Financial crisis
Robert Shiller on central banks and their role in a good society
Through co-ordinated action central banks have played a vital role in avoiding financial armageddon. But Robert Shiller tells Christopher Jeffery that more joined-up thinking is required
Germany’s political elite treads tightrope of public opinion on euro
Citizens of Europe’s most powerful economy have never had a real affection for the euro, making Germany’s role in resolving the continent’s debt crisis extremely tricky. By Norbert Walter
Reserve Bank of India threatened by government’s economic policies
The Reserve Bank of India had a ‘good crisis’ and has earned a strong reputation for integrity and pragmatism during the past 15 years. But its efforts are threatened by current economic policy
Book notes: Soft Law and the Global Financial System
An explanation of the role of international standards in regulating the global financial system
RBA minutes note ‘fragile’ global picture
Reserve Bank of Australia board discussed “fragile” sentiment surrounding global economic recovery and slow domestic growth when making most recent monetary policy decision
Bank of Mauritius governor urges diversification
Rundheersing Bheenick says previous calls to find alternative markets fell on deaf ears; economy is operating below potential
Asia regional FSB discusses deleveraging in Europe
Financial Stability Board Regional Consultative Group for Asia focuses on problems arising due to deleveraging of European financial institutions; also share thoughts on recent FSB initiatives
Bank of Israel paper evaluates past monetary policy decisions
Discussion paper from the Bank of Israel investigates patterns in monetary policy decisions and their outcomes in the country
Praet describes the ECB’s role in the financial crisis
Member of the ECB executive board addresses Austrian central bank conference; echoes colleagues in stressing other routes to recovery must be pursued beyond emergency policy measures
Bernanke says stronger banks will lead to 'robust' economy
Fed chair outlines progress made by financial sector; says improved credit conditions will play a part in creating a robust economy in the US
Bank of Spain plays down bank nationalisation talk
Spanish central bank says customers and depositors of Banco Financiero y de Ahorros have "no cause for concern" as the possible use of public funds to stabilise the firm is discussed
IMF research examines links between governance and stress events
IMF working paper discusses correlation between quality of national governance and the likelihood of economic stress events
New deputy governor notes increasing Swedish economic dependency
Kerstin af Jochnick describes points of importance relating to monetary policy and financial stability; highlights growing dependency of Sweden on events abroad
Honohan discusses lessons from central banks' response to financial shocks
Governor of the Irish central bank outlines lessons for central bankers from the impact of shocks to financial system
Lagarde calls for ‘gradual’ austerity moves
Lagarde calls for gradual and country-specific approach to austerity; says supply-side measures needed to achieve sustainable growth
King admits BoE should have done more to prevent banking crisis
Bank of England governor says central bank should have done more to prevent crisis despite its limited powers to act; says new resolution mechanism will not work for global banks
Dallas Fed chief calls for taxes on 'too-big-to-fail' financial institutions
Dallas Fed's Richard Fisher calls for more action on 'too-big-to-fail' entities; says new taxes should be introduced to encourage institutions to shrink balance sheets
Fed’s Tarullo laments delays in shadow-banking reform
Federal Reserve’s Daniel Tarullo hits out at slow speed of money market and repo market reform; urges debate on functions that ‘shadow banks’ should perform
IMF’s Shinohara sees three ‘brakes’ on global growth
IMF deputy managing director tells ADB annual meeting that fiscal consolidation, bank deleveraging and foreclosures in the US pose substantial risks to global growth
ECB cautious of damaged financial integration in Europe
European Central Bank releases downbeat Financial Integration in Europe report; Mario Draghi backs up message that integration work needs to be restarted
Dombret says role of central banks 'changed fundamentally' by crisis
Deutsche Bundesbank board member discusses changing role of central banks as a result of the financial crisis; says the situation could lead to a new financial instability
Weidmann cautions against “more of the same” approach to eurozone crisis
Deutsche Bundesbank governor says need for structural reforms must not be obscured by short-term factors