Central Banks
Greek budget cuts raise default concerns
Markets prepare for the worst as Athens unveils new tougher austerity measures; IMF managing director Dominique Strauss-Kahn says cuts are necessary
Turkey appoints new governor
Turkish President Abdullah Gül approves government motion to appoint deputy governor Erdem Basci as head of central bank
Stress tests motivate Moody’s Ireland downgrade
Moody’s downgrades Ireland two notches to Baa3 after stress tests force Irish government to allocate additional funds to banks
China economy booms as inflation soars
National Bureau of Statistics of China reveals economic growth of 9.7%; inflation reaches three-year high
Russia launches Olympic coins
Bank of Russia launches Sochi 2014 coin series to “promote Olympic values in Russia and abroad”
ECB’s González-Páramo urges risk framework overhaul
European Central Bank executive board member José Manuel González-Páramo calls for widespread change to risk control frameworks
BoE’s Posen optimistic on Japan recovery
Bank of England external Monetary Policy Committee member Adam Posen says rebuilding from Japan earthquake should kick-start growth
Bank of Canada – Monetary Policy Report (April 2011)
Bank of Canada Monetary Policy Report says rise in terms of trade led to better than expected growth in last quarter of 2010
Banks caught in ‘maelstrom of interlinked pressures’: IMF
IMF’s Global Financial Stability Report slams progress made by banking system reforms; calls for higher quality and quantity capital in Europe
Bank’s Fisher optimistic on winding down crisis facilities
Bank of England executive director of markets Paul Fisher says recent progress in markets reinforced decision to end special liquidity scheme next year
Albania’s Fullani emphasises importance of stress tests
Bank of Albania governor Ardian Fullani calls for more attention to stress tests as part of central banks’ macroprudential policy
Suda QE proposal defeated: Bank of Japan minutes
Proposal to limit asset purchases to risky assets was turned down by Bank of Japan monetary policy board
Fed Beige Book reveals concern over impact of Japanese tragedy
Federal Reserve releases Beige Book; shows improved economic activity across the US but concern over impact of tragedy in Japan
Brics demand "broad-based" international reserve currency system
Leaders of the five fast-growing emerging economies support reform and improvement of international monetary system; want a stable, reliable and broad-based international reserve currency system
Central bank reserve managers recoil at sovereign risk
Central Banking Publications survey finds fears over sovereign risk led reserve managers to limit or cut exposure to “peripheral” European countries; impact also felt in attitudes towards the euro
Slovakia closes four sub-branches of national bank
National Bank of Slovakia decides to close four of its nine sub-branches; study reveals cash circulation could be better managed with fewer branches
Gold to hit $1,600 this year; GFMS survey
New survey by GFMS predicts price of gold could hit $1,600 per ounce by the end of 2011; survey captures swing to net purchases by central banks
FDIC projects return to black
Federal Deposit Insurance Corporation expects its deposit insurance fund to return to positive figures this year after 13 quarters of negative funds
Finland’s Hakkarainen spots growth divergence in Europe
Bank of Finland deputy governor Pentti Hakkarainen warns of growth imbalances forming within Europe
RBA paper reviews unconventional monetary policy measures
Reserve Bank of Australia study says use of long-term interest rates and communication about future short-term interest rate path has merit
Precautionary saving motives necessitate monetary stance revisions: BoE paper
Bank of England study says households’ precautionary saving motives justify accommodative policy bias
Fed’s Yellen dismisses monetary policy link to commodity market boom
Federal Reserve vice-chair Janet Yellen denies claims accommodative US monetary policy is exacerbating boom in commodity markets