Central Banks
Structural reforms could get eurozone out of recession, paper shows
Bank of Portugal working paper finds structural economic reforms could get the eurozone out of recession and away from the zero lower bound if designed correctly
Wathra appointed Pakistan governor
Ashraf Mahmood Wathra joined the central bank as a deputy governor last year, and has now been handed a three-year term as governor
Regulators reveal details of EU and UK stress tests
European Banking Authority and Bank of England set out the scenarios they will use in their respective stress tests later this year; ECB sets deadline for meeting capital shortfalls
Turkey's central bank overhauls strategic plan following turmoil earlier this year
The bank outlines new strategic plan for 2014–18 in view of ‘changed external and economic conditions'; replaces 2011 plan that was scheduled to expire next year
ECB paper finds eurozone inflation better anchored than US
Analysis of medium- and longer-term inflation expectations at times of economic shocks finds European inflation expectations more firmly anchored than in the US
Turkey's Başçı says inflation will peak in May
Central Bank of the Republic of Turkey governor Erdem Başçi says current account deficit to shrink 'substantially' in 2014 at conference hosted by National Bank of Macedonia in Skopje
RBI deputy reviews Indian macro-prudential experience
Kamalesh Chakrabarty evaluates India’s experience with macro-prudential policy and considers how central banks can build analytical frameworks to guide their oversight
Fed bars BofA from raising dividends after flawed capital submission
Federal Reserve orders Bank of America to resubmit capital plan after bank discovers inaccuracies dating back to Merrill Lynch takeover that caused miscalculation of capital ratios
Financial markets still fragmented, say ECB and Commission
European Central Bank and European Commission find the eurozone is more economically and financially fragmented now than it was before the crisis
Anti-capitalist group claims responsibility for Bank of Greece bombing
The ‘Revolutionary Struggle', a terrorist group that the Greek police claimed to have dismantled in 2010, says it was behind the attack that injured two on April 10
People: Former Sarb deputy takes over state pension fund; Somali governor confirmed
Familiar faces return to Somali, Swedish central banks, while former Sarb deputy and World Bank executive Renosi Mokate takes the reins at South African pension fund
Ukraine central bank says currency can be stabilised without interventions
The National Bank of Ukraine does not for now see the need to intervene in currency markets to stabilise the exchange rate; new deputy governor appointed
New monetary policy tools in Hungary introduced to wean country off external debt
The Central Bank of Hungary is tweaking its policy tools to incentivise lenders to purchase more domestic bonds, so reducing government’s need for foreign-denominated debt
Bank of Russia hikes interest rates amid growing signs of stagflation
The Bank of Russia raised its suite of interest rates by 50 basis points after one percentage point inflation increase since mid-March; says ‘persistently high' oil prices have ‘stabilising effect'
Poloz says low rates may be new norm
Bank of Canada governor Stephen Poloz says there is growing consensus that interest rates will remain at low levels even when the Canadian economy has recovered
ECB publishes final SSM framework
European Central Bank finalises framework for Single Supervisory Mechanism; sets out relationship with national competent authorities and criteria for determining significance of banks
Korean research analyses transmission of exchange rate movements to domestic prices
Korean working paper finds imported inputs play ‘major role’ in transmitting exchange rate fluctuations to the domestic price level
Sarb forecasts further impact from Fed taper
Financial stability review highlights domestic risks that could ‘amplify’ the impact of US monetary policy on the South African economy
SNB refuses to give ‘all clear’ on housing market despite capital buffer rise
Thomas Jordan tells Swiss National Bank shareholders that real estate prices remain a concern despite the recent increase in the counter-cyclical capital buffer
Danish central bank ends negative rates experiment
National Bank of Denmark moves deposit rate into positive territory for first time in two years; Reserve Bank of New Zealand delivers second successive rate hike
Riksbank minutes reveal fissures on ‘leaning against the wind' amid low inflation
The Riksbank's decision not to cut interest rates amid weak inflation earlier this month was preceded by heated debate, minutes show
Constancio hails Banking Union's ‘remarkable sharing of sovereignty'
ECB vice-president Vitor Constancio says Banking Union with no common recapitalisation tool requires EU's biggest economies to surrender their advantage