Central Banks
King defends governance of FPC
Bank of England governor Mervyn King says Financial Policy Committee should remain a committee of the Bank Court to preserve independence
ECB lifts lid on shadow-banking activities
New statistics based on broad data collections will improve euro area reporting for financial institutions that fall outside traditional monitoring frameworks
Buba paper identifies inconsistencies in central bank risk forecasts
Bundesbank study raises concern over systematic connection between risk assessments and central bank forecasts
RBA’s Debelle calls for greater focus on banks’ asset quality
Reserve Bank of Australia assistant governor Guy Debelle says greater weight should be placed on asset quality rather than funding structure of banks
Fed’s Hoenig says Sifis are at odds with values of capitalism
Kansas City Federal Reserve president Thomas Hoenig says systemically important financial institutions inconsistent with capitalism
BIS call for UK rate hike ‘nonsense’, says Bank’s Posen
Bank of England external Monetary Policy Committee member Adam Posen describes Bank for International Settlement’s argument for increase in Bank rate as ‘nonsense’
Sweden gives Ingves six more years as governor
General council of the Riksbank extends Stefan Ingves’ term as governor for another six years; first deputy governor and deputy governor resign
Sir Mervyn King collects more titles in Basel
BIS reveals Bank of England governor to chair Global Economy Meeting, Economic Consultative Committee and Group of Governors and Heads of Supervision; takes over in November
BIS Annual Report highlights action needed in key global economies
General theme of Annual Report is of slow global recovery; the United Kingdom, the United States and China all pinpointed for action
Lithuania plans public education programme
Central bank in discussions with banks and ministry of finance to provide public education programme; central bank governor sees vital importance in the endeavours
RBI’s Subbarao says capital flows are advisable
Reserve Bank of India governor Duvvuri Subbarao distinguishes between strategic and tactical capital controls
ECB paper on exchange rate misalignments
European Central Bank study identifies methods to improve policymaking under exchange rate imbalances and fluctuations in capital flows
Sarb’s Mnyande emphasises importance of monetary policy in recovery
South African Reserve Bank chief economist Monde Mnyande says monetary policy to play more prominent role in policymaking
Ex-BIS GM on limitations of narrow banking
Bank for International Settlements former general manager Sir Andrew Crockett says narrow banking will not prevent excess build-up in credit
Draghi appointed ECB president
European Council approves appointment of Bank of Italy governor Mario Draghi as next president of the European Central Bank
Sovereign debt crisis dominates BoE’s first FPC briefing
European sovereign debt crisis leads discussions at Bank of England’s first interim Financial Policy Committee briefing; body issues five policy recommendations to Financial Services Authority
Belarus central bank first deputy appointed acting head
Belarusian first deputy chairman Yuri Alymov takes over from hospitalised central bank head Pyotr Prokopovich
Lagarde ready to get tough on Greece
Says she “will not shrink from the necessary candor and toughness” in discussions with European leaders
Euro area heads endorse Vienna Initiative-style agreement
European governments back official and private sector involvement to roll over Greek debt
IMF's Lipsky urges European cooperation
IMF acting managing director John Lipsky says greater cooperation in Europe will be key to post-crisis recovery
Canada’s Carney forecasts moderation in domestic growth
Bank of Canada governor Mark Carney says supply chain disruptions and higher energy prices will slow pace of economic growth in Canada
RBA’s Lowe on historical lessons from high inflation
Reserve Bank of Australia assistant governor Philip Lowe says people should not take low inflation for granted