Central Banks
Bank of Spain deputy on what banking union will mean for national lenders
Spanish banking system will not face more complex challenges than those posed in other jurisdictions, says Fernando Restroy; capital levels for sector as a whole will be above 10% by year's end
Yellen defends QE in congressional confirmation hearing
Prospective Fed chair says asset purchases have had ‘meaningful' impact on financial wellbeing of normal Americans; hints at further banking regulations ‘down the line'
Reserve managers diversifying due to rise in risk, not a search for return, say CBP panellists
Central bank reserve managers are moving into new assets due to concerns about rising risks in traditional currencies, rather than in a search for yield, say Central Banking On Air panellists
SEE region must face financial challenges together, says Macedonia deputy
Macedonia's financial system, like others in the region, has suffered thanks to international regulation leading local subsidiaries of European banks to deleverage in southeast Europe
Bundesbank warns on ‘moral hazard' from low interest rate environment
Bundesbank's latest annual financial stability report fears insurance companies and banks are losing out in the low interest rate environment; deputy says ‘primary law' must change for SRM to work
Flug takes up Fischer's mantle on Israeli economy
New governor Karnit Flug proposes financial stability committee in conjunction with ministry of finance; repeats predecessor's calls to expand labour force participation and build more homes
Leaning against the wind does more harm than good, warns Svensson
Former Riksbank deputy Lars Svensson argues higher interest rates to combat asset bubbles and financial instability have the opposite effect by raising the real debt burden of households
Norges Bank deputy discusses institutional underpinnings of central bank activities
Jan Qvigstad highlights the importance of institutions in facilitating payments in an era when money lacks intrinsic value; chides Argentinian government for meddling with statistics
New central bank mandates raise operational challenges
Central bankers face a raft of policy and operational challenges as their institutions take on new mandates and expanded responsibilities. By Martina Horáková, Tristan Carlyle and Arvid Ahlund
Finnish deputy outlines credibility triad
Pentti Hakkarainen says a central bank’s financial position, legal independence and communications all influence the credibility, and therefore efficacy, of its monetary policy
Bill Clinton says failure to reform OTC markets earlier was a "real mistake"
Speaking at Sifma AGM, former US president says OTC market should have been forced into collateralised regime before 2008 crisis
Latvia central bank brings rates and rules in line with eurozone
Bank of Latvia slashes rates to match ECB's ultra-low 0.25%; economists say the move, along with new regulations, was designed purely to ready the country to join the eurozone in January
ECB's Asmussen defends 'unorthodox measures' in pursuit of 'orthodox objectives'
Executive board member highlights distinction between policy goals and instruments; says LTROs, OMTs and forward guidance crucial to ensure monetary transmission and hit inflation target
Central Bank of Liberia deputy governor dies aged 60
Theophilus Bettie, deputy governor for economic policy at the Central Bank of Liberia, passed away while attending a conference in Lagos, Nigeria last week
UK data boost could spell early end to BoE forward guidance
Inflation report out today predicts consumer price inflation will reach 2% target sooner than predicted after sharp drop in October; revised forecast on unemployment may undermine forward guidance
Bundesbank research seeks to disentangle recession and depression
Discussion paper isolates unique features of depressions and booms to separate them out from recessions and expansions; results suggest recent ‘Great Recession’ was not a depression
Spanish economist urges IMF to complete its ‘metamorphosis’
Bank of Spain economic study says the International Monetary Fund needs to test its new surveillance and lending policies before it can take its place as the ‘guarantor’ of the new economic order
IMF paper backs stress test ‘rules of thumb’
Researchers from the IMF and BIS say rough guides to the typical relationships between credit levels and bank solvency can be useful tools in bank stress tests
HKMA’s Yue calls for offshore RMB co-operation
Deputy chief executive Eddie Yue says Hong Kong and the United Kingdom need not compete for a slice of the global offshore renminbi market – they can ‘grow the pie together’
Norges Bank should make ethical investment decisions for SWF, say government advisers
Report sets out ways for pension fund to boost influence over responsible investments, aiming to increase long-run returns; recommends concentrating decision-making power at Norges Bank
BoE chief cashier says renminbi clearing bank would be 'valuable addition' for UK
Chris Salmon says a renminbi clearing bank would be a valuable addition to the UK's financial infrastructure, though there are 'many opportunities and ways' to clear renminbi transactions
Mersch tells Greece not to forget future generations
Executive board member praises country for its ‘extraordinary efforts to refute the naysayers’, but warns hesitation now will force future generations to bear the burden of past mistakes