Recession

Fed's Hoenig: regulatory reform can wait

The re-establishment and proper enforcement of rules that have proven effective over time will do more to enhance regulation than a major revamp of the regulatory code, said Thomas Hoenig, the president of the Kansas City Federal Reserve.

Banking crises bring longer downturns

Financial turmoil characterised by banking distress is more likely to result in severe and protracted downturns than crises caused by volatility in securities or foreign exchange markets, new research from the International Monetary Fund posits.

Norway cuts to a record low

Norges Bank on Wednesday cut its key rate by half a point to an all-time low of 1.5% on signs that the global recession was having an adverse impact on the domestic economy.

World economy in deep recession: IMF

The global economy will contract by 1.3% in 2009, the International Monetary Fund (IMF) has said, even with determined efforts by governments to restore national financial sectors to health.

More easing needed in New Zealand: OECD

The Reserve Bank of New Zealand should cut its policy rate by a further percentage point to 2% in order to stimulate the domestic economy, said the Organisation for Economic Cooperation and Development (OECD) on Thursday. The views contrast with those…

Morgan Stanley economist new MPC member

Alistair Darling, the chancellor of the exchequer, announced on Thursday that David Miles will replace David Blanchflower as an external member of the Bank of England's Monetary Policy Committee (MPC) on 1 June.

Basel II procyclical: Norges Bank

Basel II introduces an additional source of procyclicality into the banking sector, a new paper from Norges Bank finds.

Bank of England's January minutes

The minutes from the January meeting of the Bank of England's Monetary Policy Committee show most members judged cutting bank rate by 50 basis points would provide a significant stimulus to the economy.

Eurozone in recession

The eurozone is in recession following the release of official statistics on Friday that showed that its economy contracted for the second quarter in a row.

EU says eurozone in recession

A European Central Bank (ECB) rate cut on Thursday - already a strong possibility - now looks a near certainty after the European Commission said the eurozone was likely in recession and predicted the economy would stagnate in the coming years.

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