Articles by Central Banking Newsdesk
Draghi defends ECB’s voting opacity
While extolling the virtues of central bank transparency, the ECB governor says not publishing a voting record allows members to support the overall decision despite privately disagreeing
Hellwig warns against expanding financial stability mandate too far
Martin Hellwig presents his thoughts on how to strike a balance between the macroeconomic and financial stability objectives of monetary policy
Romer and Romer find financial crisis impact ‘not large’
NBER working paper constructs new series on financial distress in advanced economies to better capture degrees of financial crisis; finds output declines are ‘moderate and largely temporary’
Riksbank sees payments challenges ahead
Annual report notes growing interest in digital forms of payment is leading to declining income from seigniorage; new banknote series to enter circulation in 2015
Fischer looks to strengthen non-bank solvency and liquidity
Fed vice-chair says key issues for promoting non-bank sector stability are solvency and liquidity, and suggests policies that could be used to strengthen these areas
BIS committee urges central banks to consider collateral policies ahead of time
Central banks should be aware of the effects of their policies on collateral markets, and use this knowledge to prepare in advance for crises, CGFS report finds
Former ECB banknotes director describes 'arduous path' to Europa launch
Antti Heinonen details the challenges and occasional mishaps in delivering a ‘quantum leap’ in eurozone banknote designs, with the latest new note to be issued later this year
Nouy sets out SSM priorities for 2015
Supervisory board chair Danièle Nouy reveals focus on profitability drivers of largest banks in eurozone, as well as their risk appetite and governance; first annual report published
Riksbank’s new approach to nowcasting reviewed
Article in Economic Review evaluates the forecasting performance of a dynamic factor model adopted by Sweden's central bank, finding it a useful addition to its suite of tools
Olsen: Norway needs lower labour costs
Norges Bank governor Øystein Olsen argues labour costs must be brought into line with those of Norway’s trading partners to support a rebalancing of the economy away from oil
BoE and ECB strike deal on CCP cooperation
Central banks agree to information exchange and provision of cross-border liquidity in a crisis as the UK government drops two outstanding cases against the ECB
Yellen sees potential benefits in ‘tight’ labour market
Fed chair Janet Yellen says allowing unemployment to fall below its longer-run level for a short time could help return inflation to target quicker and boost productivity
SNB’s Zurbrügg: negative rates having ‘desired effect’
Governing board member says negative interest rates are influencing the money and capital markets as intended, noting the exchange rate has also started to normalise since the January decision
BoE stress tests to gauge deflation impact
Stress-test scenario revamped for 2015 to take account of the effects of falling prices on the banking system, while adding a leverage ratio threshold and greater focus on global risks
Counterfeiting rate ‘extremely low’ for Canadian polymer notes
Bank of Canada’s polymer series now comprises 75% of the banknotes in circulation, and is subject to a counterfeiting rate of just 0.56 parts per million
Central Bank of Iceland hails successful year
Annual report for 2014 shows inflation fell, central bank introduced prudential measures in preparation for capital account liberalisation, and profits returned to positive figures
Haldane studies finance through lens of ‘complexity theory’
BoE chief economist sets out thesis in favour of viewing finance as a layered ‘system of systems’, with implications for the way risks are identified and managed
Risks in commercial property have fallen, RBNZ research finds
Article in latest RBNZ bulletin finds less leverage is being used to fund new purchases and developments, while market is showing signs of a ‘robust’ recovery
South African MPC member named deputy governor
Adviser to governor and MPC member Kuben Naidoo will assume post on April 1; central bank kept benchmark rate unchanged yesterday despite ‘deterioration’ in inflation outlook
Fischer sets sights on shadow banks
Fed vice-chair says US regulators must do more to regulate non-banks, including improvements to wholesale funding, better data and regulation that evolves at the same pace as the industry
UK’s Tyrie says ‘wider problems’ need fixing at FCA
Damning report by UK’s Treasury Committee says financial watchdog must do more to correct failures brought to light during a communications debacle in March 2014
FSB adds new emerging market members
Five new institutions join Financial Stability Board as part of efforts to improve emerging market representation; Glenn Stevens takes over as standing committee chair from Agustín Carstens
NY Fed wants ‘enhanced communication’ around cyber threats
Sarah Dahlgren says the New York Fed is interested in learning from breaches in security elsewhere and using the intelligence to ‘get ahead of the game’
Poloz: volatility not a reflection of central bank credibility
Canadian governor – greater volatility is a ‘natural reaction’ to central banks gearing up to normalise monetary policy; highlights cost of using forward guidance