Financial Stability
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 turns attention to contagion from emerging markets
UK banks’ exposure to emerging markets is a cause for concern and will be integrated into 2015 stress test scenario, BoE says in financial stability report
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’
Bank of England launches redesigned financial stability report
Central bank aims to convey a clearer picture of the risks facing the UK economy with a shorter, clearer and less repetitious financial stability report
Non-financials may be caught by shadow bank rules
Banks warn of 'massive' impact from European Banking Authority proposals, which would limit credit lines
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
Korea introduces RMB discount window
Bank of Korea to launch emergency liquidity facility offering Chinese currency as part of broader infrastructure push aimed at bolstering Seoul's role as RMB hub
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
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’
BIS calls for new paradigm in economic policy
Annual report argues broken international monetary system and low productivity reflects failure to ‘come to grips’ with how financial and real economies interact, domestically and globally
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
Philippines central bank to implement Basel III liquidity rules
Central bank governor Amando Tetangco says local banks ready for the new rules
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
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Zeti urges central banks to ‘call the shots' on financial regulation
Bank Negara Malaysia governor makes the case for giving central banks regulatory powers over financial markets during Central Banking interview
US rules on foreign banks criticised by SRB’s König
Elke König, head of the eurozone's bank resolution authority, says US requirements for foreign banks to have a local holding company run counter to the single point-of-entry approach to resolution
Fischer: more research needed on stress testing
Fed vice-chair sees room for improvement in the design of stress testing; NY Fed’s McAndrews fleshes out possible research agenda
Radical rethink of central banking is still possible
Bank of Canada governor Stephen Poloz's call for central banking to be "reinvented" is a timely reminder that others need to heed
Greece closer to default as creditors throw out latest proposals
Leaked copy of counterproposal by Greece’s creditors complete with red-inked changes shows agreement as far away as ever, with less than a week until major IMF repayment
German life insurers vulnerable to interest rate shock, research warns
Discussion paper finds life insurers could have experienced a policyholder run in 2013 if interest rates had risen 2.1 percentage points; says QE might make it hard for insurers to protect themselves
Central Bank of Nigeria excludes importers from FX markets
Latest bid to relieve pressure on the naira sees wide range of importers and those looking to invest in foreign currency bonds and equities banned from making foreign exchange transactions
Central Bank of the Philippines receives international remittances award
Filipino central bank secures award by World Bank, European Commission and the United Nations for its efforts to broaden and deepen the country's financial markets