Financial crisis
RBI’s Mahapatra seeks greater surveillance of corporate governance
Reserve Bank of India executive director Shri Mahapatra calls for greater vigilance in corporate governance at financial institutions to avoid further crises
IMF paper: High international reserves are not panacea for low-income countries
International Monetary Fund study measures economic impact of external shocks on low-income countries with different levels of international reserves; says reserves provide cushion not remedy
ECB says financial stability in Europe faced ‘strong headwinds’ in 2011
European Central Bank releases Financial Stability Report; says weakening macroeconomic growth prospects and “unprecedented” loss of confidence to blame for rise of key risks in the region
BoE Quarterly Bulletin reports market deterioration
Bank of England Q4 report notes financial market sentiment and functioning decline since last bulletin
IMF delivers gloomy Greece update
IMF releases Fifth Review Under the Stand-By Arrangement for Greece; offers a bleak picture of the country’s economy and future
Australia ‘well placed’ to deal with global downturn; RBA’s Battellino
Reserve Bank of Australia’s deputy governor Ric Battellino says Australia is in a strong position to cope with ongoing global financial turbulence
Eurozone crisis catches up with Estonia
Bank of Estonia becomes latest central bank to cut growth expectations; says eurozone crisis could cause a recession in the country
Debt tolerance has turned decisively, says Carney
Bank of Canada governor Mark Carney says deleveraging process is here to stay; warns if debt restructuring needs to happen, it should be done sooner rather than later
‘Ambitious’ strengthening of economic governance needed: Praet
ECB’s Peter Praet says resolving economic crisis will rely on strengthening economic governance; ECB will remain anchor for stability
Bank of Canada paper on capital control liberalisation in India
Bank of Canada study shows there has been a significant reduction in barriers to arbitrage in India
EBA finds €114.7 billion capital shortfall in Europe
European Banking Authority publishes recommendation and final results of bank recapitalisation plan; part of co-ordinated measures to restore confidence in the banking sector
SARB issues bleak Quarterly Bulletin
Latest quarterly bulletin from South African Reserve Bank says economy has grown at ‘lacklustre’ pace; inflation hit upper limit of target range in October
CB.com panel discusses changes in reserve management functions
CentralBanking.com poses the question: What do central banks want from reserves and reserve managers? Panellists discuss how the financial crisis has altered the role of reserve managers
Choongsoo warns of lurching global crisis
Bank of Korea governor Choongsoo Kim says world risks another crisis if global imbalances are not addressed
Cyprus governor warns country has 'lost credibility'
Athanasios Orphanides tells parliamentary committee that budget measures must be pushed through quickly to restore confidence in Cyprus; warns the country has lost credibility
Central Bank of Tunisia makes plea to government
Newly formed interim government must act to restore investor confidence, says board of directors; calls for independence of the central bank to be protected
Credit booms linked to financial crisis – IMF paper
IMF working paper shows credit growth becomes less dependent on bank soundness during boom periods
BoE unveils gloomy Financial Stability Report
Bank of England Financial Stability Report demands banks boost capital levels; King says he initiated talks of co-ordinated swap line action with central banks around the world
RBI’s Subbarao discusses how to promote growth in India
Reserve Bank of India governor Duvvuri Subbarao says country needs to introduce several policies to boost growth and live up to image as regional giant
Netherlands Bank paper highlights risk of excessive reliance on wholesale funding
Netherlands Bank study says multinational bank subsidiaries’ access to parent bank and wholesale funding can increase instability
Reserves act as effective insurance mechanisms during crises: Central Bank of Brazil paper
Central Bank of Brazil study says accumulation of international reserve in lead up to crisis helped reduce burden on growth
The gathering storm
Solving the financial crisis increasingly looks beyond the reach of monetary and financial policies, writes Ludek Niedermayer. Worse could follow in 2012 for central bank balance sheets, he warns.
