Financial Stability
BIS must fix data gaps: Bank paper
Bank of England paper identifies specific information gaps in cross-border banking statistics published by Bank for International Settlements; improvements thought to be under way
Norway’s Gulbrandsen: benefits of regulation outweigh costs
Norges Bank’s executive director of financial stability Kristin Gulbrandsen says tight regulation would have net social benefit
US to launch financial stability council next week
Financial Stability Oversight Council to hold first meeting on 1 October
Bank of Russia wants to scrap kopek coin
Russian central bank proposes that one and five kopek coins be abolished due to high metal prices and low demand
BIS’s Caruana lauds Basel III
Bank for International Settlements general manager Jaime Caruana spells out importance of Basel III capital reforms
Price stability must remain top priority: SNB’s Jordan
Swiss National Bank’s Thomas Jordan flags difficulties in using monetary policy to counter financial imbalances
Bank’s Bailey places public at heart of stability remit
Bank of England’s Andrew Bailey says public acceptance of stability goal necessary to stave off future crises
Analysts applaud passage of ESRB, fret over practical concerns
Commentators praise the concept of a continent-wide systemic risk supervisor but say politics and lack of policy clarity could thwart good intentions
Riksbank's Svensson says monetary policy had no role in crisis
Riksbank deputy governor Lars Svensson denies monetary policy was responsible for the financial crisis
Japan: not a bad record
In the final article of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted Japan’s global outlook
EMEs deserve bigger role in reform debate: DIFC, CIC officials
Dubai International Financial Centre's Nasser Saidi and China Investment Corporation's Jin Liqun say emerging markets' prominence set to endure, mandating bigger voice in regulatory reform process
EU bailout vehicle nets top credit rating
European Financial Stability Facility secures triple A rating
More than half of Hong Kong banknotes held outside territory
Hong Kong Monetary Authority research cites increased integration with mainland and popularity of Macao as factors
UK Treasury tables insolvency plans for investment banks
Treasury says Lehman Brothers’ failure showed strong case for introducing special administration regime for investment banks
Weber on growth prospects after the crisis
Bundesbank president stresses financial stability has to and will be reinforced
Ghana’s Amissah-Arthur on a step to modernise payments
Governor of the Bank of Ghana says Central Securities Depository will become central bank subsidiary in order to modernise payments
Shirakawa rights wrongs of ‘lost decade’
Bank of Japan governor challenges barbs over economy’s, and central bank’s, performance over recent decades; calls for “deeper understanding” of liquidity and counterparty risk
IMF’s Lipsky: G20 Seoul Summit “the first test”
Formation of a Comprehensive Action Plan true measure of whether lessons of crisis have been learned
Central banks must work with stakeholders to improve repo clearing and settlement: BIS body
Committee on Payment and Settlement Systems identifies seven key problems in repo markets; says central banks, regulators and stakeholders must join forces to hammer out solutions
Strauss-Kahn calls for European fiscal federation
IMF managing director Dominique Strauss-Kahn proposes creation of European fiscal authority similar to ECB to oversee fiscal policy
Goodhart attacks new European supervisory structure
Academic labels three new watchdogs “a waste and a mistake”; former financial secretary Lord Myners scornful of Basel III
Contingent capital will keep markets on their toes: Canada’s Carney
Bank of Canada governor Mark Carney says a broad bail-in approach presents a promising means to rein in moral hazard; says Basel III will benefit competition
IMF’s Strauss-Kahn: unemployment bears grave social costs
IMF managing director Dominique Strauss-Kahn says failure to tackle unemployment could lead to lost generation
BoJ's Nishimura says subprime crisis mirrored Japan’s 80’s housing bust
Bank of Japan deputy governor Kiyohiko Nishimura discusses commonalities between Japan’s recession in 1980 and United States subprime mortgage crisis