Euro
ECB’s Bini Smaghi proposes single eurozone bond issuing agency
European Central Bank executive board member Lorenzo Bini Smaghi backs proposals for single eurozone government bond issuer; says agency could pave the way for a single European bond
China's growth and the yuan's status are not inextricably linked
China’s growing economic might has led to claims that the yuan will take its place among the reserve currencies. But, as Gary Smith argues, the link between GDP and reserve status is far from causal
Markets wobble as Spanish downgrade, eurozone fears bite
Moody’s one notch Spanish downgrade exacerbates investor jitters a day before European Council meets to discuss EFSF, ESM, bailout renegotiations
SNB confirms large loss on back of franc gains
Swiss National Bank reports $20.7 billion loss; figure slightly lower than that forecast in January
Trichet on common fallacies of competitiveness
European Central Bank president Jean-Claude Trichet describes common misconceptions on attributes of a competitive economy
Bank of Israel in the red by $4.9 billion
Israeli central bank reports loss for 2010; follows modest profit of $382 million in 2009
Estonia euro information campaign a success
Survey on euro adoption information campaign shows 97% of respondents were made aware of switch to single currency
Safe haven effects caused exchange rate swings: IMF paper
Fund study identifies source of exchange rate volatility during financial crisis
The EU’s problem is solvency, not liquidity, says Pimco’s El-Erian
The EU faces a tricky 2011 as it navigates excessive debt, but needs to address solvency issues rather than liquidity, says Pimco's CEO Mohamed El-Erian.
Euro counterfeits drop by 5.9%
European Central Bank statistics show 364,000 forged euro banknotes recovered in second half of 2010; €50 note remains most popular bill to fake
SNB expects $21.7 billion loss for 2010
Swiss National Bank says loss relates to foreign currency positions; says loss highlights need for independent central banks to have capital cushion
Trichet predicts positive momentum to carry through to 2011
European Central Bank president Jean-Claude Trichet says euro area economy outlook for 2011 expected to remain positive, identifies some downside risks
Portugal succeeds at auction but fails to sway analysts
Portugal sells $1.6 billion worth of government debt at auction, but commentators remain wary of fundamentals
Spain’s monetary policy could not have prevented housing bust: IMF
Fund study says retaining the peseta would not have necessary prevented the housing collapse in Spain over the last decade
Shekel gains leave Bank of Israel cautious over rate hike
Bank of Israel minutes show members of the central bank’s narrow forum feared interest rate hikes would lead to further gains in the shekel
IMF takes final step in changing SDR basket
Fund sets exchange rate for SDR; continues to peg unit of account to yen, dollar, euro and sterling
Frankfurt taps NCBs for €5 billion
European Central Bank says greater amount of capital required because of increased volatility
Malta's Bonello warns of complacency over rapid recovery
Central Bank of Malta governor Michael Bonello says Malta's dependence on external demand growth creates vulnerability
MAS: capital inflows pose serious risks to emerging markets
Monetary Authority of Singapore's Financial Stability Review warns accommodative monetary policies present substantial inflationary risks to emerging economies
Markets, analysts unconvinced by Irish bailout
Officials welcome deal but euro, continental bourses drop in response to €85 billion rescue package for Ireland
Estonia nabs firms over euro leak
Bank of Estonia fines two companies for mishandling euro coins ahead of the currency’s launch in 2011; strong link to coin sale in neighbouring Latvia
Russia advances Canadian dollar position
Bank of Russia will increase holdings of Canadian dollar denominated assets to diversify foreign exchange reserves
The euro funding gap and its consequences
The crisis has highlighted that the euro is far from a true reserve currency. That has worrying implications, argue Annina Kaltenbrunner, Duncan Lindo, Juan Pablo Painceira and Alexis Stenfors
Hungary voices concerns over banking climate
National Bank of Hungary warns new government tax and appreciation of the Swiss franc will severely impair bank lending and its contribution to economic growth