Central Banks
Canadian deputy fears ‘ugly’ outlook for global economy
Bank of Canada’s John Murray says policy slippages are endangering global recovery; hits out at surplus countries and says world is trapped in a ‘bad’ scenario
Estonian governor supports fast fiscal reform
Ardo Hansson discusses the merits of speedy reforms and budget balancing but warns mistakes can be made
ECB’s Cœuré wants structural co-ordination
Executive board member appeals for the cohesive implementation of Volcker, Vickers and Liikanen proposals
Fed paper examines commodity price correlation
Study find lower interest rates capable of smoothing price divergences
Korea paper considers spillover effects of currency hedging
Study considers the impact of creating an Exchange Stabilization Corporation designed to prevent short-term currency liabilities accumulating in hedging process
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December
Kenyan coin shortage is a public misperception, says central bank
Central Bank of Kenya says “perceived shortage” can be eradicated if members of the public raid their piggy banks
ECB’s Constâncio advocates sovereignty transfer
The vice-president says some aspects of decision-making should be moved from a national to a European level
King grilled over £37bn grabbed by UK Treasury
Treasury Committee takes Mervyn King to task over 'profits' from quantitative easing claimed by UK Treasury; BoE officials insist bank’s independence is not under threat
Eurogroup agrees on Greek aid package
Eurozone countries agree on measures to boost Greek debt sustainability alongside a €43.7 billion ($56.5 billion) disbursement from the European Financial Stability Facility
Zeti promotes Islamic finance expansion
Says the industry’s rapid growth is dependent on its ability to serve the real economy
Ireland’s Elderfield sees tension between micro and macro objectives
Deputy governor of the Central Bank of Ireland says micro-prudential emphasis on ‘more and faster’ capital requirements could fuel pro-cyclicality and harm debt sustainability
Czech paper evaluates monetary policy lags
Finds greater financial development is correlated with the slower transmission of monetary policy
Norges Bank urges banks to continue accumulating capital
Financial stability report says although financial market conditions have improved, banks should strengthen their capital positions; supports supplementary capital requirements for Norwegian banks
Robert Pringle’s Viewpoint: Changing of the guard at the Bank of England
Mark Carney's nomination as governor of the Bank of England will be viewed as punishment for the central bank’s staff failing to avert the financial crisis. But Carney also has many strong qualities
Carney gets Bank of England top job
Mark Carney, currently governor of the Bank of Canada, will take over from Mervyn King to run the UK central bank in June 2013, despite earlier appearing to deny interest in role
Bank Indonesia chief says economy strong despite signs of bubbles
Darmin Nasution says Indonesian growth rate ‘one of the highest in the world’, although signs of a property bubble may be emerging
Korea to start mandatory clearing in October 2013
Legislative hold-up means Korea OTC derivatives clearing will be delayed
Shirakawa deflects criticism over off-target inflation
BoJ chief says Japan needs stronger growth potential for effect of loose monetary policy to feed through fully; urges government to take action
Stronger governance recommended for Hibor
Review of Hong Kong interbank offered rate finds no abuse in fixing process, but new code of conduct put forward to fortify governance
Mongolian governor defends free capital accounts
Mongolia’s Naidansuren Zoljargal says financial contagion should be contained without abandoning the liberalisation of capital accounts