Central Banks
Volcker steps down as economic adviser to Obama
President Obama announces departure of former Fed chair Paul Volcker from Economic Recovery Advisory Board; appoints General Electric's Jeff Immelt as head of new Council on Jobs and Competitiveness
Riksbank’s Öberg to quit at end of this year
Departure to come at the same time as Nyberg’s and Ingves’s departures
Covered bond purchase programme a success: ECB paper
European Central Bank study says Eurosystem’s covered bond purchase was an effective policy tool
FDIC’s Bair calls for reform of mortgage servicing model
Federal Deposit Insurance Corporation chair Sheila Bair says reform of mortgage servicing business model needed in order to realign mortgage servicers’ incentives when managing mortgage payments
ESRB elects sub-committee heads
European Systemic Risk Board elects Poland’s Marek Belka, Italy’s Mario Draghi, Cyprus’ Athanasios Orphanides, Germany’s Axel Weber, to steering committee
Bank’s Haldane borrows from science to explain systemic threats
Bank of England’s Andrew Haldane collaborates with scientist Lord Robert May in top journal Nature to highlight implications of interconnections between firms on stability of the financial system
ECB opinion on derivatives reform spurs debate on CCP liquidity resilience
French authorities welcome ECB's call for the resilience of central bank money to be recognised in EU derivatives legislation.
Israel unveils measures to brace against inflows
Bank of Israel introduces reporting rules, reserve requirements on foreign exchange derivatives trades; measures intended to clarify nature, limit inflows
Tombini’s inflation credentials strengthened by Brazil rate hike
Central Bank of Brazil lifts target rate by half a point to contain burgeoning price pressures; hike comes in first rate-setting meeting under charge of new governor Alexandre Tombini
IMF deputy managing director Portugal to leave Fund
Fund’s deputy managing director Murilo Portugal steps down to pursue vacant presidency role at Brazilian Banking Federation
Central Banking’s advisory board adds Stern, Sheng, Heikensten
Gary Stern, Andrew Sheng and Lars Heikensten join Central Banking Publications’ editorial advisory board
Central banks after the crisis: many questions, few answers
The turmoil has left our profession facing some uncomfortable truths, Mojmír Hampl notes.
FSoC draws up Volcker rule plan
Financial Stability Oversight Council recommends rules to expand scope, force disclosure of permitted hedge fund investment
Korea’s Kim promotes debate on enhancing macroprudential tools
Bank of Korea governor Kim Choongsoo encourages debate within international circles on more advanced forms of macroprudential instruments to ease emerging market risks
Eurosystem crisis measures averted prolonged crisis: ECB paper
European Central Bank study says introduction of unconventional monetary policy measures during financial crisis successfully provided liquidity to banking system
Philly Fed’s Plosser on limitations of monetary policy
Philadelphia Federal Reserve president Charles Plosser warns active use of monetary policy will not stabilise economy
Brussels seeks clarity on solving national regulators’ spats
European Commission calls for amendments to laws stating what the role of new supervisory authorities will be in resolving disputes between national regulators
RBI’s Sinha promoted to deputy governor
Reserve Bank of India appoints executive director Anand Sinha to fourth and final deputy governor position