Financial Stability
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
Argentina strikes deal to restructure $65bn debt
Next step could be a return to programme negotiations with the IMF
Claudia Buch: ‘We need higher transparency’ on resolution
Bundesbank vice-president discusses progress towards ending ‘too big to fail’, evidence of fragmentation and how to fill information gaps
BIS’s Restoy: Covid-19 blurs lines between policy instruments
Prudential policies have taken on an explicit economic stabilisation role for the first time, official says
ECB says pandemic measures have been effective
Response to Covid-19 pandemic lowered bond yields and may have stopped financial panic
CLS proposes second-tier FX settlement system
Stripped-back system for EM currencies mooted to tackle rising settlement risk
Flight to safety was not enough to fund credit line draws – Fed research
Many banks had to turn to non-deposit forms of borrowing, researchers find
South Africa must reform in return for $4.3 billion aid – IMF
Government must protect smaller banks and outline reform package by October, IMF says
Enria announces major change to ECB banking supervisor
SSM will have two new departments, and focus on banks’ business models, says Enria
‘E-money’ is boosting financial inclusion in Philippines – deputy governor
“E-money” system has driven rise in citizens with bank accounts, BSP says
BoE awards Accenture RTGS overhaul contract
Consultancy firm wins contract worth up to £150 million for payments system upgrade
UN says rival Libyan central banks will be audited
Central bank is depository for civil war-torn country’s vital oil earnings
ECB extends eurozone banks’ dividend payment pause
Enria says banks face “radical uncertainty” over pandemic’s economic impact
FCA presents new design for financial services register
UK regulator says website aims to boost consumer protection and make key data easier to find
IMF needs new tool to deal with pandemic – former officials
Current programmes place too much emphasis on adjustment, two ex-officials argue
UK’s tough legacy fix spells trouble for US Libor transition
FCA will have little control over how synthetic Libor rates are used in other jurisdictions
Female workers badly hit by pandemic job losses – IMF economist
Lower-paid workers hit hardest both by 2008 recession and slump caused by pandemic
IMF lifts limits on financial support facilities
Decision provoked debate among board members on whether fund should be taking additional risk
FSB study finds quantifying climate risks is still a challenge
Stocktake finds many jurisdictions integrating climate risks into their frameworks, but progress varies
BIS’s Borio says policy buffers should be repaired as soon as possible
Economist highlights three long-term challenges to tackle post-coronavirus
Kenya’s central bank looks to regulate digital lenders
Legislation before government could help central bank control high lending rates on digital products
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin