Central Banks
IMFC names Tharman Shanmugaratnam as new chair
Singapore’s finance minister and former central bank head succeeds Youssef Boutros-Ghali, Egypt’s former finance minister
The folly of foreign exchange intervention
The G-7’s bid to stem the yen’s appreciation threatens to damage Japan’s economy, Geoffrey Wood believes
Déjà vu and monetary policy: Lockhart’s recent comments
A lack of consideration for price pressures signals that Fed officials continue to misconstrue the nature of central bank independence, Thomas Cargill writes
Fed profits soar to record $82 billion
Federal Reserve posts another record profit, trumping 2010 by $28 billion; $79 billion transferred to Treasury
Barclays shows interest in Maiden Lane II assets: reports
Reports that Barclays may consider an offer for residential mortgage-backed securities held in New York Federal Reserve’s Maiden Lane II portfolio could thwart AIG bid
Hungary revamps inflation report
National Bank of Hungary says enhancements will improve efficiency of monetary policy communications
SSRN paper on reaping benefits of cross-border banking
Social Science Research Network study examines costs and benefits associated with cross-border banking
SNB signs MoU on membership to Bank Council
Federal Department of Finance and the Swiss National Bank sign Memorandum of Understanding on criteria for appointments to central bank’s governing body
Bank’s Cleland: £5 note replenishing scheme “on track”
Bank of England head of banknotes division Victoria Cleland says £5 note replenishing scheme was on schedule but may need to be stepped up
BoJ study on adoption of spread-adjusted Taylor rule
Bank of Japan study lends support to use of spread-adjusted Taylor rules as suitable response to adverse macroeconomic shocks
QE helped boost broad money growth: BoE paper
Bank of England Q1 2011 Quarterly Bulletin says quantitative easing programme helped revive broad money growth during recession
FSB criticises industry for lack of progress on risk disclosure
Financial Stability Board says more action needed on liquidity, counterparty, structured credit disclosure practices
Interview: Daniela Russo
The European Central Bank's director-general of payments discusses the CPSS-Iosco report on regulating financial market infrastructures
ESRB discusses regulatory division of labour; names external experts
European Systemic Risk Board’s second meeting covers how regulatory responsibilities will be split; Balcerowicz, Brunnermeier and Wyplosz among external experts
US Treasury to offload $142 billion in agency MBS
US Treasury announces plans to wind down portfolio of agency securities bought from beleaguered Fannie Mae and Freddie Mac during crisis; move not expected to impact Fed policy
Hungary selects final two external rate-setters
Hungarian parliament selects two external rate-setters to National Bank of Hungary’s Monetary Council, taking it to full capacity
IMF’s Lipsky warns of widening global imbalances
IMF first deputy managing director John Lipsky says advanced and emerging economies must rethink growth strategies to prevent global imbalances from widening
Trichet urges rules-based approach to excessive deficit reforms
European Central Bank president Jean-Claude Trichet calls for use of strict rules to adhere to excessive deficit reduction procedure
New York Fed enters the blogosphere
Regional Fed’s research and statistics group project aims for “direct dialogue” with web users
Fund study on inflation volatility in West Africa
Fund study finds evidence of inflation uncertainty in West African Economic and Monetary Union members that experience high inflation
BoE on China’s growth path
Bank of England study says China may prefer a slower path of adjustment than deficit countries to rebalance global economy
G-7 pledges intervention to stem yen appreciation
Finance ministers and central bank governors say they will cooperate to counter volatility of Japanese currency in aftermath of Tohoku earthquake