Central Banks
Brazil holds first Financial Stability Committee meeting
First meeting held over a month later than planned; comes in same week governor addresses New York audience for the first time and discusses rising inflation
ECB “sidelined” in sovereign crisis debate, says analyst
Eurogroup lays out plans to provide bail-out fund with greater flexibility to address sovereign risks; analyst says message sends signal European Central Bank is being “sidelined” in discussion
State Bank of Pakistan left in dark over governor’s resignation
Reports emerge that State Bank of Pakistan governor Shahid Kardar has resigned just over a year into job; central bank staff say they are unaware of any changes
Markets respond positively as Bernanke says US is ready to act
Federal Reserve chairman Ben Bernanke says US has a “number of ways” it could ease financial conditions if necessary; markets respond postitively
Lagarde sticks with tradition and appoints American first deputy
Christine Lagarde appoints a US citizen as first deputy managing director; creates new deputy managing director position for Chinese official
Germany and China heighten cooperation
People’s Bank of China and Deutsche Bundesbank meet in Frankfurt to discuss financial stability and trade partnership; China stresses confidence in euro area
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
RBI's Gokarn on new financial stability empahsis
Reserve Bank of India deputy governor Subir Gokarn says financial stability can be jeopardised in environment of price and macroeconomic stability
Ireland appoints new deputy governor
Central Bank of Ireland makes Stefan Gerlach new deputy governor
Non-performing loans pose severe risk to advanced economies: IMF paper
Fund study finds evidence of strong link between level of non-performing loans and macroeconomic activity in advanced economies
UK abandons plan to end cheque use
Method of payment will exist for “as long as customers” need, says Payments Council
Iceland paper reviews monetary policy in turbulent times
Central Bank of Iceland study shows banks’ price setting behaviour and inflation expectations have been negatively impacted by banking crisis
Upheaval at Bank of Israel
New directors of the research and market operations departments; long-serving director of human resources and administration department resigns
China insists local government debt is ‘manageable’
People’s Bank of China dismisses claims local government financing vehicles owe 14 trillion yuan; says risks from the debts are manageable
King receives 2.5% pay rise
Bank of England 2010 Annual Report shows governor Mervyn King’s starting minimum salary for 2010 increased to £375,000; deputy governors also receive pay rise
Weber gains clearance to join UBS
Eurozone and German central bank give former Bundesbank president Axel Weber green light to join UBS in May
BoE identifies deficiencies in central banks’ monetary policy frameworks
Bank of England deputy governor Charlie Bean says central banks must review their monetary policy frameworks to include a more prominent role for financial intermediaries
IMF paper on leaning against the wind in Latin America
Fund study says countercyclical instruments are an effective tool to restrain excessive credit growth in Latin American countries
European debt concerns spark bond market sell off
European bond markets tumble amid growing concerns over Italy’s ability to tackle its fiscal deficit; uncertainty over Greek rollover adds to market uncertainty
Sudan relinquishes control of financial system in the South
Measures to relinquish control of southern financial system following independence declaration of South State