Central Banks
Rapid credit growth in Asia driven by domestic factors, says IMF paper
International Monetary Fund study says domestic monetary policy can play a pivotal role in managing credit growth in emerging Asian markets
IMF can help with access to safe assets and global liquidity, says ECB’s Cœuré
European Central Bank executive board member Benoît Cœuré says IMF can help address the shortage of safe assets and global liquidity by borrowing and lending global excess reserves
Fed's new monetary policy strategy is "flexible inflation-targeting", says Bullard
Federal Reserve Bank of St Louis president James Bullard says putting an explicit inflation target together with a sensible stabilisation policy is flexible inflation-targeting
RBA surprises markets with rate hold
Reserve Bank of Australia policy board leaves cash rate unchanged despite market expectation of 25-basis point cut in rates due to weak external outlook
SNB’s Jordan pledges to maintain Swiss franc’s currency floor
Swiss National Bank acting chairman, Thomas Jordan, preserves commitment of Sfr1.20 floor to euro; analysts expect the central bank to defend but not raise floor
Lithuanian central bank completes euro credit migration to Sepa
Bank of Lithuania says government institutions holding accounts with central bank will now be able to initiate and receive payments in euros through Sepa credit payments scheme
Tri-party repo taskforce to disband without delivering key reform
The New York Fed's concerns about intra-day credit should be tackled by JP Morgan, BNY Mellon and DTCC, an industry taskforce concludes
RBI’s Khan on curbing irresponsible behaviour in financial markets
Reserve Bank of India deputy governor Harun Khan says financial professionals should be better educated about the social costs of financial crises
'Little headway' made towards deepening integration in Europe, says Buba’s Dombret
Bundesbank executive board member Andreas Dombret says member states should lose fiscal policy sovereignty if they breach predefined deficit and debt limits under new fiscal compact
Queen's portraits from banknotes and coins to appear on stamps
New stamps issued to celebrate the Queen’s diamond jubilee; first time the official portraits from banknotes, coins and stamps have been brought together
Netherlands Bank blasts EU financial transaction tax proposals
Netherlands Bank warns of large financial and economic costs associated with the adoption of a financial transaction tax in Europe; says hard evidence of stability benefits are 'lacking'
EBA rejects claims of problems with banks’ recapitalisation plans
European Banking Authority slams reports 'purporting to contain factual information'; says majority of banks’ plans appear to be in line with EBA recommendations
Ndung’u discusses enhancing the supervisory framework in Kenya
Central Bank of Kenya governor Njuguna Ndung’u says issuance of new AML/CFT guidelines and payments systems oversight will improve integrity of Kenyan financial system
IMF paper finds inflexible exchange rate regimes most exposed to hot money
Fund study says relatively inflexible exchange rate regimes need to be counteracted by carefully designed macroprudential policies
High borrowing costs discourage Eastern European firms from tapping banks, says ECB paper
European Central Bank study says many firms in Eastern Europe are put off by the high interest rates charged by foreign banks for a loan
Inflation-targeting central banks should be dissuaded from dual mandate, says St Louis Fed paper
St Louis Federal Reserve study says how Federal Reserve should respond to aggregate supply shocks is unclear if it is to pursue inflation targeting under a dual mandate
Estonian central bank finds public retaining kroons as memento
Bank of Estonia study finds 81% of respondents are holding on to some kroon cash; not using it for savings shows confidence in the euro, says head of cash and security department
Sub-Saharan Africa regional FSB group discusses challenges faced
FSB regional group discusses 'particular' challenges facing Sub-Saharan Africa; growing complexity of banking systems and cross-border spillover effects are causing concern
Dominican Republic confident in new inflation target; holds rates
Central Bank of the Dominican Republic leaves rates unchanged at first meeting since introducing a new inflation targeting framework; says it will meet 5.5% inflation target by the end of 2012
ECB paper captures effect of eurozone sovereign risk on bond spreads
European Central Bank study says both country-specific and contagion risk contributed to widening of sovereign bond spreads against the German Bund during the financial crisis
Central Bank of Iceland paper highlights limitations of inflation indexed bonds
Central Bank of Iceland study shows inflation index-linked bonds in US, UK and Iceland are unreliable measures of the real interest rate