Central Banks
Estonia begins Sepa migration work
Estonian Payment Environment Forum holds meeting; attendees affirm commitment to ensuring a smooth transition to Sepa-compliant payments and settlements in Estonia
Albanian governor discusses monetary policy decision
Bank of Albania governor Ardian Fullani describes mixed economic outlook; central bank keeps rates unchanged at 4.25%
IMF paper develops model of world economy
Paper builds structural macroeconomic model of world economy; says such models are “prerequisite” to IMF surveillance
BoE’s Haldane criticises financial models
Andrew Haldane argues that use of normal distributions in many financial models seriously underestimates risk
Fed’s Tarullo calls Dodd-Frank reforms a 'formidable task'
Daniel Tarullo examines Dodd-Frank Act financial reforms; says implementation remains a “formidable task”
New Bank of Spain governor named
Miguel Angel Fernandez Ordoñez’s successor is chosen; will assume the top role at the central bank on June 11
Fed policy-makers consider further QE
Janet Yellen “convinced” of scope for further expansion of Fed balance sheet; Bernanke says rapid fiscal tightening a “serious threat” to recovery
Dallara to leave IIF after 19 years
Charles Dallara will leave the IIF in the "coming months" after 19 years as managing director; search for a replacement is on-going
RBA outlines payments system development plan
Australian central bank sets out areas of priority for advancing the payments system in the country; concludes two-year review process
South African Mint executives leave company for good
Andile Mvinjelwa and Thomas Davel leave South African Mint Company by mutual agreement following conclusion of investigation into poor-quality krugerrand coins
Danish banks 'robust' says central bank
Financial Stability Report notes solid performance from 13 largest banks; tracks trend for declining numbers of financial institutions in the country
MAS managing director on challenges to Islamic finance
Managing director of the Monetary Authority of Singapore, Ravi Menon, highlights challenges facing Islamic finance sector; emphasises need to adapt to changing global environment
RBI’s Chakrabarty explores financial education in emerging markets
Deputy governor of the Reserve Bank of India discusses importance of financial education in emerging markets; says raised savings rate a “necessary condition” for double-digit growth
BIS researcher examines countercyclical policy in emerging markets
BIS Quarterly Review special feature assesses the use of countercyclical policies in emerging markets; finds broad implementation of stabilising monetary and fiscal policies
Fed’s beige book shows continuing modest growth
Federal Reserve economic summary reports continuing growth across the US; describes moderate wage growth and inflation
Eight central bankers perish in Nigerian plane crash
Several employees of the Central Bank of Nigeria were killed in the June 3 plane crash in Lagos; among them was Canadian national Kim Norris, who was working as an adviser to the governor
India’s economic policy set to undermine RBI’s ‘good’ work
The Reserve Bank of India was one of few central banks around the world to have a ‘good crisis’ but its reputation is under threat from the country’s current economic policies
Reserve Bank of Australia cuts policy rate by 25bp
Australian central bank cuts interest rate by 25 basis points; board says weaker and more uncertain global environment allows for more ‘accommodative’ policy
ECB holds rates and offers no new stimulus
European Central Bank offers no substantive new policies to help tackle eurozone sovereign debt and banking crisis; puts pressure back on law-makers
IMF’s Lagarde praises ‘remarkable’ recovery in Latvia
Christine Lagarde highlights successful reform efforts in Latvia; Asmussen says struggling eurozone countries could learn lessons from Baltic experience