Paul Volcker
Bernanke praises Volcker and Greenspan contributions on policy communication
Current Fed chair uses centenary celebration to hail contributions of his two predecessors in improving the Fed's communications - including ‘qualitative forward guidance' under Greenspan
Volcker rule in its ‘purest form' necessary to curb derivatives speculation
Under pressure from banks and hedge funds, the definition of ‘hedging' in the final Volcker rule could be so broad as to allow unchecked speculation dressed up as hedging, Vembar Ranganathan argues
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
Volcker calls for end to inflation targets
Former Fed chairman tells New York audience the Fed must have the 'backbone' to exit QE before it is too late; says no need for a 'specific target or target zone' for inflation
IMF research warns Liikanen, Vickers and Volcker could cause instability
IMF economists including José Viñals call for global cost-benefit analysis to assess cross-border impact of national plans to restructure banks
BIS researchers fear separation rules could make banks harder to resolve
Recommendations from Vickers, Volcker and Liikanen examined in new paper focusing on implications for global banking business models
ECB’s Cœuré wants structural co-ordination
Executive board member appeals for the cohesive implementation of Volcker, Vickers and Liikanen proposals
Finland's Liikanen grilled by UK law-makers on banking separation
The governor of the Bank of Finland gives evidence to UK's Parliamentary Commission on Banking Standards; faces a barrage of questions on the precise nature of separation
Volcker warns of ‘permeable’ Vickers ring fence
Paul Volcker tells a UK parliamentary committee the Vickers ring fence has loopholes that will be widened over time by banks; says bad culture in trading arms ‘infected’ retail banks
Robert Pringle’s Viewpoint: Fixing banks and regulation
Central bank balance sheets are ballooning due to the failure of banking systems and new rules are unlikely to address the issue. Only a full legal separation of banking activities will do.
Fed to release historical central banking material
Federal Reserve reveals plans to mark centenary; inventory of historical information about central banking in the US to be created
ECB paper examines pre-Volcker monetary policy
Working paper sets out dynamic general equilibrium model to analyse Federal Reserve monetary policy; finds Fed policy pre-Volcker was more effective than widely thought
JP Morgan loss flags shortcomings of Volcker rule
Questions raised after chief executive claims new regulation would not have prevented the risky trades that caused JP Morgan to lose $2 billion; first version of regulation may have, says Caprio
Bernanke pays homage to predecessors
Chairman of the Federal Reserve remembers achievements of Paul Volcker and Alan Greenspan as he delivers second lecture to students
Japan nervous of implications of Volcker rule
Bank of Japan releases letter sent to US officials outlining impact of changes to speculative trading controls; fears Japanese government bond market will be hit
Reforming financial regulation and the international monetary system
The regime we have is far from perfect. But regulatory oversight can go some way towards countering its flaws, Jacques de Larosière believes
Frank’s FOMC attack offers further evidence of the politicisation of Fed policy
Attempts to rescind regional Fed presidents’ voting rights as members of the Federal Open Market Committee manifest an unfortunate trend in US monetary policy, Thomas F. Cargill believes.
Return to Glass-Steagall essential: Kansas City Fed’s Hoenig
Kansas City Federal Reserve president Thomas Hoenig says reform only scratches the surface without basic separation of investment, commercial banking activity for biggest banks
Volcker steps down as economic adviser to Obama
President Obama announces departure of former Fed chair Paul Volcker from Economic Recovery Advisory Board; appoints General Electric's Jeff Immelt as head of new Council on Jobs and Competitiveness
Senators call for 'vigorous' enforcement of Volcker rule
Carl Levin and Jeff Merkley urge FSoc to follow “statutory intent” of rule to limit proprietary trading; define key terms and supervisory approach
Reform missed chance to fix mortgage markets: Volcker
Former Federal Reserve chairman Paul Volcker says US mortgage markets are dysfunctional due to reliance on government; renminbi appreciation in China’s own interest
JP Morgan slashes commodity desks
Fate of other prop desks unclear ahead of enactment of Volcker Rule
Preventing system failure
A model borrowed from ecology offers new insights for policymakers in how to understand and combat systemic risk, writes Claire Jones.
FDIC’s general counsel resigns
Federal Deposit Insurance Corporation general counsel Michael Bradfield becomes second high profile figure to leave this week