Sovereign debt
BoE paper tests bond market ‘liquidity resilience’
Study of gilt futures draws on novel dataset to assess stability risks
Banque de France paper analyses sovereign debt crisis
High NPL and sovereign debt holdings affected banks’ interbank funding access, paper finds
Switzerland’s Jordan on extraordinary monetary policy and sovereign money
The Swiss National Bank governor speaks about currency intervention, negative rates, sovereign money and the diversification of reserves
Viability of debt issuance could be hit as QE ends – Bank of Canada paper
QE played important role in funding treasury debt issuance, researchers say
IMF urges European authorities to complete banking union
Fund backs ECB’s accommodative stance; rates should remain low after QE ends in December
NPLs hindered financing for eurozone banks - Boston Fed paper
But Draghi’s August 2012 speech eased problems caused by sovereign debt holdings - researchers
Danish governor reflects on central bank’s legacy at 200th anniversary
Fixed exchange rate adopted in 1982 was a turning point, Rohde says
Central banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say delegates attending Nalm Americas
Oil exporters present higher risk of default, researcher says
Researcher says 27 out of 35 oil-exporting countries defaulted on their debt between 1979 and 2010
Central bank data shows Venezuela is in ‘stealth default’
Debt repayments have rapidly decreased since October 2017, data shows; reports suggest Goldman Sachs has been paid
Money market revamp would help transmit policy in Iran – IMF
Central bank currently struggles to conduct open-market operations; new policy framework would aid transmission and deepen markets, fund says
Lagarde proposes new European fiscal fund
The mechanism would reduce reliance on monetary policy to respond to future crises
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
Sovereign debt more ‘enforceable’ – ECB paper
Results show creditors have used courts to “pressure” foreign governments, resulting in restricted access to capital markets
Ireland withdraws Lane’s nomination for ECB vice president
Spain’s de Guindos likely to take up role, but Irish may suggest Lane for the chief economist post
People: Tunisian governor resigns; EFSF appoints chairman
Governor Ayari quits after Tunisian prime minister initiated the process to replace him; EFSF picks new chairman; European Commission proposes new chief for Systemic Risk Board
A dangerous unknown: interest rate risk in the financial system
Urgent action is needed to tackle the little-understood build-up of interest rate risk in the global financial system; macro-pru tools still inadequate to tackle the issue
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions
RBI’s Acharya tells banks to deal with interest rate risk
Indian banks are vulnerable to changes in yields and have relied on regulatory forbearance for too long, deputy says
German savings banks may buy debt to gain political favour, ECB paper says
Research warns this behaviour increases interdependence between banks and governments
Fed economists tackle question of optimal balance sheet size
Cutting balance sheet would significantly reduce interest rate risk, economists find, as Fed acknowledges lower profits due to interest payments
Mario Draghi confirms Basel III is complete
Governors and heads of supervision grant final approval to the amended Basel III framework, but the parties fail to agree on sovereign asset treatment
Portuguese finance minister named new head of Eurogroup
ESM manager praises Mário Centeno as a “passionate economist”
Stronger growth improves financial conditions in Europe – ECB review
Manufacturing activity and consumer sentiment bolsters growth across the region