Financial crisis
Spanish governor de Cos now leads Basel Committee
Stefan Ingves steps down as chairman after nearly eight years in the role
Interview: Sheila Bair on US regulatory reform and rollback since 2008
Crisis-era FDIC chair “saddened” by former Fed chairs’ focus on bailout powers
Micro variables are best warning signs for smaller Italian banks – BoI
Bank of Italy presents early-warning system for crises in less significant lenders
FSB seeks feedback on reforms’ impact on SME finance
Roundtable participants note considerable differences in how SMEs are treated across jurisdictions
Most financial stability committees lack policy tools, researchers say
Many committees lack good internal processes and ability to implement policies, authors say
Nordic-Baltic crisis simulation seeks to reinforce collective response
Nordic-Baltic Stability Group carried out first region-wide crisis scenario in January
Egypt sharply cuts rates on lower inflation
Central bank reduces key overnight deposit rate by 100 basis points to 15.75%
ECB paper presents new financial crisis early warning system
Model aggregates five types of systemic risk indicator, researchers say
Zhou Xiaochuan wins 2019 lifetime achievement award
The former PBoC governor served for a record 15 years, implementing sweeping reforms that have reshaped the Chinese economy
Lifetime achievement: Zhou Xiaochuan
The former People’s Bank of China governor stands out for his high levels of integrity, intellectual rigour and bold reforms that have served the public interest in China and elsewhere
BoE’s Taylor says external members are now better prepared
External members are now better briefed by BoE staff, but still avoid “group think”
Negative rates could have sped up US recovery – San Fran Fed paper
Output gap could have been reduced by as much as half compared to actual figures, researcher says
Irish central bank makes lenders pay €647 million over mortgage scandal
Regulator moves on to enforcement actions after securing compensation for 40,000 customers
Unconventional policy should be used rapidly – Fed paper
Researchers find 20–50% chance that US will face zero lower bound in next decade
A dual-currency system would make negative rates work – IMF research
Proposal would free monetary policy from lower zero bound when dealing with a recession
Central bank of the year: Monetary Authority of Singapore
Singapore’s central bank stands out for its pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision
BIS study asks whether central bank crisis actions de-risk the balance sheet
Authors study whether a central bank can influence its own risk, or if this is “wishful thinking”
BoE opens doors for debate on the future of central banking
Event breaks new ground in central bank engagement with the public; participants offer both positive and negative feedback
Establishing the Fed worsened the Great Depression – St Louis Fed paper
Setting up lender of last resort reduced banks’ incentive to manage risk, paper argues
Fall in technology use helped slow Canadian productivity, BoC paper finds
But slowdown in labour productivity began eight years before fall in technology use – researchers
BoE’s leveraged loan research draws interest from overseas
UK exposures are modest but firms in US and Japan have bigger holdings of CLOs, which carry echoes of the subprime mortgage crisis
Fed’s Quarles outlines ‘building block approach’ to insurance regulation
Regulator chose not to copy and paste banking sector regulations onto insurers, says vice-chair
Former IMF chief blames Bank of Spain in Bankia case
Board followed central bank instructions in merger and failed IPO, says Rodrigo Rato
People: Nellie Liang withdraws from Fed nomination; World Bank chief resigns
Trump nominee had played a key role in setting up the Fed’s stress tests; Kim was due to leave World Bank presidency in July 2022; further appointments in UK, Vietnam and Ghana