Eurozone
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration
World Gold Council says disinflation may support gold demand
Statistical commentary argues gold price may increase due to disinflation; says current economic environment ‘supportive’ of gold demand
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
Bank of Italy’s economic overview paints bleak picture
Italian statistics show worsening of main economic indicators in first quarter of 2012; however government bond yields below levels at end of 2011
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
Bernanke blames Europe and fiscal cliff for stalling recovery
Chairman of the Federal Reserve says two main risks to economic improvement in the US are eurozone woes and looming fiscal cliff; urges lawmakers to act promptly
IMF calls for policy action to counter looming downside risks
Latest World Economic Outlook and Global Financial Stability Report say further action is necessary by policy-makers in Europe, the US and emerging markets, as downside risks 'loom large'
Italian governor reviews uncertain outlook as Moody’s downgrades
Bank of Italy governor Ignazio Visco says banks have made progress in strengthening finances but warns of numerous downside risks; Moody’s downgrades Italy’s government bond rating
San Fran Fed president says asset purchases are ‘effective tool’
John Williams gives overview of mixed outlook for US economy; says ‘Operation Twist’ likely to have modest impact and argues asset purchases would be ‘most effective tool’ if further action is required
Bank of Lithuania takes next step in structural overhaul
New banking service aims to promote efficient investment operations and mitigate risk; comprises third step in central bank’s restructuring programme
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
BoJ deputy governor urges EU to accelerate reform efforts
Bank of Japan deputy governor Hirohide Yamaguchi calls on EU to speed up efforts in tackling debt problems; says Asia must prepare for further shocks
ECB’s Asmussen stresses importance of central bank communication
ECB board member Jörg Asmussen underscores need for effective communication by central banks; says crisis has ‘shifted the goalposts’
Sarb makes $60m loss due to costs of forex intervention
South African Reserve Bank suffers loss in fiscal year 2011/12 due to cost of forex activities; governor describes economic challenges in coming year as ‘daunting’
Second wave of CSDs sign T2S framework agreement
A total of 15 central securities depositories sign T2S framework agreement in second wave; system set to go live in June 2015
IMF issues updates on German and US economies
International Monetary Fund notes Germany’s “remarkable” economic performance; warns US over “tepid” recovery
Noyer sets out eurozone financial union necessities
Governor of the Banque de France identifies three main powers needed to ensure eurozone financial union; “massive firepower” needed by bank emergency fund
ECB’s Asmussen attacks delays to Greek reforms
Jörg Asmussen says Greek government must get reform programme 'back on track'; blasts "reluctance" to implement necessary reforms
Ireland’s Honohan highlights advantages of ‘more Europe’
Patrick Honohan discusses challenges of restoring market confidence in the eurozone; says Ireland has ‘quite a lot to gain’ from further integration with Europe
Euro group agrees on single banking supervisory mechanism
Umbrella supervision body 'run by ECB' to be established; exhausted EC president refuses to discuss details of plan to directly recapitalise European banks
Sweden joins opposition to European banking union
Swedish government opposes European banking union proposals; Czech National Bank also expresses concerns