Central Banks
Knot backs advanced economies to buck secular stagnation
Netherlands Bank president Klaas Knot says a period of technological change will stop advanced economies from sliding into a new era defined by lower growth rates
Central banks in Israel, UK close in on new deputies
Bank of Israel governor Karnit Flug nominates academic Nadine Baudot-Trajtenberg as her deputy; UK Treasury begins process of replacing Charles Bean at the Bank of England
Dombret says 'ultra-loose' monetary policy won't fix 'lacklustre' investment
Andreas Dombret says financial and structural reforms are necessary to incentivise private sector investment; banking union will not solve the economic crisis in the eurozone
Bank of England launches new liquidity provision framework
First ‘indexed long-term repo operations' under framework unveiled in October scheduled for early February; will provide ‘more liquidity at cheaper rates, longer maturities against wider range of collateral'
SNB's Jordan: 'Transparency can be counterproductive'
Chairman of the Swiss National Bank calls for central banks to take ‘great caution’ before making changes to their communications policy; expresses scepticism over board minutes and forward guidance
History likely to vindicate Fed's crisis policies, says Bernanke
The Federal Reserve has developed ‘all the tools needed' to manage monetary policy; costs of extraordinary measures exaggerated, Bernanke says
New collateral framework will have a ‘limited’ impact on banks, says DNB
Dutch central bank imposes tougher collateral requirements on the banks that use its services; more stringent than the wider Eurosystem, which has made a number of accommodations in recent years
Bank of Finland paper backs nominal GDP as policy target
Research finds that price level or nominal GDP targeting is ‘on the whole’ better than inflation targeting as long as private agents adapt their expectations accordingly
Shanghai Clearing House becomes fifth in Asia to start OTC clearing
First onshore renminbi interest rate swaps cleared in China; two international banks sign up to new clearing service
ECB bulletin examines 'virtuous circle' in Chinese reforms
Research article published by the European Central Bank says there could be a ‘virtuous circle’ between reforms aimed at rebalancing China’s growth and those aimed at promoting the renminbi
People: Malta gets second deputy; Lautenschläger aces European Parliament test
Central Bank of Malta gets second deputy governor for first time; Lautenschläger wins overwhelming majority in European Parliament vote; and more
RBI director discusses management of 2013 capital outflows
High and unstable capital flows can lead to macro and financial stability concerns. But managing capital flows to minimise such concerns has costs too, says Deepak Mohanty
Central Bank of Brazil raises rates for seventh time in a row
Selic rate increased 50 basis points to 10.5% in unanimous decision following disappointing inflation figures published last week; rate up 275 basis points since April 2013
BoE's Carney downplays UK housing risks
The governor, who is also head of the country's principal macro-prudential regulator, says higher prices and ‘mortgage availability' is due to housing market bouncing back from ‘low base'
Mersch says ABS could help eurozone back to health
Addressing the Ifo Institute in Munich, ECB executive board member Yves Mersch said asset-backed securities have a bad reputation but a role to play in the European economic recovery
Dutch paper finds Germans ‘substantially more cash oriented’ than other nationalities
Researchers consider why cash is still ‘heavily used’ for low-value payments in Europe; attributes German consumers' continued use of cash to ‘precautionary’ reasons
Fed consults over financial stability implications of commodities investment
Financial firms' involvement in commodity markets could pose a risk to financial stability, particularly in the event of a natural or environmental disaster
Christian Noyer overruled by finance minister on savings rate
Banque de France governor Christian Noyer proposes cutting the interest rate paid on the country’s most popular savings account; Pierre Moscovici rejects the move to ‘protect spending power’
Fisher says Fed must stop QE ‘as soon as feasible'
Exit from quantitative easing is ‘daunting' according to Dallas Fed president Richard Fisher, who compared it yesterday to passing a camel through the eye of a needle
Four more countries have ‘systemically important' financial sectors, says IMF
New methodology qualifying countries for IMF's financial sector assessment programme means Denmark, Norway, Poland and Finland will now undergo regular check-ups
‘Yellenomics’ – the second coming of Keynes at the Fed
Janet Yellen's confirmation is an historic shift toward a more activist Fed, a reinstatement of Keynesian economics and expanded government in general, writes Thomas Cargill