Europe
Global financial linkages amplified US shocks: IMF paper
Fund study says close financial and trade links between Europe and US magnified effects of US housing market bubble
Lagarde calls for urgent action
Lagarde sets out plans for Europe, the US and on a global scale to support 'fragile' recovery
Interview: Robert Mundell
The Nobel laureate explains what is needed to save Europe’s single currency and calls for greater global coordination of monetary policies, in conversation with Robert Pringle
Sovereign concerns set back RBA rate hike
Minutes of Reserve Bank of Australia monetary policy meeting show policy board did not hike rates due to mounting concerns over effects from international sovereign debt on demand
Robert Mundell: How to save the euro
Nobel laureate Robert Mundell says eurozone can be saved with three-pronged policy solution, ‘for the short run, intermediate run and long run’
Australia’s economic performance not all down to luck: RBA’s Edey
Reserve Bank of Australia assistant governor Malcolm Edey says good luck and good management played a role in Australia’s strong economic performance in recent years
BIS report highlights steps to curb sovereign debt risks
Basel working group outlines measures central banks can introduce to mitigate the risks associated with sovereign debt
Deficits are not always bad: RBA’s Debelle
Reserve Bank of Australia assistant governor of financial markets Guy Debelle says current account deficits are not always bad and do not necessarily equate to an imbalance
Chile governor warns on Europe and US
Central Bank of Chile governor says Europe in “trouble” and US at risk of waking up from “lethargy” too slowly
Barroso confirms European finance ministers agree to EFSF fund rise
European Council set to meet in Brussels to discuss economic policy change and the Greek crisis; Barroso reveals finance ministers agree to raise European Financial Stability Facility fund
Noyer expects euro area growth to weaken
Banque de France governor Christian Noyer says euro area growth may slow in coming quarter due to scars left on economies from crisis
FDI boosts external balances: IMF paper
IMF study shows central eastern and southeastern Europe region benefited from large foreign direct investment pre-crisis
Credit rating agencies slam sovereign warning proposal
EU Commission proposal for credit rating agencies to give sovereigns three days’ notice of a rating change causes “grave concerns”
Council of the EU recommends Mario Draghi for ECB presidency
The Council of the European Union recommends the nomination of Mario Draghi as president of the European Central Bank
Eurostat continues to deny knowledge of Greece-Goldman swaps
Statistics body insists it only found out about the controversial cross-currency swaps between Greece and Goldman Sachs in 2010
IMF makes strong call for strengthened policy response in Europe
International Monetary Fund wants stronger financial integration to bolster Europe’s recovery; comes as officials gather in Greece to see progress
BIS paper highlights change in bank-lending channel
Bank for International Settlements study shows shift in drivers of bank-lending channel in European and United States pre-crisis
Finland’s Hakkarainen spots growth divergence in Europe
Bank of Finland deputy governor Pentti Hakkarainen warns of growth imbalances forming within Europe
Financial Stability Board publishes survey responses
Comprehensive survey answers reveal FSB member countries’ plans to conform with the G-20’s recommendations for strengthening financial stability
Polish OTC clearer aims for 2012 launch as Europe fragments
Another central counterparty plans to launch in Europe, starting with zloty-denominated interest rate swaps
Irish minister makes fresh bondholder threat
ECB executive board member critical of Ireland’s plans to impose losses on senior bondholders in Irish lenders; new stress test results on Thursday to develop the governments’ plans
Establishment of Southern African currency union delayed: Sarb’s Mminele
South African Reserve Bank deputy governor Daniel Mminele says timeline for adoption of Southern African Development Community single currency will be reviewed
ECB paper on EMU governance reforms
European Central Bank study says Van Rompuy Task Force proposals are essential to euro area governance framework
EU agrees to more generous terms for Greece
Heads of state agree to lower rate of interest and extend maturity on Greek loan; no word on Ireland