Central Banks
No easy alternatives to credit ratings
US regulators are right to look to curb their reliance on credit ratings. However, it will prove tricky to find viable alternatives
Weber’s German defence highlights leadership flaws
Bundesbank president Axel Weber blames deficit countries for eurozone’s woes; analysts say comments further complicate chances at ECB presidency
BIS must fix data gaps: Bank paper
Bank of England paper identifies specific information gaps in cross-border banking statistics published by Bank for International Settlements; improvements thought to be under way
Norway’s Gulbrandsen: benefits of regulation outweigh costs
Norges Bank’s executive director of financial stability Kristin Gulbrandsen says tight regulation would have net social benefit
Argentina’s Marcó del Pont nominated for full term
Argentine President nominates central bank governor Mercedes Marcó del Pont for full six-year term, even as inflation soars and currency value drops; deputy, board members also nominated
US to launch financial stability council next week
Financial Stability Oversight Council to hold first meeting on 1 October
Bank of Russia wants to scrap kopek coin
Russian central bank proposes that one and five kopek coins be abolished due to high metal prices and low demand
BIS’s Caruana lauds Basel III
Bank for International Settlements general manager Jaime Caruana spells out importance of Basel III capital reforms
Investors demand premium for Portuguese debt
Auction results show rising cost of Portuguese debt, analysts say investors are sending message to government to tackle deficit
BoE: higher probability of further stimulus
Bank of England Monetary Policy Committee minutes show members felt more stimulus measures may be required to steer economy towards recovery
Price stability must remain top priority: SNB’s Jordan
Swiss National Bank’s Thomas Jordan flags difficulties in using monetary policy to counter financial imbalances
Bank’s Bailey places public at heart of stability remit
Bank of England’s Andrew Bailey says public acceptance of stability goal necessary to stave off future crises
Summers quits Obama’s economic team
Chief adviser to President Obama, Lawrence Summers, announces departure from National Economic Council at end of year
Analysts applaud passage of ESRB, fret over practical concerns
Commentators praise the concept of a continent-wide systemic risk supervisor but say politics and lack of policy clarity could thwart good intentions
BIS on offshore domestic currency use
Bank for International Settlements paper says monetary stability risks from offshore credit growth can be managed through prudent policy
Ireland’s debt costs soar
Auction results show demand for Irish debt remains strong, but analysts fear higher financing costs are unsustainable
RBA appoints new head of economic research
Reserve Bank of Australia promotes deputy head of domestic markets Jonathan Kearns to head of economic research
Ex-Brazil deputy to head hedge fund’s Latin American office
Former Central Bank of Brazil deputy governor Mário Mesquita will head Latin American office of UK hedge fund Brevan Howard