Central Banks
New Zealand’s McDermott emphasises inflation targeting success
Reserve Bank of New Zealand assistant governor highlights success of central bank’s inflation targeting policy; says there is still room for improvement
Finnish business survey reports improvement in financing
Bank of Finland business survey reports slightly higher number of enterprises gaining new private external finance; but many small businesses still experiencing funding problems
Robert Pringle's Viewpoint: Fatal flaws in inflation targeting
Central bankers face a ‘lose-lose situation’ by accepting dual price and financial stability mandates when even their ability to achieve price stability via inflation targeting is in question
Syrian governor addresses banknote printing rumours
Adib Mayyaleh says new notes are produced only to replace worn-out ones; slams reports that extra currency has been added into circulation
ECB’s Cœuré urges ‘revival’ of money markets
ECB policy-maker says money markets are “vital” to the financial system; discusses steps that should be taken to reduce risk concerns to restore activity
Egyptian official recalls emergency planning during unrest
Manager of risk department at the Central Bank of Egypt describes what happened when social unrest took hold of the country; bankers decamped to a hotel in the suburbs to maintain services
RBI holds rates fearing impact of further QE abroad
Reserve Bank of India says another round of quantitative easing in advanced countries would have an adverse impact on growth and inflation; keeps rates on hold in anticipation
Former Brazilian governor takes additional advisory role
Henrique Meirelles appointed as senior adviser at Kohlberg Kravis Roberts; adds firm to a substantial list of board positions and advisory roles
Malawi central bank releases new currency
Reserve Bank of Malawi introduces series of banknotes and coins; follows decision to devalue the kwacha to appease international aid donors
Albania’s Fullani calls for greater co-operation with Europe
Ardian Fullani urges European policy-makers to pay greater attention to policy impact on aspiring members; emphasises that internal policies are also essential for stability
IMF paper examines changing bond demand
Working paper considers changes in investor demand for government bonds after the financial crisis; finds lower yields shift demand from foreign to domestic investors
BoJ’s Shirai considers eurozone impact on Japan
Sayuri Shirai examines eurozone crisis and discusses impact on Japan; sets out three main channels through which the economy is affected
Riksbank commentary challenges EC debt measure
Economic commentary assesses measure of private debt to GDP used by the European Commission in its February report on imbalances in the EU; says measure overestimates debt in Sweden
FSB report highlights countries behind on OTC reforms
Progress report shows many countries failing to implement OTC derivatives market reforms; calls for 'aggressive push' to meet deadline
UK credit and liquidity schemes met with uncertainty
BoE and government announce plans to improve credit and liquidity picture in UK; banks’ shares rise but questions remain on effectiveness of plans
Croatian National Bank facing governance void
Governor Željko Rohatinski’s term ends in early July; no successor has yet been announced by government
Japan paying ‘particular attention’ to Europe but holds rates
Bank of Japan watching situation in Europe closely; keeps monetary policy steady ahead of key developments in the region
Draghi defends sovereignty in an economic union
President of the European Central Bank discusses future of economic union in the eurozone; hints at more stimulus
Bank of Canada paper compares price-level and inflation targets
Working paper considers effect of global commodity price shocks on choice of monetary policy regime; finds important impact of energy supply and demand