Europe
IMF’s Nehmat urges eurozone fiscal adjustment plan rethink
Deputy managing director of the IMF says some eurozone countries’ fiscal targets for 2013 may need to be altered given growth slowdown; also supports deeper European integration
HFT adds value to the forex market, says Bank of England
While the effects of high-frequency trading activity should continue to be monitored, the practice adds value to the FX market, a senior Bank of England official has argued
Gold demand drops from high 2011 figures
Gold Demand Trends report from World Gold Council notes 5% lower demand in Q1 this year compared with 2011
System risk lessons from FX loans in Central and Eastern Europe
The build-up of forex loans in the CEE presented a systemic challenge to the region's financial stability. Piotr J Szpunar argues this points to a need for macro-prudential rules in Europe
European finance ministers agree on Basel III rules
Capital requirement regulations relaxed to allow unanimous support of regulations to implement Basel III; European Parliament negotiations next
Bank of Mauritius governor urges diversification
Rundheersing Bheenick says previous calls to find alternative markets fell on deaf ears; economy is operating below potential
Asia regional FSB discusses deleveraging in Europe
Financial Stability Board Regional Consultative Group for Asia focuses on problems arising due to deleveraging of European financial institutions; also share thoughts on recent FSB initiatives
Differing growth predictions demonstrate uneven global recovery
European Commission estimates 0.3% contraction for eurozone GDP; Lithuania and Thailand meanwhile revise growth estimates upwards
New deputy governor notes increasing Swedish economic dependency
Kerstin af Jochnick describes points of importance relating to monetary policy and financial stability; highlights growing dependency of Sweden on events abroad
Lagarde calls for ‘gradual’ austerity moves
Lagarde calls for gradual and country-specific approach to austerity; says supply-side measures needed to achieve sustainable growth
Dombret calls for faster EU action on regulation of Sifis
Deutsche Bundesbank's Andreas Dombret calls for EU to act faster on regulation of Sifis; says individual countries implementing their own frameworks creates ‘problems for the future'
ECB survey finds worsening borrowing conditions for SMEs
European Central Bank survey finds borrowing conditions for SMEs have ‘worsened considerably’ in past six months
FSA’s Turner outlines reforms needed in eurozone
Adair Turner sets out reforms necessary for eurozone stability; calls for creation of euro bonds and greater fiscal integration
Dombret says role of central banks 'changed fundamentally' by crisis
Deutsche Bundesbank board member discusses changing role of central banks as a result of the financial crisis; says the situation could lead to a new financial instability
ECB calls for comments on payments system security recommendations
Public consultation opens on payments system recommendations from European Forum on the Security of Retail Payments; changes relate to areas of concern regarding internet payments
Cœuré calls for greater risk-sharing in eurozone
ECB's Benoît Cœuré calls for greater risk-sharing within eurozone to help place euro on sustainable footing
IMF sounds warning over European deleveraging
Lagarde hopes to ‘significantly’ increase resources available to the IMF during spring meeting; Financial Stability Report also recognises need for increased firewall as deleveraging rages on in Europe
Spain's Ordóñez renews call for government action
Bank of Spain governor urges government to stick to target of reducing budget deficit to 5.3% in 2012; highlights work done on banking reform
Norway set to shift investment strategy after poor SWF performance
Norway sovereign wealth fund to focus on emerging markets following third-worst performance in history last year
Lagarde hopes for progress on IMF resource increase
IMF managing director sets out hopes for Spring Meetings; wants to see increase in resources and emerging market representation reform agreements
EBA chair wants flexible approach to macro-prudential regulation
Andrea Enria advocates flexible approach to macro-prudential regulation within the EU; says flexibility should not threaten the EU single market
Czech central bank sheds 96 jobs despite need to meet wider remit
Czech National Bank reduces headcount to same level as 2006, despite taking on additional regulatory responsibilities
Bank of Lithuania says 90% of population has bank accounts
Banking survey shows high level of participation in the banking sector; central bank to continue “financial education” lessons
Bank of Spain governor warns against complacency
Miguel Fernández Ordóñez outlines progress made in reforming Spanish banking sector; stresses there is more to be done, and that European interventions have merely bought time to push changes through