Articles by Central Banking Newsdesk
Bank of Mexico moves policy decisions after Fed meetings
Mexican central bank delays remaining policy decisions so they fall a few days after FOMC announcements; wants to be able to react to rate hike ‘in a timely manner’
IMF paper finds leaning against the wind can work, but it is not optimal
Researchers conclude monetary policy can be used to reduce systemic risks if other, more targeted policy options are unavailable, but macro-prudential policy produces better outcomes
Greek PM offers concessions but backs referendum
Leaked letter suggests Alex Tsipras is willing to accept many of the latest proposals in exchange for a new bailout programme; European leaders awaiting outcome of July 5 referendum
BoE’s Weale outlines idea of one man, one hundred votes
Giving each MPC member 100 votes to cast would allow them to indicate much more nuanced positions and could make for better policy, Martin Weale says
NY Fed’s Dudley looks to boost CCP resilience
Federal Reserve Bank of New York president praises progress in extending global regulatory regime to central counterparties but calls for more work on their ‘recovery and resilience’
Research calls on Fed to replace ‘dot plot’
Working paper published by the IMF suggests publishing a baseline forecast compiled by staff and 'endorsed' by the FOMC as a replacement for individual and anonymous projections
Bank of Korea annual report sheds light on organisational shake-up
Central bank expanded research functions, improved communications, and established a ‘task force’ to examine the effectiveness of internal management in 2014
Haldane blames ‘dread risk’ for ultra-low rates
Exaggerated fear of catastrophic but rare events may be a factor behind stubbornly low interest rates, Bank of England chief economist says
Glenn Stevens sees limits to central bank communication
Reserve Bank of Australia governor argues central banks cannot communicate its response to ‘all possible future states of the world’ and the audience is only after a ‘simple story’ anyway
Eurogroup calls emergency conference as Greece turns to ESM for help
Greece asks for two-year bailout programme from European Stability Mechanism, triggering yet another emergency Eurogroup meeting; ECB’s Cœuré admits exit from the euro is now possible
New Zealand SWF hires BMO to aid ethical push
The NZ Super Fund appoints BMO Global Asset Management to help 'global engagement programme' aimed at improving standards at the companies it owns
ESRB open to revising macro-prudential intermediate objectives
European Systemic Risk Board sees scope for ‘sharpening’ some of the existing five objectives, while potentially adding others, in review of EU policy
Canadian deputy sees scope for deeper integration with US
Lawrence Schembri suggests bilateral agreement between the neighbouring countries on the resolution of banks with cross-border operations
IMF paper weighs impact of low rates on instability
Working paper suggests the ineffective regulatory framework in the US was more to blame for the occurrence and severity of the crisis than low interest rates
MAS committing over $150m to help foster innovation
Ravi Menon reveals plans to help create a ‘vibrant ecosystem for innovation’ including the provision of funds to help lure banks into basing their R&D centres in the country
Juncker tells Greece to vote ‘yes’ in referendum
European Commission head Jean-Claude Juncker calls on Greeks to vote in favour of latest proposals, urging them not to ‘commit suicide because one is afraid of death’
ECB research flags signs of Spanish decoupling
Recent recessions appear to have caused Spain’s economy to diverge from those of other major eurozone countries, working paper warns
Carney says regulations may have gone too far
It is time to ‘take stock’ of financial regulations to ensure they are not imposing unintended consequences, Bank of England governor says
Fed’s Powell lays out payments reform priorities
Jerome Powell highlights four areas in which US payments need to improve as work begins to upgrade the economy’s payment systems
IMF paper offers advice on transition to inflation-targeting regimes
Guide to switching monetary policy regime recommends gradual approach to ‘buy time’ for central bank adaptation
RBNZ to cut costs despite need to implement major new projects
Central bank plans to cut costs and use resources more effectively following tighter funding deal; strategy includes payment systems upgrade, new banknote series and first stress tests
ECB’s Constâncio calls for eurozone to cut back on debt
ECB vice-president says deleveraging has proceeded slowly so far due to growth concerns; emphasises debt reduction ought to be done using diverse measures, but says primary surpluses are key
BoJ paper sees signs of structural shift in pricing behaviour
Study finds rising exchange rate pass-through is in large part the result of a change in firms’ pricing behaviour, although why behaviour has changed remains unclear
San Francisco Fed research examines easing impact of Swiss reserves expansion
SNB asset purchases focused on short maturities still pushed down longer maturity yields, researchers find, which they say holds lessons for eurozone QE