Central Banks
IMF paper assesses welfare effects of monetary integration
Paper considers welfare effect of monetary union in Africa; finds significant benefits due to policy credibility and macroeconomic stability
BoJ minutes show unanimous support for further asset purchases
Minutes of Bank of Japan monetary policy meeting released; members vote unanimously to extend asset purchase programme
New York Fed article proposes capital regulation framework
Article suggests new framework for regulating capital; attempts to limit risk-taking while preserving creditors’ disciplining incentives
Bangladesh Bank governor praises strong export market
Governor of Bangladesh Bank highlights strong export market in Bangladesh; praises market’s resilience during financial crisis
Central Bank of Nigeria to build 'world-class' convention centre
Contractors invited to express their interest in submitting a tender to build a new 1,500-seat conference centre in Abuja; central bank wants “world-class” facility
Kansas Fed president supports bankers on boards of directors
Esther George says there is a place for bankers on Federal Reserve Bank boards of directors; but if they contravene the code of conduct, they should resign
Greek governor highlights importance of decisions made in Athens
Georgios Provopoulos tells president recovery is linked to decisions made in Athens not Brussels; again stresses importance of faster progress with reforms in the country
Riksbank survey gauges Swedish risk perceptions
Survey by the Riksbank assesses participants’ perceptions of risk in Swedish financial system; finds limited optimism tempered by uncertainty over eurozone problems
Malaysia releases Basel III proposals
Bank Negara Malaysia issues concept paper setting out plans to strengthen capital adequacy standards for banking institutions; requests feedback on requirements, which follow Basel III recommendations
Norges Bank article assesses Norwegian settlement process
Article examines contagion risk in Norges Bank settlement process; identifies four banks of systemic importance
Serbian vice-governor considers inflation outlook
Bojan Marković, presents the National Bank of Serbia’s May inflation report; inflation expected to return to target despite uncertainty
UK police seize more than £4 million in counterfeit coins
Metropolitan police uncover large counterfeit operation in UK; some of the fake coins may already be in circulation
IMF paper analyses savings and investment response to shocks
IMF researchers study response of savings and investment to income shocks; find high volatility of permanent shocks creates “volatility trap”
HKMA deputy on Hong Kong as centre of renminbi growth
Eddie Yue, deputy chief executive of the Hong Kong Monetary Authority, describes rapid growth of renminbi as international currency; emphasises central role of Hong Kong in renminbi trade
Bosnia and Herzegovina refreshes banknote pool
Central Bank of Bosnia and Herzegovina announces injection of fresh banknotes to replace worn-out ones; notes match European ones for paper and security feature standards
UK FPC member discusses role of the committee
Alastair Clark, a member of the Bank of England’s Financial Policy Committee, considers new body’s financial stability role and the difficulties it faces
BoE’s Bailey debunks ‘dangerous’ free banking myth
Andrew Bailey says reform of UK banking sector is needed to include upfront charges on banking services; calls current supposedly free in-credit banking a "dangerous myth"
Euroclear announces new chairman
Marc Antoine Autheman elected to take over as chairman from January 1, 2013; becomes deputy president in the meantime
Central Bank of Colombia paper evaluates CrashMetrics risk estimation
Researchers examine CrashMetrics risk estimation methodology; find it makes better predictions during crises than traditional stress tests
Counterfeits found in Namibia days after new currency launch
Bank of Namibia reports discovery of low-quality forged banknotes following issuance of new series; reminds public to be vigilant in checking for improved security features when handling cash
ECB executive urges greater European federalisation
José Manuel González-Páramo, a member of the executive board of the ECB, examines sovereign debt crisis; says deeper union is “essential” in eurozone