Financial Stability
Fiscal cuts must precede monetary tightening: IMF
International Monetary Fund notes fiscal consolidation is by far the biggest concern; suggests central banks maintain large balance sheets for time being
Harare will keep multi-currency system till 2012: minister
Economic planning minister says the country will continue using the rand, dollar and pula among others for the time being
Bank of Uganda – Financial Stability Report
Ugandan central bank publishes inaugural report detailing the health of the financial sector and documenting policy moves taken to combat the crisis
Corporate bond activity booming in Singapore: MAS executive director
Monetary Authority of Singapore executive director Kola Luu says the island is considered a gateway to major markets in South and East Asia
When experts fail
Frank Vibert explores the lessons of the crisis for regulators. The key is not to re-politicise markets but to improve the disciplines that regulators follow
Audit the Federal Reserve?
An independent institute for monetary statistics is needed in the United States, says William Barnett. Expanded congressional audit would be a second best alternative.
Deputy: Canada could keep new OMOs post crisis
Bank of Canada’s David Longworth says crisis-fighting operations could stay part of central bank’s toolkit
No new Bretton Woods: Ex-BIS head
Former general manager of Bank for International Settlements says world now too pluralistic
ECCB sued by Stanford investors
Eastern Caribbean Central Bank faces class-action from investors who allege the value of Bank of Antigua, seized by the central bank last year, is rightfully theirs
Switzerland delays new banknote series
Swiss National Bank says move made on back of security concerns
Libya opens doors to foreign banks
Libyan central bank welcomes overseas institutions interested in setting up a subsidiary, says ongoing reforms and strong economic performance offer great prospects for banks
Investors confident in Ireland’s budget cuts: Honohan
Irish central bank governor Patrick Honohan says the proof of investor confidence in the country’s plans for fiscal consolidation is in the interest rates on government paper
Banks not withholding credit: Richmond Fed’s Lacker
Richmond Fed president Jeffrey Lacker says the banking system as a whole was supplying a reasonable amount of credit, adds that despite improvements economy remained weak in the real estate sector and employment
Three things you should know about Chiang Mai
The Chiang Mai initiative has cemented Asian financial stability. Jayant Menon, a principal economist at the Asian Development Bank, highlights three key themes to take from the project
Iceland can afford to repay UK and Holland: MPC member
Icelandic rate-setter says country neither too small nor weak to make Icesave repayments, but criticises “ungenerous” deal given by British and Dutch governments
US real-estate concern goes global
Reserve Bank of Australia assistant governor Guy Debelle says US commercial real estate woes may impose further crippling losses on banks
Governors back greater role for monetary aggregates
Christian Noyer, Glenn Stevens and Duvurri Subbarao say more attention must be paid on monetary aggregates
Norwegian housing finance still underdeveloped: Gjedrem
Norges Bank governor Svein Gjedrem says variable-rate mortgages still account for too large a part of the housing finance market
“We failed the system”: Carney at RBI panel
Governors including Canada’s Mark Carney and India’s Duvvuri Subbarao point to imbalances as root cause of the crisis, but skirt around concerns over the dollar