Official Record
Fed’s Beige Book reveals ‘modest’ employment growth
Summary of the economic conditions across the 12 Federal Reserve districts finds both employment and economic activity were ‘modest’ in September, while price pressures were ‘limited’
Swedish policy-makers clash on mortgage risk weights
Heads of Sveriges Riksbank and Swedish Financial Services Authority disagree over where to set the risk-weight floor on mortgages
BIS praises ‘complex’ payments reform in Macedonia
New payment system implemented near the turn of the century created a more efficient and sophisticated industry; potential EU membership driving additional reforms
NPLs hold back Serbian banks as economic imbalances remain, says central bank
National Bank of Serbia financial stability report warns change in the behavioural pattern of European banks; says Fed taper could bridle domestic credit and economic growth in the medium term
Netherlands Bank says ECB’s asset quality review necessary to restore market confidence
Dutch central bank says lack of market confidence is making it difficult for European banks to build stronger balance sheets, and that the ECB’s asset quality review will help address this
Demand for Bank of Portugal online stats grew 51% in 2012
The central bank’s website received more than 55,000 visits last year, with the statistical service offered online and on mobile devices the most popular feature
Central Bank of Ireland urges continued austerity despite slowdown
Any scaling back of fiscal adjustment runs risk of unwinding positive effects of €28 billion consolidation effort ‘for the sake of small short-term fiscal easing', bank argues in quarterly bulletin
Central Bank of Chile minutes reveal concern over slowing Brics
Slowdown in countries including Brazil, India, Indonesia and South Africa likely to have adverse effect on rest of the emerging world as well, board members say
BoE's financial policy committee publishes latest minutes
UK macro-prudential regulator says it will prioritise medium-term capital framework for banks, ending ‘too big to fail', and transform shadow banking
HKMA reviews progress on global financial regulation
Bulletin article outlines the stabilisation options that member jurisdictions should have access to in the event that a too-big-to-fail bank does just that
RBNZ rings changes in policy frameworks
Annual report highlights changes in how Reserve Bank of New Zealand is organised, the way in which it formulates policy and the tools at its disposal
Minutes reveal Riksbank reluctant to give up say on macro-prudential matters
Deputies say democratic accountability is more about who has the right to make decisions than achieving policy objectives; see ‘clear link' between macro-prudential policy and monetary policy
BoE's Tucker clarifies FPC's macro-prudential powers
Article gives details of the inner workings of the Financial Policy Committee, including powers of direction and recommendation, its accountability and powers to hide information from the public
Croatia under threat from falling growth and rising debt
Public debt is capped at 60% but is now approaching that limit; there are further signs of weakness in the Croatian and European real economies
RBA looks to exchange rate
The Reserve Bank of Australia keeps the door open for further rates cuts but emphasises that a weaker currency ‘would be helpful’ in boosting demand
Hungary council members divided over rate drop
Central Bank of Hungary monetary council members were split over the size of last month’s rate cut; minutes from August meeting signal that easing cycle is winding down
Bank of England publishes banking primer to educate public
Article says role of prudential regulation is to ensure the soundness of banks by ensuring they have sufficient capital and liquidity to avoid disruption of critical services provided to the economy
ECB calls for action as ABS market reaches ‘crossroads’
European Central Bank’s monthly bulletin calls on other institutions to help kick-start the market; suggests ABS transactions could be guaranteed in an attempt to boost SME lending
Slovenian economy assailed by austerity and money markets
According to central bank's 2012 annual report, inflation and credit costs increased as consumption, bank lending and the current account deficit fell
Eastern Caribbean Central Bank (ECCB) governor looking for ‘quantum leap’ in output
Dwight Venner calls for three-pronged approach to recoup the Eastern Caribbean Currency Union’s output losses over the past four years and return to growth
Moroccan central bank aims to boost SMEs while implementing Basel III
Central Bank of Morocco annual report for 2012 shows the economy continuing to stagnate, despite the best efforts of an expansionary monetary policy
ECB paper backs broader financing alternatives
Occasional paper says the ECB’s monetary polices has had an ‘uneven effect’ on eurozone businesses; calls for more diverse capital structures
Kenyan central bank defends depreciating shilling
The Kenyan shilling has dropped almost 5% in value against the dollar since May; central bank insists this is a necessary rebalancing and does not pose any damaging inflationary pressures – yet
Zambian central bank sees currency stability but inflationary pressures through year-end
The Zambian kwacha has taken a hit against the biggest global currencies but appreciated against the South African rand, meaning REER held steady