Sovereign debt
IMF paper assesses eurobond proposals
Working paper considers five proposed methods of common debt issuance in Europe; argues there must be a “fundamental discussion” to avoid unintended consequences
Israel’s Fischer calls for government to cut deficit
Stanley Fischer says Israeli government must cut its budget deficit to prepare for possible economic shocks from Europe; argues government should aim for deficit of 2.5% of GDP
ECB’s Asmussen attacks delays to Greek reforms
Jörg Asmussen says Greek government must get reform programme 'back on track'; blasts "reluctance" to implement necessary reforms
IMF paper studies debt sustainability in low-income countries
Working paper considers effect of financial crisis on debt sustainability in low-income countries; finds short-term impact but a return to sustainable levels in the longer run
Ireland’s Honohan highlights advantages of ‘more Europe’
Patrick Honohan discusses challenges of restoring market confidence in the eurozone; says Ireland has ‘quite a lot to gain’ from further integration with Europe
IMF paper studies emerging market debt restructuring
Policy paper reviews causes and consequences of emerging market sovereign debt restructurings; identifies certain elements that can make process less painful
Malta quarterly review presents mixed outlook
Quarterly review reports weak but improving economic activity; calls for government action to reduce debt and pursue structural reforms
Central Bank of Cyprus supports bailout request
Central bank recognises need for European help to recapitalise Cypriot banks; commits to supporting efforts to finalise the bailout
IMF paper studies fiscal impact of ageing population
Working paper analyses the effect of ageing populations on 'fiscal space' in G-7 countries; finds a greater impact on countries with larger governments
BIS calls for European banking union and urgent fiscal reform in developed nations
Urgent fiscal reform and genuine efforts to create a banking union in Europe are vital to breaking the viscous linkage between banking and sovereign stress, says BIS
Fed paper examines balanced budget rules
Working paper considers whether balanced budget rules affect spending at different levels of government; finds rules impose discipline on the states but have little impact on federal spending
IMF paper assesses effect of transparency on credit ratings
Working paper studies relationship between fiscal transparency and sovereign credit ratings; finds that greater clarity improves a country’s rating
Dallara to leave IIF after 19 years
Charles Dallara will leave the IIF in the "coming months" after 19 years as managing director; search for a replacement is on-going
Malta governor reflects on turbulent eurozone
The governor of the Central Bank of Malta speaks on economic challenges in the eurozone; focuses on improving regulation and competitiveness to promote long-run growth
IMF paper analyses situation in Togo
Researchers evaluate public investment surges, growth and debt sustainability in Togo; find very large increase in public investment would have positive macroeconomic effects in the long-run
Designing a new global financial architecture
Developing a financial architecture for the future requires substantial thought about international capital flows and the role of institutional investors. By Bernd Braasch
HKMA strikes a cautious note on territory’s banking sector
Hong Kong Monetary Authority concerned about continued credit expansion in the territory and contagion risk from the European sovereign debt crisis
Renminbi could be adopted into SDR by 2015, says CentralBanking.com panellist
Latest Central Banking On Air debate asks if reserve mangers should invest more in emerging markets; panellists believe renminbi will be adopted as part of SDR with just the timescale in question
IMF warns of 'full-blown panic' eurozone break-up would cause
Latest IMF World Economic Outlook discusses possibility of a break-up of the eurozone; says disorderly exit of one member country would have untold knock-on effects
Reserve managers cling to the dollar but shun the euro, CBP survey finds
Central banks have reduced their euro reserve holdings and looked to diversify into non-traditional currencies due to ongoing eurozone tumult finds annual Central Banking Publications survey
Korean government issuers unlikely to benefit if sovereign is upgraded – Moody's
Government-related issuers not likely to be upgraded alongside Korean sovereign as rating agencies place more weight on underlying credit fundamentals
Diverging views on US debt stimulate debate at NALM 2012
A difference of views emerged about the relative risks of US sovereign debt compared with alternatives during a panel discussion at NALM 2012 symposium on risk approaches in a post-crisis world
Interbank market ‘almost dead’ in Europe, says Banque de France’s Mongars
ECB operations are critical for European bank funding as the interbank market is all but broken, says NALM panellist
Nigeria needs more reserves and better inflation controls, says Fitch
Nigeria will need to further increase the size of its foreign exchange reserves and keep inflation in closer check if it wants to secure investment-grade status by 2020, says Fitch