Accountability
Book notes: Unelected power, by Paul Tucker
Tucker’s well-argued text sets out a set of principles for those in unelected positions of power to ensure they continue to act for the benefit of the general public, but Reddell says it is a shame more attention is not paid to smaller central banks
Bank of England should have ‘green’ mandate – report
Activist group says BoE should be given explicit mandate which would see climate sustainability on par with price stability
UK regulators fine Barclays chief for whistleblowing failure
PRA and FCA say Jes Staley undermined protections for whistleblowers; bank expected to implement stronger controls
Issing sees ‘uncertain future’ for central bank independence
The eurozone architect warns central banks that overreach open themselves to political attack
Book notes: A diary of the euro crisis in Cyprus
Panicos Demetriades’ book tells the inside story of the Cypriot crisis and how battles over central bank independence led ultimately to his resignation
Bank of Mongolia gains greater independence under new law
Central bank had complained government and politically connected businessmen were too quick to dip into its funds
Populism challenges central banking independence, Bruegel says
Brussels-based think-tank gathers various works on the matter; overdue debates on inflation targeting could open
Fed’s Dudley says Puerto Rico must ‘start from scratch’
Territory must face up to “painful” decisions to tackle debt and infrastructure problems
Sarb triumphs over public protector in latest ruling
Mkhwebane ordered to pay opponents’ legal costs as judge rules investigation was “unacceptable”; Absa Bank vindicated in latest ruling
Experts’ panel appointed for RBNZ mandate review
A panel of three external experts will provide a report to the Minister of Finance; group will hold its first meeting later this month
Sarb rejects postponement calls from public prosecutor
Central bank does not accept Mkhwebane’s latest court request; claims her reasoning is false and “overly exaggerated”
SNB’s Jordan defends central bank independence
In contrast to monetary policy, macro-prudential should also be shaped by government
Doubts emerge over RBNZ mandate plans
Acting governor Spencer says a dual mandate would have little impact, but expresses concern over a committee structure; former RBNZ economists weigh in
Banks will continue to gamble with public money, says Gordon Brown
Former UK prime minster says lax punishment of banks has left risky culture intact; “inevitable” rogue bankers will continue to gamble with public money
Updated: Public prosecutor calls for conditional prison sentence for Tromp
Emsley Tromp was dismissed from the Central Bank of Curaçao and St Maarten in September following investigation
Legal independence ‘not 100% insurance’, warns Posen
Academic says central banks have to look at the political context when policymaking, while senior figures say it is the responsibility of central banks to speak out
Book notes: The Myth of Independence, by Sarah Binder and Mark Spindel
Politicians would do well to heed the authors’ lessons, but their economic analysis could be stronger, writes Niels Bünemann
Court dismisses ‘irrational’ Sarb mandate challenge
Judge finds South African public protector’s attempt to change the Sarb’s mandate was illegal, irrational and unfair
Book notes: The Spider Network, by David Enrich
A thrilling exploration of how currency trader Tom Hayes and confederates managed to corrupt the UK banking system in what has become one of the largest financial scandals in history
BoE to appoint ‘conflicts officer’ following review
Compliance review revealed there was a lack of understanding around reporting conflicts of interest; under new framework senior officials will have to report annually
Fed would remove Wells Fargo board if ‘appropriate’, says Yellen
Fed chair asked why stricter penalties had not been imposed after bank opened millions of fake accounts; senator Warren says current system has created “bullet proof” executives
Sarb monetary policy committee does not suffer from ‘groupthink’ – Kganyago
Sarb governor says there are often disagreements when it comes to policy decisions; central banks have now become “masters of communication”
More regulation ‘may not fix problematic conduct’, says Sarb’s Mminele
Deputy governor appeals to the entire financial market to challenge and realign current culture; “fundamental shift” needed in order to rebuild “trust deficit”
Deutsche Bank fined further $41 million by Fed
US central bank finds fault with banking giant’s AML function, months after UK regulators imposed similar fines; Deutsche has two months to submit reform plans