Central Banks
Fed to release historical central banking material
Federal Reserve reveals plans to mark centenary; inventory of historical information about central banking in the US to be created
FSB says risk aversion back at ‘elevated levels’
The Financial Stability Board used its May meeting in Hong Kong to highlight the return of risk aversion in the global economy and set its agenda ahead of G-20 Los Cabos summit in Mexico next month
Outgoing governor criticises Spanish government’s fiscal position
Miguel Fernández Ordóñez, outgoing governor of the Bank of Spain, criticises government’s fiscal position; speculation begins over successor
ECB denies it rejected Spanish recapitalisation plan
European Central Bank denies it has refused Spanish authorities’ plans to recapitalise a major bank in the country; European Commission discusses direct disbursement to banks from ESM
BoJ’s Shirakawa considers demographic change in Japan
Governor of Bank of Japan examines macroeconomic impact of aging population; emphasises that Japan need not accept a lower long-run growth rate
Sarb publishes Monetary Policy Review
South African Reserve Bank Monetary Policy Review notes continuing global uncertainty; central bank decides to maintain repurchase rate of 5.5%
ECB paper examines pre-Volcker monetary policy
Working paper sets out dynamic general equilibrium model to analyse Federal Reserve monetary policy; finds Fed policy pre-Volcker was more effective than widely thought
Bank of Italy paper analyses impact of organised crime
Working paper estimates counterfactual economic performance in the absence of organised crime; finds mafia presence lowers Italian growth path
Norges Bank assesses payments system
Annual Report on Payment Systems 2011 finds speed of payment transactions to be lacking; system in general is nonetheless efficient says deputy governor
New members admitted to BoE Court
Queen of England approves government recommendations; Bradley Fried, Tim Frost and Dave Prentis become non-executive directors of the Bank of England
Basel III may kill trade finance in Asia, says StanChart banker
Asian banks providing trade finance services will struggle to meet Basel III rules on leverage ratios, senior Standard Chartered banker tells Asean Risk 2012 conference
Central bankers need to address problem of ‘groupthink’, says Shiller
Members of central bank committees need to dig deep to assert their ‘moral commitment’ and actively avoid falling into the trap of ‘groupthink’ when making decisions, says economist Robert Shiller
IMF appears to back Ukraine involvement in Vienna Initiative
European mission head at IMF said to offer support for National Bank of Ukraine participation in Vienna Initiative
Central banks urged to increase monitoring of retail payment innovation
Central banks may need to improve their data collection and research efforts to ensure they are monitoring the latest developments in retail payments, according to new CPSS report
Ingves says Europe not ready for common regulatory capital rules
Basel Committee chairman Stefan Ingves says Europe lacks necessary common legal powers and mechanisms to standardise regulatory capital treatment; advises Europe against introducing a Tobin tax
Latvia governor assesses state of domestic economy
Bank of Latvia governor discusses developments in the Latvian economy as central bank leaves interest rates unchanged
BoE’s Broadbent examines rising cost of capital
External member of the Bank of England’s Monetary Policy Committee considers causes of rising capital costs; suggests fear among investors of ‘extreme outcomes’ in eurozone
Ireland central bank proposes changes to regulatory reporting
Central Bank of Ireland publishes consultation paper on regulatory reporting; proposes move to a new online reporting system
IMF paper relates fiscal consolidation and growth
Paper discusses relationship between fiscal consolidation and short- and long-run growth; warns that rapid consolidation can be harmful
BoE paper investigates banks’ implicit subsidies
Paper discusses models for attempting to quantify implicit subsidy available to banks via government bailout; estimates range from £30 billion to £120 billion
RBA governor criticises ‘dated’ payments systems
Glenn Stevens warns Australia has fallen behind other countries by not offering real-time electronic transfers; notes task the central bank faces in matching improved global regulatory environment
Americas’ regional FSB group discusses vulnerability and regional financial stability
Financial Stability Board Regional Consultative Group for the Americas discusses developments in global economy and methods of assessing vulnerability in fast-growing economies
Estonian governor awarded termination payment
Andres Lipstok will receive a full year’s salary when he leaves the Bank of Estonia next month; payment awarded in recognition of contribution to successful management of the central bank