Central Banks
Gonzalez-Paramo urges speedy action in Europe
ECB executive board member pushes for more haste from European leaders to stem the crisis; says ECB has not decided when to end bond-buying programme
Pressure on the IMF to make surveillance a priority
Representatives from several global constituents call on IMF to take a central role in surveillance of countries as international reforms take hold
G-20 commits to ‘strong and co-ordinated’ response to challenges
G-20 answers calls for united action; countries commit to implementing credible fiscal consolidation plans, and ensuring strong, sustainable and balanced growth
Bank of Korea holds economic review meeting
Governor Kim Choongsoo meets with heads of institutions and scholars; domestic financial markets ‘overreacting’ to changes in external conditions
ECB paper highlights limitations of reforms to Stability and Growth Pact
European Central Bank study co-authored by Jürgen Stark says new fiscal surveillance framework will not ensure sound fiscal policies
Financial literacy key to stability: RBI’s Chakrabarty
Reserve Bank of India deputy governor KC Chakrabarty says improving financial literacy is necessary to minimise financial stability risks
Philly Fed paper tests accuracy of Phillips curve in forecasting inflation
Philadelphia Federal Reserve study shows accuracy of Phillips curve models in forecasting inflation is highest during economic downturns
Video: BBA gives first, exclusive views on the ICB report
In an exclusive interview, the BBA discusses whether the ICB should have looked more closely at other separation models for its final report on financial stability in the UK
Developing country representatives lament poor banking oversight
Intergovernmental Group Of Twenty-Four On International Monetary Affairs And Development says IMF surveillance of financial institutions is scuppered by weak implementation framework and practices
IMF launches mobile phone application
International Monetary Fund releases mobile application; allows Apple iPad users access to statistical data
Kenneth Rogoff receives financial economics prize
Harvard University professor Kenneth Rogoff awarded 2011 Deutsche Bank Prize in Financial Economics
Long-term yields plunge as Fed initiates Operation Twist
Federal Open Market Committee to buy $400 billion in long-term government bonds in exchange for shorter-dated paper as yields on 10- and 30-year Treasury bills decline
IMF says time is ‘running out’ to stabilise world economy
Global Financial Stability Report makes urgent plea for action to tackle vulnerabilities that threaten the global financial system; reveals €200 billion ‘impact’ on EU banks from sovereign debt crisis
Worldwide warnings of escalating risk
International Monetary Fund and European Systemic Risk Board caution authorities over worldwide risk dangers; urge swift and decisive action
Aussie dollar gains result in $4.78 billion loss for central bank
Reserve Bank of Australia records massive loss during 12 months to June due to decline in valuation of foreign asset reserves
Bank’s Dale explains vote reversal
Bank of England chief economist Spencer Dale says materialisation of risks to UK growth outlook motivated decision to hold rates
Crisis accelerated EMU development: ECB paper
European Central Bank study says financial crisis gradually sped up institutional development of Economic and Monetary Union
Debt tolerance levels in Central America: IMF paper
Fund study shows level of debt reduction needed to achieve investment-grade credit-rating status
Canada banking regulator hires central bank official
Mark Zelmer will leave central bank; becomes assistant superintendent of the regulation sector at the Office of the Superintendent of Financial Institutions