Financial Stability
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
Canada’s Carney pushes for change in global monetary order
Bank of Canada governor warns international monetary system “an increasingly unstable hybrid of fixed and floating regimes”; cites role of G20 as premier forum for economic cooperation
Growth in European cashless payments subsides
European Central Bank payments statistics shows amount of non-cash payments increased but at a slower rate than in previous eight years
Bank of Israel: Currency Department Annual Review (2009)
Bank of Israel currency department’s report for 2009 reviews new cash payments system policy
Trichet warns Romania of complacency
European Central Bank president Jean-Claude Trichet advises Romania to actively tackle deficit at event marking central bank’s 130th anniversary
India’s Chakrabarty demands technological improvement in banking services
Reserve Bank of India deputy governor Kamalesh Chandra Chakrabarty says country needs to update banking infrastructure to maintain current growth levels
ECB’s Bini Smaghi calls for more studies into sovereign risk
European Central Bank executive board member Lorenzo Bini Smaghi calls for more research into how markets react
IMF on why bad news increases volatility, decreases leverage
IMF research attempts to explain why bad news is often associated with higher future volatility
France’s Redouin favours central banks’ new dual role
Banque de France first deputy governor Jean-Paul Redouin says having financial stability and monetary policy under one roof will strengthen surveillance of financial sector
Dublin to split troubled lender
Anglo Irish to be split after more than a year-and-a-half of state ownership
RBI’s Thorat: formalise payments to promote inclusive growth
Reserve Bank of India deputy Usha Thorat says payments developments offer “unique opportunity”
The Italian lira: 1896-1997
Bank of Italy publishes information on pre-euro currency
International bodies fulfil G20 recommendation on information gaps
European Central Bank, Bank for International Settlements and IMF publish second part of Securities Statistics Handbook to address information gaps
EXCLUSIVE: Don’t rely on near-zero rates, says Rajan
Former IMF chief economist Raghuram Rajan warns the Federal Reserve has no quick fixes to solve United States’ economic ills but says Bernanke right man for the job
De La Rue says staff falsified banknote tests
Banknote printer says investigation into printing irregularities has revealed staff at Hampshire plant deliberately falsified paper specification tests
Israel's Fischer: economy experienced recession not depression
Bank of Israel governor Stanley Fischer says country survived the recession due to strength of economy at onset of crisis
ECB’s Bini Smaghi: contagion must be contained through rules-based approach
European Central Bank member Lorenzo Bini Smaghi says countries should stop paying lip service and instead adopt a rules-based approach to stopping contagion
Banks upped exposure to troubled eurozone states in first quarter: BIS
Bank for International Settlements says first quarter figures show exposure to Portugal, Greece and Spain grew, in spite of default worries
Afghanistan’s Fitrat says Kabul Bank no longer in danger: reports
Bank of Afghanistan governor Abdul Qadeer Fitrat claims beleaguered Kabul Bank is out of danger, despite continued run on bank, reports say