Central Banks
BIS paper examines effects of negative asset price bubbles in Asia-Pacific
Bank for International Settlements study shows underpricing of assets in Asia-Pacific caused cross-border spillovers
Treasury Committee recommends overhaul of Bank’s Court
Treasury Committee report says Bank of England Court should be replaced by new supervisory board to provide leaner and more expert review of policies
Philippines re-launches economic and financial learning centre
Central Bank of the Philippines reopens economic and financial learning centre in its Cabanatuan Branch Office; education activities continue throughout the country
The dangerous scramble for liquidity
William Allen of the Cass Business School in London warns there is a danger that capital requirement measures intended to make the financial system safer may do more harm than good
Korea governor selection process under fire
Politician takes on president’s ability to choose governor of the central bank board; wants to see candidates face parliamentary confirmation hearings
Papademos flies to Athens as Greece decides on new leader
Former European Central Bank vice-president Lucas Papademos rushes to Athens as Greek officials discuss leadership choice for new coalition government
SNB’s Hildebrand ready to intervene in Swiss franc market
Swiss National Bank chairman Philipp Hildebrand says central bank is prepared to weaken “highly valued” currency further if deflationary risks materialise
Time for timidity has passed, says Lagarde
Christine Lagarde calls for action from developed and emerging economies; tells Russia to rebuild fiscal buffers
Ireland introduces revised requirements for lenders dealing with SMEs
Ireland changes rules for banks lending to small and medium-sized enterprises when they are facing financial difficulties; new code updates 2009 effort
Bank of Canada paper evaluates degree of banking stress in high-income countries
Bank of Canada study shows high-income countries dominated capital flows and experienced largest banking sector stresses during crisis
ECB’s González-Páramo calls for more stringent EU fiscal policy
European Central Bank executive board member José Manuel González-Páramo urges eurozone governments to conduct fiscal policy with clear medium-term objectives
Brics funding to low-income countries is risk-weighted: IMF paper
Fund study shows degree of loans concessionality to low-income countries is negatively correlated with risk profile
IMF to supervise Italy on debt reduction plan
Italian prime minister Silvio Berlusconi agrees to invite International Monetary Fund to Rome to oversee its fiscal consolidation efforts but turns down option for financial support
FSB confirms Carney as next chair
Financial Stability Board announced Bank of Canada governor Mark Carney as next chairman; vast experience in banking will come in handy
Final rules to tackle systemically important institutions announced
G-20 agrees on policy measures to address risks posed by systemically important financial institutions; 29 institutions identified as of global systemic importance
Central banks react to eurozone situation
Denmark and Romania lower benchmark rates and Australia lowers growth expectations; all point to continuing eurozone uncertainty as key decision-making factor
Sifi rules will make financial system safer: BIS’s Cecchetti
Bank for International Settlements head of the monetary and economic department Stephen Cecchetti says new Sifi rules will provide positive externalities to entire financial system
Build-up of euro area risks necessitated further stimulus: BoE’s Bean
Bank of England deputy governor Charlie Bean explains Monetary Policy Committee’s decision to restart its quantitative easing programme
Papandreou retreats on referendum as lawmakers revolt
Greece’s beleaguered prime minister, George Papandreou, faces increasing pressure to resign after announcing U-turn on euro referendum
Draghi announces rate cut amid fears of mild recession
European Central Bank president Mario Draghi marks inaugural Governing Council press conference with 25 basis point rate cut; ECB reveals details of covered bond scheme