Opinion

Without proper incentives we are doomed

The financial system cannot survive in anything like its present form if bankers continue to make profits and taxpayers assume the losses. Yet that is the trend, certainly in the United States with its ill-advised Paulson bailout, and increasingly in…

An offer they couldn't refuse

US Treasury secretary Hank Paulson's plan to buy troubled assets could prove the vital action in averting a financial meltdown. But only if the Treasury can take the right steps to put a floor under the market, says Claire Jones, the editor of Central…

Why now is the time for the UK to join the euro

Just when nobody is expecting it, now could be a good time for the British government to announce its intention for the UK to join the euro area, says Robert Pringle, the editor-in-chief of Central Banking journal.

Bank rescue - or protection racket?

Will 19 September 2008 go down in history as a day when wise and courageous politicians took the steps necessary to rescue the global banking system, or as the last throw of the dice? Maybe neither of these - maybe it will be remembered just as another…

Fed will shun Mishkin's call for explicit goal

Despite Frederic Mishkin's rigorous advocation, much stands in the way of the departing governor's wish for the Fed to adopt an explicit inflation goal. But it may not need to, writes Claire Jones, the editor of Central Bank News.

How to put the City into financial stability

Michael Foot, a former executive director responsible for supervision at the Bank of England, suggests ways to limit potential conflicts of interest in appointing City of London bankers to the new Financial Stability Committee at the Bank.

The role of central banks in financial stability

At a time when many governments and central banks are struggling to distil the key lessons of the crisis, one of the main finding is that the central bank needs the appropriate powers if it is to assume responsibility for systemic financial stability.

Masaaki Shirakawa for governor?

Masaaki Shirakawa, newly-appointed acting governor of the Bank of Japan, is in the frame for promotion to the top job. He certainly would make the ideal candidate for the position.

How history will judge Fukui

Fukui's term at the helm of the Bank of Japan should be seen as a success but the departing governor failed to fulfil his early promise, says Colin Asher, a senior economist at Nomura, an investment bank.

The EU's approach to SWFs is commendable

The EU Commission's proposal for sovereign wealth fund policies are to be welcomed, says Norbert Walter, the chief economist of Deutsche Bank Group. And it is in the interests of the funds themselves to support this course.

Noyer's lonely moment

Robert Pringle, the editor of Central Banking journal, speculates on what kind of questions went through the mind of Christian Noyer, governor of the Banque de France, when he first learned of the Societe Generale disaster.

Banks must be scolded, not helped, by the Fed

Monetary and regulatory policy should be about reinforcing solid conduct in financial markets and punishing bad behaviour. But the recent rate cut from the Fed does little of the sort, says Avinash Persaud, the chairman of Intelligence Capital, a…

Should rate policy note Wall Street's influence?

Reflecting on the Federal Reserve's recent decisions, Stephen Cecchetti, the Rosenberg professor of global finance at the Brandeis International Business School, asks whether it is wise to separate actions to ensure financial stability from those to aid…

SWFs investment in banks: an alarming trend?

In the wake of the credit crunch banks' capital cushions have deflated dangerously. And, in response, some have turned to one group of investors untouched by subprime credit or by mark-to-market reporting requirements: sovereign wealth funds (SWFs)…

Regulators can't ensure clarity, only encourage it

In the wake of the credit crisis, central bankers and other financial regulators should use their clout to back the standardisation of financial instruments rather than trying to legislate for transparency, says Claire Jones, the editor of Central Bank…

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