Central Banks
Bank of Greece sets out drastic cost-cutting measures
Greek central bank governor sends letter to ECB explaining steps taken to reduce operating costs and wages at the institution; includes cumulative 50% pay cut for top officials
BoJ expands asset purchase programme
Japanese policy board votes to increase purchases of government bonds and treasury bills; Bank of Mauritius governor highlights risk to central bank reserves from further asset purchases
Bank of Israel renovates website to improve user experience
Israeli central bank unveils a new website aimed at making information more easily available; content now available in Arabic for the first time
Riksbank minutes highlight ‘unexpectedly rapid’ currency appreciation
Minutes of the Rikbank’s September monetary policy meeting show all board members raised concerns about the strength of the krona; governor says action is needed in eurozone
Giff 2012: Central bank action enables Europe to reverse fiscal austerity, says Turkish deputy prime minister
Central banks have created a ‘window of opportunity’ for governments in Europe and elsewhere to embark on fiscal expansion to spur short-term growth, says Turkish deputy prime minister
BoE minutes reveal unanimous decisions
Minutes show members of the BoE Monetary Policy Committee in agreement over QE and interest rate; says weak demand and high inflation were key considerations in decision
ECB paper analyses euro stability measures
ECB research assesses eurozone stability measures; says a European-wide framework for recapitalising large and systemic banks is still needed
BIS paper examines link between low growth and recessions
Bank for International Settlements research studies relationship between low growth and recession in the US; finds some growth patterns can forecast a sharp decline in GDP
NY Fed’s Dudley confident in QE3 benefits
President of NY Fed says third round of QE is needed to catalyse growth; says employment will improve faster as a result of the programme
Giff 2012: Malaysia’s Zeti calls for a ‘bridging’ of economies to promote Islamic finance
Bank Negara Malaysia governor says Islamic finance has emerged from the financial crisis in a position of strength, but more co-ordination is needed to ensure the industry continues to flourish
Former Seychelles governor denies drawing double wage
Pierre Laporte repudiates claims he is receiving dual salaries from the government and central bank; follows circulation of an anonymous letter accusing him of corruption
IMF-World Bank announces location for 2015 meeting
Annual meetings of central bankers and finance ministers to be held in Latin America; events to include discussions of global economic and financial developments and policies to reduce poverty
Bulgarian governor against accession to banking union
Ivan Iskrov expresses opposition to the idea of Bulgaria joining the proposed EU banking union; discusses protecting domestic economic interests
Fed paper examines Chinese response to rate shocks
Federal Reserve study explores the response of the People’s Bank of China to foreign interest rate shocks; says liberalisation of foreign currency policies could reduce central bank’s costs
BoE director says bail-ins getting closer
Andrew Gracie says the central bank is close to a functioning bail-in regime; a framework has been developed under the European Recovery and Resolution Directive
ECB paper finds US foreign bondholdings rooted in past
ECB research examines the link between past and present levels of foreign bonds held by US investors; finds similar investment patterns for both
Australia’s Debelle discusses effect of rate cuts
Assistant governor explains Australian banks’ increased funding costs; says the cash rate has been effective in adjusting lending rates
Giff 2012: Experts divided on Islamic finance as financial stability panacea
Speakers and delegates attending the Global Islamic Finance Forum in Kuala Lumpur split on role Islamic finance can play in alleviating global financial instability
BIS raises fears over lower global growth trajectory
Bank for International Settlements Quarterly Review says global growth outlook deteriorated further over the quarter; warns of diminishing benefits to unconventional monetary policy
Time to rethink the centrepiece of economic management, says Gieve
Former deputy governor of the Bank of England challenges role of independent central banks pursuing inflation-targeting mandates
Fed’s Lacker explains dissenting vote on QE3
Jeffrey Lacker sets out reasons for vote against quantitative easing; says it will have a weak effect on growth, carries potential inflation risk and raises issues about the Fed’s mandate
HKMA imposes tighter property loan guidelines
The HKMA details new guidelines aimed at borrowers with multiple property mortgages; seeks to restrict the amount of debt individuals can acquire
Basel Committee unveils revised core principles
Updated core principles for effective banking supervision released; Basel Committee says 'more than 100' national banking supervisors endorsed the latest document
IMF working paper critical of short-term austerity measures
IMF study suggests debt burdens should be addressed longer-term when economies are in expansionary mode; short-term austerity may do more harm than good