International
FSB weighs effects of post-crisis reforms on central clearing
Report finds incentives to centrally clear are strong in the “systemic core” but weaker elsewhere; some rules could benefit from adjustment
Global regulators to collaborate on fintech sandbox
UK’s FCA unveils global network of 12 regulators that will collaborate on testing and supervising innovative technology
Open economies less affected by low rates due to ageing populations – IMF
Older societies are prone to save more and consume less, which reduces inflationary pressures
US dollar credit to emerging markets growing faster, reveals BIS data
Growth in dollar-denominated debts up 9%, with growth in debt securities even faster
G20 warns against protectionism
Finance ministers and central bankers commit to support economy with fiscal and monetary tools
Infrastructure financing not harmed by post-crisis reforms – FSB
First study of regulatory impact on intermediation finds infrastructure finance largely unscathed
FSI paper urges supervisors to develop ‘suptech strategy’
Supervisors are well placed to benefit from technology but need a clear plan, says the paper from Basel’s FSI
FCA’s Bailey stresses need for Libor backstop
Chief executive warns firms the end of Libor is not a “black swan” event, but a certainty, as contracts referencing the benchmark continue to grow
Is the pursuit of a common accounting standard for monetary gold a fool’s errand?
More consistent accounting for monetary gold could address transparency concerns and help smaller emerging economies to achieve greater independence by clarifying treasury transfers
High reserves and low yields force central banks to focus on returns – survey
Equities become more important in reserve portfolios, accounting for 90% of returns in 2017
Communication strategies too weak to ‘pierce veil of inattention’ – research
Survey evidence is too poor and central bank communication too ineffectual, say economists, but reforms could open up new mode of policymaking
Book notes: Unfinished business, by Tamim Bayoumi
Anand Sinha praises Bayoumi’s analysis of how the euro crisis and US housing crash were, in fact, intertwined
‘Low for long’ endangers stability, warns BIS committee
Some banks could face solvency issues if faced with a “snapback”, warns Philip Lowe
People: Kosovo appoints new deputy governor
Bank of Spain has a new director-general for economics; Atlanta Fed appoints senior vice-president
FSB outlines ‘cyber lexicon’
Group hopes common language will aid cross-border efforts to tackle cyber threats
People: new RBI deputy; Ingves to chair Toronto Centre
ECB appoints director general of micro-prudential supervision; HKMA has new executive director of financial infrastructure; Liberia appoints new board
Fed’s Quarles defends FSB from US critics
Supervision chief says FSB is not a threat to sovereignty and helps solve collective problems
Panellists disagree on regulatory approach to blockchain
Should regulators be allowed on the blockchain, or should the technology govern itself, panel asks
BIS paper outlines lower-bound risk model
Model estimates probability of hitting ELB, helping to guide policy
Swift aims to have all members using GPI system by late 2020
Corrected: Network wants to integrate all 10,000 banks into the cross-border payment system
Carstens pushes for greater transparency from BIS
New general manager says greater transparency will improve dialogue with central banks
BIS sees ‘narrow’ path to safety as global risks build
BIS softens message on tighter monetary policy, but calls for concerted action as global debt reaches fresh highs
Fed policy’s global effects differ in booms and busts – BIS paper
Monetary policy appears to impact global bank lending differently depending on the “regime”
Leading governors analyse evolving inflation-employment relationship
Powell, Draghi, Lowe and Kuroda assess causes keeping wage growth low across the world