Central Banks
Malaysia announces new coins’ circulation date
Bank Negara Malaysia announces new coins to enter circulation this month; new banknotes will not be released until the end of 2012
Counterparty risks distort insurance protection, says ECB paper
European Central Bank study shows that although hedging aims at sharing risk, it can also lead to risk-taking distortions due to the interplay of counterparty risks
Lockhart does not rule out further stimulus
Atlanta Federal Reserve president Dennis Lockhart says slow progress toward full employment justifies considerations for more Fed action
Japan’s QE supported economic activity, says IMF paper
Fund study shows monetary policy transmission mechanism in Japan may have strengthened due to improvements in the banking sector and deleveraging in the corporate sector
Bundesbank paper captures dampening impact of bank lending
Bundesbank study shows one-third negative loan development during fallout of the financial crisis was due to purely bank-related factors
New appointments for two Basel-based committees
Agustín Carstens, governor of the Bank of Mexico, and William Dudley, president of the Federal Reserve Bank of New York, take on positions on international committees
Hildebrand succumbs to pressure and resigns
Governor of the Swiss National Bank steps down; mounting political pressure follows uproar over wife’s currency trading activities
Central Bank Directory highlights rise in female central bank governors
Four new female governors takes worldwide total to 12; Central Bank Directory also notes 4.1% increase in central bank staff in European Union
Lagarde expresses concerns ahead of crucial meeting with Hungary
Christine Lagarde stresses importance of Hungarian authorities' compliance with the European requirements ahead of key discussions over financial aid in Washington
Belgium’s Coene believes in commitment of eurozone countries
Governor of National Bank of Belgium says even if Greece were to leave single currency, other member states would draw together to "protect the system"
Norges Bank paper on central bank independence in the post-war era
Norges Bank case study shows central banks in the UK and Sweden had a higher degree of operational independence than Norway, despite its legal autonomy from government
RBI’s Sharma urges businesses to hedge risks
Reserve Bank of India executive director VK Sharma says businesses in India must take appropriate measures to hedge their actual risk exposures
Financial cycles lead downturns, says Bank of Finland paper
Bank of Finland study says connection between financial variables and real activity is stronger during periods of recession
Basel implementation monitoring strategy approved
Basel Committee governing body agrees plans to monitor member countries' efforts to implement new rules; also discusses liquidity coverage ratio
Fed 'very close' to adopting inflation target, says Bullard
St Louis Federal Reserve president says FOMC nearing agreement to introduce inflation targeting in US; move is part of effort to improve transparency at the Fed
Fitch downgrades Hungary credit rating to junk status
Hungary long-term foreign issuer default rating lowered to BB+; outlook remains negative according to rating agency
Albania approves monetary policy strategy for 2012-2014
Bank of Albania renews monetary policy strategy; offers clarifications and elaborations on previous versions of aims
CNB minutes reveals falling koruna allowed rate hold
Czech National Bank minutes shows weakening koruna allowed central bank board to leave rates unchanged at 0.75%
Commemorative euro coin launched
Eurozone countries issue new €2 coin to commemorate 10 years of the currency; few central banks announce the move
CNB paper reviews inflation-targeting framework
Czech National Bank study evaluates changes to the monetary transmission mechanism in the Czech Republic
Clarity in central bank communications remains strong: Netherlands Bank paper
Netherlands Bank study shows central banks communicate policies effectively, despite high degree of uncertainty and less favourable inflation outlook during recent years