Central Banks
Finland advocates price-level targeting
A new paper published by the Bank of Finland makes the case for moving to price-level targeting.
Goldmans, MS abandon model, seek Fed shelter
And then there were none. Goldman Sachs and Morgan Stanley, the last of the big five Wall Street investment banks, have abandoned their business model to secure greater Fed protection and soothe negative market sentiment.
Tehran ousts central bank governor
Mahmoud Ahmadinejad, Iran's president, has sacked Tahmasb Mazaheri, the governor of the country's central bank, after just 12 months in charge, state media reports.
UAE launches emergency facility
The Central Bank of the United Arab Emirates on Monday became the latest monetary institution to inject funds to alleviate interbank tensions, pledging Dh50 billion ($13.6 billion).
Sweden takes "precautionary" payments measure
The Riksbank has relaxed collateral rules for transactions through its RIX payments system as a precaution against money and bond market stress.
Denmark forced to back up second bank
The National Bank of Denmark has provided emergency liquidity to another of the country's banks, it emerged Monday.
Liquidity black holes
The current crisis has seen financial giants torpedoed by a lack of liquidity, which has rapidly transformed into questions over solvency. Conversations at SIBOS, the annual gathering of people in the business of liquidity delivery - payment system…
Sparks fly between Cox and McCain
Christopher Cox, the chairman of the Securities and Exchange Commission (SEC), and John McCain, the Republican president candidate, have clashed over McCain's comment that he would fire Cox if he were president.
Mboweni: reserve growth must go on
The central bank does not regard the current level of foreign exchange reserves as excessive, given the economy's high current-account deficit, said Tito Mboweni, the governor of the South African Reserve Bank.
RBA's Stevens: monetary policy and booms
The proposition that monetary policy should lean against asset price and credit booms is up for discussion again, said Glenn Stevens, the governor of the Reserve Bank of Australia.
Draghi: widen scope of monetary policy
Monetary policy should aim at a greater symmetry throughout the cycle and cannot afford to neglect innovations affecting the structure of the financial system, said Mario Draghi, the governor of the Bank of Italy.
Central banks return to collective action
After a series of individual efforts aimed at resolving money market tensions, the world's major central banks resorted to collective action on Thursday, injecting as much as $180 billion (€124.75 billion) into interbank markets through various swaps and…
World Bank to "name and shame" remitters
The World Bank has launched an online database to "name and shame" providers of remittance services around the world.
Government still not at the SEPA table
European governments who fail to move on SEPA must be shamed into action, said Jean-Michel Godeffroy, the director general for payment systems at the European Central Bank.
China's Hu: subprime challenges reserve management
China's reserve management faces big challenges after the subprime crisis, said Hu Xiaolian, a deputy governor of the People's Bank of China.
Fed holds rates, room for future cuts
The Federal Reserve has defied market expectations for a cut, opting to keep interest rates on hold at Tuesday's monetary policy meeting.
Geithner skips FOMC meeting
Tim Geithner, the president of the New York Fed and the Federal Reserve System's chief crisis manager since the outbreak of the credit crisis, did not attend Tuesday meeting of the Federal Open Markets Committee (FOMC). Geithner stayed behind in New York…
Banks scramble for fresh cash offers
For the second day running, central banks have pumped vast amounts of liquidity into overnight money markets, as interbank rates soared following the collapse of Lehman Brothers and heightened uncertainty over the health of the financial sector.
Fed faces crunch call, market now prices in cut
Financial markets have dramatically adjusted expectations of the outcome interest-rate decision to be announced by the Federal Open Market Committee (FOMC) late on Tuesday.
China to be No.2 in payments
China could overtake the eurozone as the world's second biggest payments market early next decade, according to a new report.
King sees high inflation remaining
Mervyn King, the governor of the Bank of England, expects inflation in the United Kingdom to remain "markedly" above the central bank's target well into next year.
Interview: Carlo Tresoldi
"Without intervention it will be difficult to meet the timescale of 2010 for migration to the new Single Euro Payments Area (SEPA) instruments," Carlo Tresoldi told Centralbanknews.com on Tuesday.
Brazil's Meirelles: tightening will continue
The Central Bank of Brazil is committed to bringing inflation to the 4.5% midpoint of its inflation target during 2009, said Henrique Meirelles, the governor of the central bank in a recent speech.
Trends in large-value payments
New research from the Federal Reserve Bank of New York identifies global trends in large-value payments.