Central Banks
King says price stability insufficient for economic stability
The governor of the Bank of England discusses the relationship between price and financial stability; says inflation targeting should not be buried yet
Brazil second in world for non-cash payments
World Payments Report reveals Brazil is second only to the US for volume of non-cash payments; use of electronic and mobile payments shows ‘exponential growth’
Fed publishes final rules on stress testing
Stress-test scenarios for bank-holding companies and non-bank financial institutions to be set by Fed; questions raised regarding suitability of tests for determining remedial action
Ethiopia to overhaul payments system
The central bank of Ethiopia plans to introduce a new system to centralise payments and communication in the country within a year; $3.6 million contract awarded to Indian tech company
Albanian governor seeks regional integration
Ardian Fullani says the south-east of Europe is being held back by a lack of integration; proposes a number of areas where coordination could improve competitiveness
Banking industry needs to deliver wider services, says Pakistan deputy
Kazi Abdul Muktadir discusses future inclusion strategies in Pakistan’s banking industry, including banks being forced to open branches in rural and under-served areas if they want to expand
Finland paper investigates how to escape liquidity traps
Bank of Finland study examines whether stimulus or austerity is more effective at avoiding liquidity traps
IMF paper evaluates Latin American interest rates
Research published by the IMF examines if interest rates in Latin American countries are contributing to a stable inflation rate and economic growth
IMF says urgent action required in eurozone
Fund’s Global Financial Stability Report highlights progress with reforms in Europe but warns risks have increased since April; says eurozone policy-makers must act quickly to ensure stability
Egyptian reserves fall by more than 50% to $15bn
Political unrest in Egypt has resulted in the country seeing its foreign exchange reserves tumble by $21 billion. But the situation has stabilised during the past few months
Polish paper says PPP model can predict short-term exchange rates
National Bank of Poland study finds real exchange rates can be forecast more accurately with the half-life PPP model, even in the short term
Iosco calls for tighter regulation of money market funds
Recommendations aimed at reducing systemic risk posed by money market funds; report published despite opposition from the US Securities and Exchange Commission
Bangladesh governor moves to stamp out imbalances
Atiur Rahman says the Bangladesh central bank will act firmly to prevent build-up of banking imbalances; tells bank CEOs to co-operate with new regulations
Adaptability key to stability, says Shirakawa
Bank of Japan governor reviews the main roles of central banks and says adaptability is now crucial to achieving other goals
ECB chief views speed of reform as critical for success
ECB chief Mario Draghi calls for the fast implementation of single supervisory mechanism despite many details remaining unclear; others say reform needs to be more ‘thought out’
IMF says fiscal consolidation still needed
The ability for many governments to eschew austerity in favour of fiscal spending to spur growth is limited; authorities will also struggle to ‘inflate’ their way out of debt, IMF report finds
Risks of a serious global slowdown ‘alarmingly high', says IMF
IMF lowers global growth forecast; says influence of highly accommodative policies by central banks may be diminishing and the probability of an ‘alarming’ scenario for growth stands at 17%
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Riksbank tightens collateral requirements
Swedish central bank moves against trend in Europe by tightening collateral conditions for loans; will offer banks a transitional period to adjust
G-Sibs facing ‘a tall order’ in meeting 2016 data deadline, UK regulator warns
The FSA’s Gerald Sampson says large, complex banks may struggle to meet a 2016 deadline for risk data aggregation and reporting standards
Bermuda Monetary Authority expands regulation team
Bermuda Monetary Authority plans to expand headcount in banking and insurance regulatory departments
Most countries set to miss Basel III deadline
Progress report on Basel III implementation reveals no country has yet adopted final rules; Stefan Ingves says it is clear some jurisdictions will miss January 1 deadline