Central Banks
China hints at policy adjustments to support economy
People's Bank of China pledges to strengthen the 'fine-tuning' of monetary policy in the country; latest indication of growing anxiety over slowing economy
New Jamaican banknotes mark 50 years of country’s independence
Bank of Jamaica introduces new notes commemorating 50 years of political independence for the country; hybrid substrate used for first time
Troika maintains pressure on Greece
Officials from the European Commission, ECB and IMF will return to Greece in September to check on reform progress; central bank chief reportedly tells government the country is being 'defamed'
Central Bank of Colombia paper finds delayed monetary policy responses
Working paper develops new models of output gap and neutral interest rate; argues interest rate changes by central bank lag behind movements in output
RBNZ governor weighs impact of debt burden on growth
Alan Bollard says large accumulation of private debt prior to financial crisis contributing to a ‘tepid’ recovery; argues a rebalancing of the economy is still to come
IMF paper studies effect of global environment on domestic bond yields
Working paper analyses link between global economic conditions and emerging market domestic bond yields; finds financial market turmoil raises sensitivity to government spending increases
Bank of Israel warns of ‘lack of clarity’ in government fiscal policy
Report assesses domestic and external economic conditions affecting the Bank of Israel’s interest rate decision; low CPI, weak shekel and fiscal policy uncertainty contribute to rate hold
IMF urges Russian central bank to tighten policy
Article IV consultation recommends ‘gradual further tightening’ of monetary policy; preparation needed for informal inflation targeting in 2014
BoE’s Tucker says bail-ins part of too-big-to-fail solution
Paul Tucker says bail-ins are an ‘important topic’ for policy-makers trying to address the issue of ‘too-big-to-fail’ banks; hints others are considering similar options
RBI’s Subbarao discusses regulating banking innovation
Duvvuri Subbarao outlines Reserve Bank of India’s efforts to regulate innovation in payments systems; says 'foresight and wisdom' are needed by both innovator and central bank
Fed research deputy director testifies on triparty repo market
Deputy director of the Fed’s research and statistics department outlines efforts made towards reform and oversight of the US triparty repo market
Bank of Japan economic survey finds slight reduction in pessimism
Quarterly survey of public opinion about Japanese economy finds reduction in respondents expecting economy to worsen; only small proportion of respondents anticipate improvement in conditions
Bank of Albania’s Fullani justifies rate cut to historic low
Ardian Fullani explains the Bank of Albania’s decision to cut interest rates to record low; says inflationary pressure is muted and growth remains subdued
Bank of Uganda deputy calls for more empirical research in Africa
Louis Kasekende says policy-making in Africa is frequently made more difficult by limited empirical evidence; sets out a number of steps to improve quality of econometric analysis
People’s Bank of China makes growth top priority
Latest quarterly report on monetary policy puts growth of the economy at the heart of the central bank’s efforts; recent statistics show continuing slowdown in world’s second largest economy
Serbian governor quits as government faces pressure over new law
Dejan Šoškić resigns as governor of the National Bank of Serbia; IMF and European Commission blast government plans to amend central bank law
Fischer calls for Israeli government action on deficit
Bank of Israel governor says government’s decision to increase its fiscal deficit instead of raising taxes will hurt future generations; impact will be most acute should eurozone fragment
IMF urges US policy-makers to take action against fiscal cliff
Conclusions of IMF Article IV consultation with US highlight risks from fiscal cliff and debt ceiling; calls on policy-makers to strike deal at ‘delicate juncture’ for world economy
Draghi says ECB ready to make further bond purchases
ECB president says central bank is prepared to intervene in sovereign bond markets to prop up ailing eurozone economies; ECB holds rates, as does Bank of England
IMF paper warns against delays in Japanese fiscal consolidation
Working paper studies impact of budget deficit in Japan on intergenerational inequality; finds delaying budget cuts would adversely affect younger generations
Bank of Mexico deputy governor concerned by rising core inflation
Manuel Sánchez highlights increased inflationary pressure in Mexican economy; remains positive about country’s economic growth prospects