Financial crisis
HSBC chief identifies four steps to resolve ‘emerging markets’ crisis in Europe
HSBC chief executive Stuart Gulliver believes a European ‘tarp’ plus issuance of eurobonds needed to keep eurozone intact; says Spain and Greece failed to learn lessons from Asian crisis
BoE’s Broadbent examines rising cost of capital
External member of the Bank of England’s Monetary Policy Committee considers causes of rising capital costs; suggests fear among investors of ‘extreme outcomes’ in eurozone
Greek governor highlights importance of decisions made in Athens
Georgios Provopoulos tells president recovery is linked to decisions made in Athens not Brussels; again stresses importance of faster progress with reforms in the country
Lagarde offers views on globalisation
Christine Lagarde discusses global connections and the future; takes feminist line in speech to graduating students
Bundesbank adamant on Greek reform programme
Monthly statement from Bundesbank says Greek access to aid should not be eased to avoid dampening of incentive to reform; EC’s Barroso sensitive to sacrifices made so far after meeting interim president
BIS paper examines macro-prudential models and tools
Working paper considers the effectiveness of macro-prudential models in understanding the role of the financial sector in relation to the real economy
Bank of England launches review of crisis-handling
Court of the Bank of England commissions set of reviews to learn lessons relevant for the bank’s future responsibilities; first public announcement regarding analysis of this type
Colombia central bank co-director discusses crisis
Carlos Gustavo Cano considers causes of financial crisis; emphasises importance of using macro-prudential tools to prevent asset bubbles and calm investors
MAS deputy highlights challenges of structural change
Ong Chong Tee lists core issues and challenges related to structural changes in the Singapore economy after the financial crisis
Designing a new global financial architecture
Developing a financial architecture for the future requires substantial thought about international capital flows and the role of institutional investors. By Bernd Braasch
Robert Shiller on central banks and their role in a good society
Through co-ordinated action central banks have played a vital role in avoiding financial armageddon. But Robert Shiller tells Christopher Jeffery that more joined-up thinking is required
Germany’s political elite treads tightrope of public opinion on euro
Citizens of Europe’s most powerful economy have never had a real affection for the euro, making Germany’s role in resolving the continent’s debt crisis extremely tricky. By Norbert Walter
Reserve Bank of India threatened by government’s economic policies
The Reserve Bank of India had a ‘good crisis’ and has earned a strong reputation for integrity and pragmatism during the past 15 years. But its efforts are threatened by current economic policy
Book notes: Soft Law and the Global Financial System
An explanation of the role of international standards in regulating the global financial system
RBA minutes note ‘fragile’ global picture
Reserve Bank of Australia board discussed “fragile” sentiment surrounding global economic recovery and slow domestic growth when making most recent monetary policy decision
Bank of Mauritius governor urges diversification
Rundheersing Bheenick says previous calls to find alternative markets fell on deaf ears; economy is operating below potential
Asia regional FSB discusses deleveraging in Europe
Financial Stability Board Regional Consultative Group for Asia focuses on problems arising due to deleveraging of European financial institutions; also share thoughts on recent FSB initiatives
Bank of Israel paper evaluates past monetary policy decisions
Discussion paper from the Bank of Israel investigates patterns in monetary policy decisions and their outcomes in the country
Praet describes the ECB’s role in the financial crisis
Member of the ECB executive board addresses Austrian central bank conference; echoes colleagues in stressing other routes to recovery must be pursued beyond emergency policy measures
Bernanke says stronger banks will lead to 'robust' economy
Fed chair outlines progress made by financial sector; says improved credit conditions will play a part in creating a robust economy in the US
Bank of Spain plays down bank nationalisation talk
Spanish central bank says customers and depositors of Banco Financiero y de Ahorros have "no cause for concern" as the possible use of public funds to stabilise the firm is discussed
IMF research examines links between governance and stress events
IMF working paper discusses correlation between quality of national governance and the likelihood of economic stress events