with liberalisation and financial market reforms in what is likely to be his last press conference as PBoC governor
Protectionism may have ‘serious consequences’ – Canada’s Lane
US tax reforms may affect Canada’s capacity to attract investment, warns deputy governor
ECB criticises Irish draft law on mortgage arrears
Draft law could encourage moral hazard and harm legal certainty, says ECB
Sovereign debt more ‘enforceable’ – ECB paper
Results show creditors have used courts to “pressure” foreign governments, resulting in restricted access to capital markets
High corporate debt harms Italy’s productivity, IMF research says
Policymakers should look at discouraging structural corporate debt, researchers say
Italian consumer lending more risk-priced post-2008 – paper
Institutions tightened lending to consumers based on household factors
People: Tunisian governor resigns; EFSF appoints chairman
Governor Ayari quits after Tunisian prime minister initiated the process to replace him; EFSF picks new chairman; European Commission proposes new chief for Systemic Risk Board
RBI launches tougher rules on non-performing loans
Overhaul of framework for dealing with stressed assets is latest step in central bank’s push to clean up financial sector
BoE’s Cunliffe sees liquidity risk in rise of investment funds
Investors have poured money into less liquid instruments at a time when market liquidity has been falling, warns the BoE deputy governor
Asian property developers face tougher scrutiny amid house price boom
Hong Kong and Singapore are putting more scrutiny on loans to property developers, as their housing markets continue to heat up
Fijian authorities say there are no plans to lift capital controls
IMF warns not removing controls could harm foreign investment; central bank says it will review controls with respect to the level of foreign reserves
Interest rate risk could be seed of next crisis – economists
Financial markets may have underestimated the persistence of low rates, and regulations have amplified the threat, say Srichander Ramaswamy and Philip Turner
Sovereign bond-backed securities could improve eurozone stability – ESRB
Regulations would need to change and treatment of sovereign bonds would be vital, argues Central Bank of Ireland Governor
Asset manager of the year: BlackRock
BlackRock delivered some innovative new products and a highly regarded training scheme to build on its already strong foundation in reserve management services
Davos experts weigh risks of future crisis
High debt levels, a rise in real interest rates and China are on the agenda for the panellists, who believe another financial crisis is inevitable