Governance
The myth of independence
The US Federal Reserve stresses independence from government as central to its ability to fulfil its dual mandate. But much of the academic evidence that independent central banks generate better policy outcomes is fundamentally flawed, argues Thomas…
Central Bank of Malta restructuring probably complete
The institution is moving from five directorates to six divisions; latest changes see statistics department partnered with financial stability as overlaps between them increase
SNB able to cut rates further, Jordan says
Thomas Jordan says Switzerland’s central bank could lower its deposit rate further into negative territory or buy foreign currency if necessary; Jean Studer defends governing board size
People: RBNZ’s Bascand takes new role; Lithuanian deputy reappointed
Geoff Bascand becomes head of financial stability; Raimondas Kuodis gets a second term; Bank of Israel promotes two officials
Malaysian deputy wants ‘language of morality’ in finance
Encik Abdul Rasheed Ghaffour suggests transparency can help combat ‘rolling bad apples’ in Malaysian financial industry, but quality of the barrels is most important thing
Bank of Lithuania tailors new website to different audiences
Central bank launches redesigned website with the aim of making it easier to use; includes new sections designed for specific audiences while data presentation received overhaul
Influential UK committee chair Andrew Tyrie to step down
MP says he will not seek re-election, ending a 20-year career in parliament, during which he oversaw major changes to UK financial regulation
New governor appointed at Reserve Bank of Malawi
Former government official takes over from Charles Chuka, who spent five years as governor
BoJ board nominations add to dovish slant
Japan’s government has nominated two economists seen as likely to support further easing, in the place of two frequent dissenters
People: Pakistan and Uzbekistan appoint deputies; Bangladesh Bank names new chief economist
Jameel Ahmad promoted to deputy role at Pakistan central bank; former IMF mission chief appointed as chief economist at Bangladeshi central bank
Belarus gives central bank price stability mandate
Presidential decree follows overture to IMF and protests over economy
People: Interim deputy for Ireland; Turkish MPC member quits
Ireland shuffles top positions as Cyril Roux departs; Turkey’s Aysan is returning to academia; Esma appoints new board members
‘Our independence is under threat’ – Yellen
Fed chair cites two legislative bills that could significantly harm the central bank’s ability to make independent monetary policy decisions; US economy is being allowed to “coast”
Bank Negara Malaysia official offers tough line on corruption
Malaysia’s central bank has a “zero tolerance policy” and will not protect those who choose to cross a line, assistant governor says; institution has “refreshed” ethical framework
BBC claims ‘secret recording’ implicates BoE in Libor scandal
Phone conversation transcript suggests government and Bank of England put pressure on Barclays to lower its Libor submission
PRA and FCA to investigate Barclays’ chief executive
Jes Staley comes under fire for undermining whistleblowing regime after he sought to identify a whistleblower; board to impose “very significant” cut to bonus
Ukraine’s Gontareva to step down
NBU governor says her mission is complete, resigning three years into a seven-year term amid intense pressure
Book notes: Architects of the Euro, edited by Kenneth Dyson and Ivo Maes
This biographical study of the 10 key players in the development of the Economic and Monetary Union provides a contrast to more historical analyses
Fed’s Jeffrey Lacker quits over information leak
Richmond Fed president resigns after admitting he leaked information from the September 2012 FOMC meeting; Lacker failed to report indiscretion on three occasions
RBI’s Patel gets pay rise but remains cheap by G20 standards
RBI governor sees his pay increase somewhat relative to his predecessor, but other G20 governors and even other RBI staff earn substantially more
Ghanaian president nominates economist as governor
Ernest Addison is a lead regional economist at the African Development Bank
Ghanaian governor resigns after one year in office
Recent IMF staff report praises the central bank, but says Ghana faces challenges
People: Russia’s Elvira Nabiullina reappointed; SBV creates fintech group
Governor of the Bank of Russia handed a second term by Vladimir Putin; State Bank of Vietnam creates fintech committee; Haiti appoints fund director
Fed income drops in 2016
Central bank remits less to US Treasury as interest income declines and operating costs rise; passage of "Fast Act" changes remittance process