Central Banks
Cecchetti calls on Fed to become international lender of last resort
Stephen Cecchetti says Fed should extend swap lines internationally if the dollar is to continue in its privileged position as reserve currency; Paul Tucker outlines ideal lender of last resort
Financial Stability Board prepares to publish FX benchmark reforms
Recommendations due to be published within days; broad consensus among market participants, but questions hang over certain elements
Zhou may be replaced as PBoC governor, says WSJ
Wall Street Journal suggests the Chinese leadership is considering replacing Zhou Xiaochuan, who was only reappointed last year, with Guo Shuqing
Kocherlakota suggests two-year timetable on 2% target
Minneapolis Fed President says lack of a time frame suggests 'appropriate monetary policy might engender inflation that is far from the 2% target for years at a time'
RBA discussing steps to cool ‘unbalanced’ housing market
Australia’s financial regulators are discussing whether ‘additional steps’ are necessary to address the disproportionate increase in credit to investors in the housing market
Finland paper: German minimum wage could be ‘too high’
Germany’s forthcoming minimum wage ‘could potentially be too high’ and lead to employment losses, especially in the east of the country, research finds
Visco echoes Draghi with call for more private investment
Bank of Italy’s governor argues the main challenge in the legacy of the great recession is ‘posed by the developments in the real economy’
World Bank says the PMA is ‘steadily building the capabilities’ of a central bank
World Bank report says the banking sector in Palestine ‘remains healthy thanks to the efforts of the Palestine Monetary Authority’
Central Bank of Morocco cuts rates for first time since March 2012
North African economy has seen growth slow and unemployment increase in 2014 as its main export markets in Europe continue to struggle
Sri Lankan governor in ‘140-character battle’ with public on Twitter
Ajith Cabraal takes part in a 60-minute Q&A through social media; faces questions on public debt, monetary policy and the central bank’s public relations campaign in the US
EBA zeroes in on recovery and resolution trigger conditions
European Banking Authority publishes final guidelines on testing for bank failure and launches consultation on what conditions could trigger a resolution process
EM East Asian bond success could be undermined by ‘tighter liquidity’
ADB says US interest rates, geopolitical tensions and a ‘slowing property market’ in China could undermine the performance of East Asian bonds
UAE governor replaced after 23 years in job
Sultan Bin Nasser Al-Suwaidi will be replaced as governor by Mubarak Rashid Al-Mansouri, who is currently CEO of the Emirates Investment Authority
Canada deputy: Neutral rate of interest has dropped
Potential growth will be lower than before the crisis, warns Carolyn Wilkins, while neutral rate for Canada is 3-4%, down from pre-crisis level of 4.5-5.5%
Portuguese central banker warns new €10 banknote may not be accepted by all vending machines
Bank of Portugal board member says he cannot guarantee the note will be accepted by all machines, as owners are responsible for making necessary software changes
Angolan kwanza and Namibian dollar will ‘appreciate’ on back of central bank deal
Angola and Namibia’s central banks signed a currency conversion agreement that will ‘contribute to the appreciation’ of their currencies, according to José de Lima Massano
BoE's Bailey calls for ‘much more systematic approach' to financial sanctions
Bank of England's senior prudential regulator recognises need for clear understanding of when and to whom sanctions apply; calls for greater international co-operation
New York Fed blog to make DSGE forecasts public
Federal Reserve Bank of New York publishing five-part series on DSGE model and how it is used to forecast inflation and output in the US economy
Draghi defends TLTRO allocation of €82.6 billion
ECB president tells Econ Committee last week’s targeted LTRO ‘within the range of take-up values’ he expected; outlines shift to ‘more active’ management of balance sheet
Latvian paper proposes refinement to definition of trade
Working paper produces measure to better account for the value added component of trade; authors argue this better captures a country’s contribution to world markets
Philadelphia Fed president Charles Plosser to retire
Vocal critic of unconventional monetary policies to leave FOMC in March 2015; Yellen says she will miss ‘keen insights, deep analysis and good humour'
Carney hints at coming shift in FSB focus
Mark Carney says Financial Stability Board will need to shift its focus towards ‘evolving’ threats such as shadow banking; ending too-big-to-fail high on the agenda for Brisbane G-20 summit