Central Banks
Top UK and US officials join forces to enhance resolution
Officials including Mark Carney and Janet Yellen meet in Washington to improve transatlantic cooperation in the event of a global banking collapse
European Court of Justice hears case against OMTs
European Central Bank’s programme for buying sovereign debt to be considered by Europe's top court; ruling could have implications for monetary policy
PBoC and Bank of Russia establishes $24.5bn swap line
Bank of Russia says deal provides opportunity to obtain liquidity 'whenever required'; trade between the two countries has more than doubled since 2008
Carney hails ‘major achievement’ on resolution stays
Isda protocol signed by 18 major banks aims to solve cross-border legal issues, preventing a ‘cascade of termination events’ that could undermine an orderly resolution
Spanish economists adapt model on business cycle conditions to forecast growth
Working paper published by the Bank of Spain extends an existing model on US business cycle conditions to forecast GDP growth in real time
Armenian central bank looks to spark inflation ‘rebound’
Central Bank of Armenia says it will continue ‘loosening’ monetary conditions as it looks to return annual CPI inflation to its 4% target
Amro revamped in agreement struck at IMF meetings
Macroeconomic Research Office will become an international organisation when agreement is ratified, 'contributing further to regional financial stability'
Central banks respond to ECB and BoE paper on ABS
Sveriges Riksbank and Reserve Bank of Australia raise concerns over proposals in discussion paper, while Central Bank of Hungary adopts a more positive tone
Plosser wants Fed to follow ‘rule-like’ monetary policy
Philadelphia Fed president says constrained discretion has been shown to produce better policy-making, citing Nobel prize-winning research
Zhou backs Chinese growth target in face of slowdown
PBoC governor says Chinese economy is on track to hit growth target of 7.5% in 2014, despite drag from the housing market; central bank deploys measures to boost real estate sector
IMF launches consultation with external advisors on Islamic finance
Fund working group looks to publish ‘staff discussion note’ on Islamic finance before the end of the year and organise a ‘high-level’ conference in 2015
Carney: G-20 summit will be ‘watershed’ in TBTF efforts
BoE governor looks ahead to G-20 meeting next month at IMF seminar on finance and ethics; describes Libor riggers as ‘totally detached’ from the consequences of their actions
PBoC chief economist sees ‘very low’ risk of hard landing
Ma Jun argues slowdown in investment will be offset by services and health care spending; describes Hong Kong-Shanghai ‘stock connect' programme as 'major breakthrough'
Fischer says Fed ‘better think about’ international spillovers
Fed vice-chair says international effects of monetary policy ‘spill back’ on to the US, and the central bank cannot make ‘sensible’ choices without taking them into account
BIS paper proposes defence against market panics
Proposal would see governments link level of borrowing to interest rates, breaking the vicious cycle of rising rates leading to increased default risk
Basel Committee toughens bank governance principles
Principles aim to instil stronger risk governance in banks, after FSB peer review identified room for improvement; focus on responsibility of boards and ‘three lines of defence’
Bank of Canada will consult public on future banknote designs
Bank of Canada launches a nationwide consultation on banknote design principles, after a report concluding that Canadians should have increased participation in the process
Carstens says EMs should look inwards to engineer growth
Bank of Mexico governor warns developed economies will grow below potential for a 'relatively long period’; Lagarde would 'do belly dancing' if it got US to approve new IMF governance
ECB to release assessment results on October 26
European Central Bank will publish results from asset quality review and stress tests later this month; Draghi says ‘further efforts will be needed’ from some banks
National Bank of Angola separates financial regulation from supervision
Central bank is restructuring its operating model, making a ‘clear separation between the exercise of developing standards and the role of monitoring [their] implementation’
Iceland renovates approach to financial stability
Már Guðmundsson comments on introduction of financial stability council and systemic risk committee in Central Bank of Iceland publications
BoE lifts lid on Scottish independence contingency plan
Plan warned of ‘potential instability’ from use of pound north of the border; central bank prepared emergency liquidity and clear communication strategy in run up to vote