Europe
Risk USA: US regulators “scared to death” by eurozone debt crisis
The sovereign debt crisis is a concern, but direct US bank exposure is manageable, says senior OCC official
Argentina crisis lessons for Europe: CEPR paper
Centre for Economic Policy Research study says beleaguered eurozone countries can learn from Argentina’s financial crisis
Netherlands takes on systemically important banks
Netherlands Bank expresses concern at exposure of Dutch banking sector to sovereign debt crisis; tells systemically important banks to begin preparations to raise capital and build recovery plans
Trichet says China funding request is right thing to do
Outgoing ECB president denies it is embarrassing or humbling for Europe to have to ask other countries for financial support; insists it is "absolutely normal" in today’s global world
Greek debt value halved after marathon EU discussions
New Europe crisis resolution deal brokered overnight in Belgium; EFSF extended, Greek debt cut, banks’ capital to rise and governance increased
Estonia sounds clear warning on Europe crisis contagion
Eesti Pank says strain is growing in Estonia as eurozone crisis spreads to other areas of the region; asks banks to pay close attention to capital levels
EMEs have scope to respond to a global slowdown: RBA’s Battellino
Reserve Bank of Australia deputy governor Ric Battellino says emerging market economies have capacity to respond to decline in weakness in global demand
ECB announces new T2S start date
European Central Bank announces T2S project to launch in June 2015; key changes demanded by Advisory Group behind delays
Bundesbank’s Dombret backs temporary higher capital buffers for European banks
Bundesbank’s executive board member Andreas Dombret says 9% core tier 1 capital for systemically important banks is feasible
Trichet calls for EU executive branch in farewell address
Outgoing president uses farewell speech to express personal opinion on the need for an EU executive branch; body would have powers in three key areas
RBA’s Debelle expresses concern over bank funding pressures
Reserve Bank of Australia assistant governor Guy Debelle outlines differences in bank funding pressures in Europe and Australia
Colleagues rate Trichet’s performance as chief as ‘good’
Trade union asks ECB staff how outgoing president handled European crisis; questions regarding internal management produce interesting results
Europe should learn from US mistakes
Former chairman of the Federal Deposit Insurance Company William Isaac warns Europe to heed the lessons from TARP and catastrophic public stress tests
Japan extends emergency relief measures
Emergency loan facility and relaxation of collateral eligibility standards extended; sign of Japan’s continued economic struggle
ECB’s Constâncio stresses commitment to T2S settlement platform
First ever Europe-wide platform for settlement of bonds and equities trades has ECB’s full support; will play a crucial role in future of the single market, says Vítor Constâncio
European central bank gold sales lowest since 1999
European central banks sold just 1.1 tonnes in last 12 months; lowest since Central Bank Gold Agreements began
Finland’s Liikanen discusses weaknesses in Europe
Erkki Liikanen wants progress in fiscal correction, bank capitalisation and economic governance; reminds Greece of its responsibility for itself
G-20 commits to ‘strong and co-ordinated’ response to challenges
G-20 answers calls for united action; countries commit to implementing credible fiscal consolidation plans, and ensuring strong, sustainable and balanced growth
IMF says time is ‘running out’ to stabilise world economy
Global Financial Stability Report makes urgent plea for action to tackle vulnerabilities that threaten the global financial system; reveals €200 billion ‘impact’ on EU banks from sovereign debt crisis
Canada’s Carney points to some optimism from global outlook
Bank of Canada governor Mark Carney says there are significant growth opportunities for Canada despite deterioration in global economic outlook
Video: BoJ’s Hiromi Yamaoka on the failure of global rulemakers to learn from Japan’s ‘lost decade’
Hiromi Yamaoka speaks about new recovery and resolution plans, the strength of the Japanese banking system and why he’s not worried about spiralling government debt
IMF concern over ‘critical juncture’ of programme in Greece
IMF rejects criticism of economic programme to date; highlights areas that need attention to ensure recovery
Greece tranche decision delayed till October: Juncker
Eurogroup chairman Jean-Claude Juncker says decision to release sixth bailout tranche to Greece will be delayed until October; sovereign may default sooner than expected, says analyst
CNB’s Hampl: debt reduction is only solution to sovereign crisis
Czech National Bank vice-governor Mojmír Hampl, says some form of debt reduction is needed to resolve the European sovereign debt crisis