Europe
ECB’s Asmussen emphasises need for Greek reforms
Jörg Asmussen stresses importance of timely implementation of reform programme in Greece
Interbank market ‘almost dead’ in Europe, says Banque de France’s Mongars
ECB operations are critical for European bank funding as the interbank market is all but broken, says NALM panellist
Estonian governor calls for eurozone co-operation
Lipstok says eurozone member states must work together to ensure a sustainable economic recovery
Bundesbank president cautions against central bank shift into politics
Deutsche Bundesbank president Jens Weidmann confirms central bank’s policy advocating tighter eurozone rules while acknowledging long-term growth is needed to help peripheral countries out of debt
Reserve Bank of Australia wary of risks from European contagion
RBA Monetary Policy Committee signals ongoing concern at contagion effect from Europe dampening Australian prospects
‘Numerous episodes’ of heightened anxiety ahead for Europe, says RBA’s Stevens
Reseve Bank of Australia governor, Glenn Stevens, says ‘old world’ problems have “riveted” global attention but ECB action prevented another funding crisis
Canada cracks down on Syrian central bank
Canada imposes asset freeze on Central Bank of Syria; foreign affairs minister reiterates demand that president Assad step down
Swedish authorities lambast maximum harmonisation for Basel III
Swedish Finansinspektionen and the Riksbank hold first joint meeting on macroprudential policy matters; again take on EU proposals to fix capital adequacy requirements
EFSF gets go-ahead for collateral enhancement facility
Plan to restore worth to Greek bonds as collateral is authorised; two days after the European Central Bank was forced to stop accepting Greek bonds following downgrade
Bank of Mauritius releases financial stability report
Latest report offers overview of international and domestic economic pressures impacting the country
Praet discusses lessons from the crisis
ECB executive board member says speed at which imbalances result in systemic risks is a major lesson to learn; talks of emerging new Europe
EU freezes assets of Syrian central bank
Council of the European Union announces freeze on central bank assets among string of sanctions; EU “increasingly appalled” by situation in the country, says council
Lagarde stresses importance of firewalls
Managing director of IMF says she is “encouraged” by G-20 commitment to strengthening firewalls to limit spread of economic damage
New fault lines in financial regulation
Deleveraging could trigger another crippling credit crunch in Europe at a time when the recovery is still fragile. By Jacques de Larosière
Brendan Brown on life after death for the Emu
Brendan Brown puts forward a proposal for how a functioning monetary union in Europe could operate if the current system was to fail
EU leaders present plan for growth
EU member state leaders issue joint statement on restoring growth to the economy; all eyes on finance ministers’ meeting in Brussels
European Commission to propose regulation on CSDs
European Commission announces new rules targeting central securities depositories to be released in March; wants to ensure securities transactions are settled in a “safe and timely manner”
Wright secures top secretariat job at Iosco
European Commission veteran David Wright is leaving academia to become the new secretary general of the International Organization of Securities Commissions
EBA rejects claims of problems with banks’ recapitalisation plans
European Banking Authority slams reports 'purporting to contain factual information'; says majority of banks’ plans appear to be in line with EBA recommendations
Germany highly exposed to US and European contagion effects, says Buba paper
Bundesbank study finds strong contagious effects from the US and Europe, but no effects from the Asia-Pacific region and emerging markets on the German financial system
RBI’s Subbarao says eurozone situation better than expected
Governor of the Reserve Bank of India says Indian corporates report better conditions in Europe than feared; central bank lowers cash reserve ratio for banks to ease liquidity situation
EU freezes assets of Iranian central bank
EU follows US lead by announcing strict new sanctions on Iranian central bank; heart of action is to limit the country’s nuclear programme
Bank of Canada report forecasts modest rebound in 2012
Bank of Canada Monetary Policy Report projects economy will grow moderately in 2012 and pick up further in 2013
Japan to support EFSF bonds as S&P strips AAA rating
The Japanese government will continue to support bonds issued by the EFSF despite Standard & Poor’s stripping them of their AAA rating; Junker says no indication other rating agencies will follow