Central Banks
Bini Smaghi favourite to next lead Bank of Italy
Analysts say European Central Bank executive board member Lorenzo Bini Smaghi is strong candidate to lead Bank of Italy should current governor Mario Draghi move to Frankfurt
Too big to fail must end; FDIC chair Bair
Being labelled a Sifi will not mean being anointed too big to fail, leading to automatic bailouts, Federal Deposit Insurance Corporation chairman, Sheila Bair warns
EU governance reform falls short of quantum leap: Trichet
European Central Bank president Jean-Claude Trichet calls for less discretion to application of Stability and Growth Pact
Phasing in Basel III rules eases economic costs: IMF paper
Fund study shows that implementing higher capital and liquidity requirements over a lengthy period of time can help reduce the macroeconomic costs of enforcing such rules
Cash has a future: Sweden’s Nyberg
Riksbank deputy governor Lars Nyberg predicts cash will continue to be used for payment despite decline in usage
Indonesia issues tough sanctions for Citibank
Bank Indonesia bans Citi from opening branches for a year
Bernanke sheds light on new macroprudential approach
Federal Reserve chairman Ben Bernanke touches on benefits of new macroprudential approach in the United States under the Dodd-Frank Act
Jamaica top of the (volleyball) league
Bank of Jamaica triumphs in one day volleyball rally
Grameen Bank dodges Yunus departure by appointing Nobel Laureate as chairman
Bangladesh’s Supreme Court rejects appeal to dismissal of Nobel Laureate Muhammad Yunus from Grameen Bank; microlender appoints Yunus to chair its board instead
Israel acts to avoid housing crisis
Israel introduces rules limiting amount of mortgage that can be linked to variable rate
Dallas Fed’s Fisher urges policymakers to focus on underlying inflation
Dallas Federal Reserve president Richard Fisher says policymakers should pay greater attention to underlying rather than headline inflation
Iceland minutes shows dissent from MPC member
Central Bank of Iceland Monetary Policy Committee minutes says one dissenter voted to raise rates by 25 basis points amid growing inflationary pressures
Mersch on Basel III liquidity proposals
Central Bank of Luxembourg governor Yves Mersch says Basel III bank liquidity proposals will prevent build-up in liquidity risk
ECB’s Tumpel-Gugerell on cost of ex-post crisis measures
European Central Bank executive board member Gertrude Tumpel-Gugerell says large costs to clean up asset-price bubbles should lend support to more preemptive policies
Estonia ousts deputy governors
Supervisory board rejects re-election of current deputy governors, new candidates already named
Trichet signals no change in June as ECB holds
Rates likely to remain on hold until third quarter
Bank of England keep rates at record low
Bank holds for fourteenth month in a row
Denmark’s Bernstein: rate hike may dampen growth
National Bank of Denmark governor Nils Bernstein says rate hike will not trigger an economic reversal but may have dampening effect on economy