United Kingdom
Two women appointed to top BoE committee
Julia Black and Jill May will sit on the Prudential Regulation Committee
BoE’s profits dip on higher banknote and research expenditure
But total expenditure comes in below budget due to lower headcount than expected
Central bankers share vision for ‘business as usual’ big data
Panellists offer advice on how to build the infrastructure for good data governance
PRA official says financial system must become more cyber-resilient
Firms now view cyber as one of the biggest risks to their operations; regulators must outline what they expect from firms in terms of resilience
Andy Haldane rethinks traditional growth narrative
New research implies growth did not “flatline” before the industrial revolution
Paul Tucker: UK supervisors’ powers may go too far
Former BoE deputy says some central banks have too much power and not enough accountability; argues QE was necessary but problematic
BoE paper models bank runs in general equilibrium
Daisuke Ikeda finds regulations must be comprehensive to prevent risk shifting
Book notes: Edge of chaos, by Dambisa Moyo
John Chown applauds Moyo’s analysis of how the current democratic framework is failing
Resolution still essential for CCPs – BoE’s Cunliffe
Despite high loss absorbency, CCPs still need a resolution framework, deputy governor says
Good policy makes Phillips curve harder to identify – BoE’s Tenreyro
MPC member argues fears the Phillips curve has disappeared are “largely misplaced”
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make payments
People: BoE’s Fried promoted; Vlieghe reappointed
Bradley Fried to take over as Court chair; Gertjan Vlieghe gets new term; Anneli Tuominen to serve additional term at Esma; Israel appoints technology chief
UK’s FCA to act on banks using overdrafts as revenue source
Regulator proposes rules to improve transparency around the cost of credit, with plans to ban fixed fees if necessary
Jonathan Haskel appointed to BoE MPC
Male economist chosen over four women who were shortlisted
Bank of England says UK payment schemes must adapt to ISO messaging standard
BoE will hold consultation with interested parties in June
Non-banks could threaten bank business models – BoE paper
Non-bank competitor could undermine bank’s deposit base under certain circumstances
UK statistics authority disagrees with BoE on snow impact
ONS says snow had limited impact on Q1 GDP, contradicting the BoE’s account
Dudley calls for ‘aggressive action’ on benchmark reforms
Failure to move to new framework before 2021 could create “large-scale disorder”
Nominal exchange rates can be forecast on ‘back of a napkin’ - ECB paper
Flexible exchange rates in advanced countries have two regularities, researchers find
BoE MPC split on publishing rate forecasts
Jan Vlieghe argues current system is “unnecessarily complex”, but Carney is sceptical
BoE research says digital currency would ‘strengthen’ policy transmission
Under proposed framework, a CBDC would have limited impact on monetary policy but a lack of data means further research into design and demand will be crucial
BoE paper studies ‘multiplex’ network model of derivatives market
Low liquidity buffers can lead to significant spillovers for some firms, authors warn
BoE’s Broadbent apologises for ‘menopausal’ remark
Deputy made the remark while trying to explain the word ‘climacteric’ to a newspaper
Bank of England should have ‘green’ mandate – report
Activist group says BoE should be given explicit mandate which would see climate sustainability on par with price stability