Monetary policy
Interest rate cut finally passes in Poland
Polish central bank’s monetary policy council agrees to cut rates by 25 basis points to 4.5%, after proposed cut mentioned in fourth successive meeting
Bank of England MPC unanimously rejects QE
Minutes from the Monetary Policy Committee’s meeting show debate about the potential effects of further asset purchases; unanimous vote to maintain programme level and hold interest rate
SNB’s Zurbrügg defends fiscal-monetary relationship
Swiss National Bank board member says tension only arises in times of crisis and monetary policy is burdened with expectations
Annual report highlights transformative year for Bank of Mauritius
Bank of Mauritius experimented with new policy measures and a redesigned monetary policy committee in the past year
SNB’s Jordan warns against ‘overburdening’ monetary policy
Swiss National Bank chairman says macro-prudential instruments are better suited to address financial stability
Philadelphia paper praises macro-prudential potential
Macro-prudential policy is a more efficient way to control credit than monetary policy – and it has a limited impact on inflation
Yellen wants more transparency and a change in forward guidance
Federal Reserve vice-chair Janet Yellen calls for more transparency and supports replacing the calendar date in the Fed’s forward guidance with economic conditions needed to lift the funds rate
Icelandic rates raised as 2013 growth prospects strengthen
Inflation is lower than monetary policy committee expected; likely to be offset by spare capacity and low exchange rate
Bank of Mexico expects inflation to continue falling
Report says inflation will near 4% by end of 2012; growth expectations also revised
Collateral eligibility policy is neglected, says BIS paper
As number of assets accepted as collateral by ECB grows, so does the credit risk faced by Europe’s central bank
Russia holds interest rate as indicators stabilise
Russian central bank board of directors say inflation has fallen to 6.4% and economic activity has slowed
Kenya eases policy with 200bp rate cut
Central bank says financial stability has created conditions for monetary policy to be gradually eased; interest rates cut by 5.5 percentage points in two months
Malawi governor questions the cost of controlling inflation
Charles Chuka considers the potential effects of tightening monetary policy to rein in an inflation rate approaching 30%
Riksbank minutes reveal further rate cut rejected
Board members vote to hold interest rate at 1.25% despite two deputies' reservations
National Bank of Denmark criticises independent economic report
Denmark’s central bank says Economic Council report on the Danish economy overestimates the economy’s growth potential
IMF study analyses Asian monetary policy channels
Research published by the IMF examines monetary policy transmission mechanisms in Asia; questions whether interest rates are determined by global factors
Fed holds fire on further easing
Federal Open Market Committee votes to hold federal funds rate and maintain current scale of asset purchases; concerns persist over labour market conditions, raising possibility of further stimulus
Draghi defends OMTs in front of German parliament
ECB president answers questions from Bundestag in a bid to address German fears over effect of outright monetary transactions
Remittance flows transmit global shocks, says IMF paper
Study by IMF says remittance flows act as a transmission channel of global shocks to emerging and developing countries; policy adjustment required
Poland minutes show further monetary policy division
Polish Monetary Policy Council split on decision to hold interest rate at 4.75%; third successive meeting where interest rate cuts are proposed but rejected
Reducing capital inflows has hidden cost, says Chilean governor
Rodrigo Vergara says emerging markets must beware the costs of using unorthodox monetary policy to mitigate spillover capital inflows from advanced economies
Stability the best foil for inequality, says ECB’s Cœuré
ECB executive board member considers the ability of monetary policy to tackle income inequality in Europe, saying stability is key to promote fairness
Further QE discussed in BoE minutes
UK central bank’s Monetary Policy Committee minutes show further quantitative easing debated even though members voted unanimously to keep asset purchasing at current level
Central Bank of Iceland minutes hint at future tightening
Interest rate hold narrowly passed by central bank’s monetary policy committee in October as Iceland appears to shift towards withdrawing accommodative policy in near future