Central Banks
RBNZ deputy to chair OECD financial market committee
Grant Spencer, head of financial stability at the New Zealand central bank, has been selected to head up one of the organisation's top committees
Kalyalya: Bank of Zambia will revamp communications
New governor tells press the central bank will look to establish ‘more structured and regular’ communications with the public; sets out economic challenges and opportunities
Fischer sees shocks disrupting future path of rates
Fed vice-chair Stanley Fischer says smooth upward path for the federal funds rate will ‘almost certainly not be realised’ given the likelihood of shocks in the US economy
Visual interfaces ‘hold promise’ for policy-makers
Working paper published by ECB finds ‘analytical visualisations and interactive interfaces’ can help with the communication of risks; presents macro-prudential data cube
IMF tells SNB to consider asset purchases
In the face of slowing growth and deepening deflation the Swiss National Bank should ease monetary policy, which could be done via purchases of foreign currency assets, IMF says
Forward guidance can help QE succeed, Finnish research says
Article in Bank of Finland bulletin considers whether eurozone is at risk of Japanese-style deflation, finding the ECB’s asset purchases reduce the odds of this outcome
Noyer says ECB can cope with solvency risks
Banque de France governor flags risks from balance sheet expansion, but says the ECB is ‘fully protected’ against solvency risks
Cleveland Fed’s Mester sees guidance as 'comms device'
Loretta Mester believes the Fed should stop using forward guidance as a policy tool when economic conditions have normalised and stick to setting out its reaction function
UK’s PRA gives small bank managers an easier ride
Prudential Regulation Authority finalises first phase of Senior Managers’ Regime, giving some concessions to small firms; more rules set to follow later this year
ECB closely watching impact of QE on financial stability
Mario Draghi tells Econ committee the central bank is aware of the potential for QE to inflate asset prices and invite excessive risk taking, but risks are ‘contained’ at present
People: Dallas Fed names interim president; Ukraine adds deputy governor
Helen Holcomb holds the fort at Dallas Fed after Richard Fisher retires; National Bank of Ukraine appoints another acting deputy governor; Cleveland Fed names new research head; and more
PBoC governor hints at capital account liberalisation this year
Zhou Xiaochuan says it will be ‘more convenient not only for enterprises but also for individuals at home and abroad to invest' during panel discussion with IMF's Lagarde in Beijing
Central banks told to handle financial inclusion with care
Greater inclusion benefits the poor but could damage monetary policy or financial stability if it is not kept under control, BIS research and IMF officials warn
Kuroda says QQE bringing ‘landmark’ changes to Japan
BoJ governor sets out evidence that extraordinary monetary easing is bearing fruit, with inflation expectations rising and workers demanding higher wages
Lockhart backs ‘selective’ regulation of shadow banks
Atlanta Fed president argues for US authorities to ‘variably monitor and supervise’ all institutions with implications for financial stability, regardless of whether they are shadow banks
ECB forecasts ‘gradual’ increase in US inflation
Economic bulletin published by ECB agrees with FOMC that inflation will increase gradually as labour market conditions improve and impact of low oil prices and high dollar fades
RBA research suggests options for IMF to overcome governance issues
Analysis of constraints on IMF actions suggests seeking backup from other international organisations could add to political clout, but quota reform remains a problem
EBA proposes curbs on shadow bank exposures
Financial institutions will be expected to set their own limits, except in cases where information or internal processes are lacking; ‘fallback’ option may need adjusting, EBA admits
Hellwig and Wolf question efficacy of financial reforms
Martin Hellwig and Martin Wolf discuss flaws in financial reforms aimed at breaking the sovereign-bank linkage in book on country and political risk
Stevens says RBA has discussed further easing
Australian governor says central bank is trying to manage difficult mix of low inflation and rising asset prices against longer-term backdrop of falling terms of trade
Haldane warns expectations could drag down wages
Lower inflation expectations putting downward pressure on wages, and could contribute to greater persistence of low or falling inflation, BoE chief economist says