Central Banks
FOMC minutes highlight ‘high threshold’ to shifting QE stance
Minutes of Federal Open Market Committee December meeting underline desire to use all $600 billion set aside for the central bank’s second round of quantitative easing
National Bank of Slovakia – Monthly Bulletin (November 2010)
Annual inflation remained on hold at 1%
Brazil’s Tombini sets out inflation fighting credentials with calls for lower target
Central Bank of Brazil governor says country’s inflation target should be similar to those of other leading emerging market economies
IMF takes final step in changing SDR basket
Fund sets exchange rate for SDR; continues to peg unit of account to yen, dollar, euro and sterling
Eurozone inflation climbs above 2%
First time since autumn 2008 that inflation has been above European Central Bank target
Israel’s Fischer on the meaning of macroprudential policy
Bank of Israel governor Stanley Fischer stresses importance of interconnections in interpreting the macroprudential mandate
Research commends Norges Bank’s stress tests
Group led by former Federal Reserve official says tests are highly innovative, economically sound and largely transparent
Forecasting ability fails to justify rating agencies’ power grab
Rating agencies forecasts “not particularly outstanding” during decades following the Great Depression, Bank for International Settlements paper finds
Norway’s Olsen stresses importance of transparency in welcome address
Norges Bank’s new governor pledges to maintain inflation targeting regime in its current form; central bank “very well equipped” to manage sovereign wealth fund
CentralBanking.com’s top ten stories of 2010
Regulatory change features heavily
HKMA unveils measure to smooth burgeoning renminbi flows
Hong Kong Monetary Authority reveals four measures to steady renminbi flows into territory; renminbi flows rocket over 200% compared to end-2009
Yeritsyan rejoins Armenian central bank in reshuffle
Armenian economy minister Nerses Yeritsyan returns to central bank as vice-chairman; former vice-chairman Vache Gabrielyan becomes finance minister
RBA’s Edey elected head of influential OECD committee
Reserve Bank of Australia assistant governor Malcolm Edey selected as chair of financial markets committee
Ukraine’s Stelmakh bows out
National Bank of Ukraine governor Volodymyr Stelmakh tenders resignation over a year past expiry of term; first deputy governor Serhii Arbuzov named his replacement
Fiat money, central banking and the Bank of Amsterdam: Atlanta Fed research
Atlanta Federal Reserve paper uses Bank of Amsterdam example to explore effects of fiat money on central bank functions
BoE: Agents’ summary of business conditions (December 2010)
Bank survey shows strong export growth, rise in manufacturing and services activity; weak housing market, tough credit conditions for small firms
Spain’s Aríztegui on savings banks mergers
Bank of Spain deputy governor Javier Aríztegui discusses institutional protection schemes
Bank minutes: inflation may hit 4% in spring
Bank of England Monetary Policy Committee warns inflation could reach 4% in spring; says pace and extent of subsequent fall highly uncertain
RBA minutes: rates on hold as global downside risks rise
Minutes of Reserve Bank of Australia rate-setting meeting relay concern over deteriorating situation in Europe; more positive on US, China