Central Banks
People: IMF poaches ADB chief economist; BNP's Gary Smith makes switch to MassMutual
Changyong Rhee takes over from Anoop Singh in IMF’s Asian and Pacific department; Gary Smith joins Massachusetts Mutual; former RBI chief general manager joins commercial bank board
Reserve Bank of Australia deputy governor targets productivity boost
Philip Lowe says the country will need a ‘substantial increase’ in productivity growth if it is to replicate the rapid growth in real per capita income achieved in the past two decades
Iceland governor denies 'playing politics' over plans for household debt relief
Mar Guðmundsson says government plans to reduce household debt burden will not involve 'printing money'; rejects reports that he was accused of ‘playing politics’ by prime minister
IMF paper highlights benefits of model-based approach to monetary policy analysis in LICs
New paper taking Kenya as an example finds benefits of a model-based approach to monetary policy analysis in low-income countries, including in countries with money-targeting frameworks
Diminishing importance of US in world economy mutes knock-on effects, finds BoJ paper
Tightening monetary policy in the US in the 1990s had significant adverse effects in the rest of the world - but the following decade, despite increased global integration, the effects were less
ECB prepares ground for new €10 banknote next year
New €10 note will be the second in the Europa series after the launch of the €5 note this May; Partnership Programme launched today will seek to smooth its introduction among stakeholders
Weidmann says ECB governing council must give up SSM oversight
In order to avoid a conflict of interest between monetary and financial supervisory policy, Bundesbank president says either a treaty change is needed, or a new institution separate from the ECB
Carney backs new leverage ratio powers
Bank of England announces review of its powers over bank leverage ratios; Mark Carney says that FPC control over the tool is ‘necessary to properly implement a robust capital framework’
Initial margin to significantly impact development of Asian derivatives markets: Asifma
Asifma head Austen wants exclusion of initial margin from Asian jurisdictions’ derivatives market regulation
Riksbank reviews 20 years of inflation targeting
Sweden’s central bank publishes four research papers on different countries’ experience of inflation targeting and monetary policy; Lars Svensson and Michael Woodford are among the contributors
Bundesbank’s Dombret defends Germany’s current account surplus
Andreas Dombret says the strength of German households, businesses and public sector is a stabilising factor for the eurozone as a whole; calls for acceptance of the structural differences between economies
Robin Leigh-Pemberton, Baron Kingsdown: 1927-2013
Robin Leigh-Pemberton served as Bank of England governor between 1983 and 1993 - presiding over a period of rapid economic growth, but also 'Black Wednesday'
Chan laments lessons left unlearned from financial crisis
Hong Kong Monetary Authority chief executive Norman Chan says he will continue warning against excess levels of debt, even though it is now widely seen as part of the solution to the crisis
ECB's Cœuré says European institutions must be more accountable
The financial crisis has led European institutions to intrude more into member states' economic and fiscal policies, with 'redistributional consequences' - so democratic accountability is 'key'
BSP to stay put on monetary policy following Haiyan
Philippines central bank is not expected to raise rates despite supply bottlenecks causing inflation spikes in the wake of typhoon Haiyan
Kuroda says Japan is on track to hit price target
Bank of Japan governor says the central bank’s QQE has brought about ‘positive developments’ that are spreading throughout financial markets and the real economy; sees inflation hitting 2% by 2015
CCPs face $161 billion liquidity shortfall to clear FX options, GFXD finds
Results of an industry study reveal the scale of the liquidity burden that would fall on CCPs clearing physically delivered FX options – but a net settlement mechanism could reduce the number by 73%
Fed’s George backs ‘diversity of views’ in supervisory process
Kansas City Fed president Esther George says it is important that the interests of all stakeholders are reflected in a country’s supervisory structure
Fed could step in if US government hits debt ceiling, minutes show
Federal Reserve policymakers held unscheduled meeting the day before US Congress suspended the national debt limit; agreed the NY Fed trading desk could 'address disruptions in market functioning'
Bank of England appoints three new executive directors
Two new executive directorships are created at the Bank of England - for special resolution and information technology - and Jo Place is promoted internally to head up the human resources operation
ECB paper proposes new metrics for competitiveness
Researchers say that conventional indicators of competitiveness are losing their relevance as production spreads across borders, and propose two new measures based on concept of global value chains
Draghi wants European public backstop for stress tests
ECB president Mario Draghi says both national and European public funds should be in place ahead of the comprehensive assessment to ensure it is a ‘credible exercise’
China and India take divergent paths in liquidity management debate
People's Bank of China is targeting liquidity injections through a standing facility, while the Reserve Bank of India is reducing the amount available to banks through its equivalent funding window