Financial Stability
Nobel laureate envisages climate change-fighting ‘club’
Green finance will not be enough to halt climate change, says William Nordhaus
Banks and regulators call for global climate risk standards
Carney and Winters warn private sector cannot move much further without lawmakers
Covid-19 bolsters support for greener future – Menon
Managing director takes stock of economic damage but says future will be a sustainable one
Iceland prepares new interbank payment system for launch
Combined netting and high-value settlement system set to go live this week
Canadian opposition says central bank ‘must not become government ATM’
Bank of Canada to end some emergency financing programmes as lawmaker calls more QE “insane”
PBoC sets sights on macro leverage and NPL risks
Yi says Chinese central bank looking at ways to manage outstanding risks as economy bounces back; financial market reform ongoing
UK government could give BoE ‘green’ asset holding remit – official
Government could alter BoE’s asset-holding remit to take account of climate-related risks – Hauser
Fed mulls action on short-term funding markets
Randal Quarles says it is “disappointing” that the Covid-19 crisis carried echoes of 2008
G20 delays decision on poor countries’ debt relief
International efforts have been “unambitious, unco-ordinated and uneven” – prominent economists
Central bank refinancing greatly lowers banking risk – ECB paper
Paper uses data on post-crisis eurozone to calculate effects of refinancing rate on risks facing banks
Banking sector resilience ‘likely to be tested’ – IMF’s Adrian
Fund’s stability report says vulnerabilities are high and rising, creating difficult policy choices
Reforms cut risk-taking by G-Sibs – ECB paper
Researchers say reforms may have at least partly resolved “too big to fail” problem for largest banks
FSB unveils ‘comprehensive plan’ to reform global payments
“Roadmap” for cross-border payments to be considered by G20 leaders this week
Libyan governor warns of economic collapse
Oil blockade is “bullet in the head” to civil-war torn country’s economy, Sadiq al-Kabir says
Turkish central bank tries to tighten policy without hiking rates
Currency continues to slide as data shows central bank’s FX reserves fell by one-sixth in 12 months
Canadian households face ‘crucial’ months – BoC governor
Macklem warns that financial risks to households are likely to rise as loan deferrals end
Carbon tax could help monetary policy – ECB paper
But tax will only improve welfare if alternatives to carbon-based power are available, say researchers
Fed and OCC act against Citigroup
US lender fined $400 million by OCC as regulators cite poor risk management
IMF staff warn ‘exceptional’ demand for funds likely to continue
Executive directors agree to extend debt relief and higher borrowing limits, but further support relies on political backing
BoE may update resilience guidance, post-Covid
Granular targets on minimum service provision after outages could be revisited, adviser suggests
IEO calls for IMF to rethink house view on capital controls
Independent review says 2012 reform was helpful but still suffers from shortcomings
Global fraud framework needed as digital transactions rise – report
Covid-19 has forced consumers to trust new payment methods, but it could come at a cost
US Treasury imposes sanctions on Syrian central bank chief
Governor Karfoul used extortion tactics to help Assad regime, alleges US Treasury
Beyond climate: addressing the ‘E’ in ESG
Environmental degradation raises fundamental questions about how central banks think about risk; efforts to expand focus beyond climate risks now under way