Financial crisis
Dutch central bank warns on budget deficit
Netherlands Bank says “highest priority” is required for restructuring of Dutch public finances
Use of behavioural finance will not stop next crisis, says CNB adviser
The use of behavioural economics in management decisions and supervisory models would not prevent a future crisis, says Czech National Bank adviser, Michal Skořepa
EFSF gets go-ahead for collateral enhancement facility
Plan to restore worth to Greek bonds as collateral is authorised; two days after the European Central Bank was forced to stop accepting Greek bonds following downgrade
Raskin echoes Bernanke in discussing ‘modest’ recovery
Sarah Bloom Raskin talks about slow recovery compared to historical cycles and the impact of accommodative policy on savers
Bank of Canada working paper investigates market movers
New research looks into whether central bank communications or media reports impact markets more
Bernanke laments 'modest' US recovery
Fed chairman describes mixed progress in US economic recovery; explains reasons for publishing statement of longer-run goals and policy strategy
ECB rejects Greek bonds in reaction to rating cut
European Central Bank temporarily stops accepting Greek debt as collateral; move comes one day after rating agency drops country to a selective default rating
Praet discusses lessons from the crisis
ECB executive board member says speed at which imbalances result in systemic risks is a major lesson to learn; talks of emerging new Europe
Buba’s Weidmann defends German role in eurozone rescues
President of the Deutsche Bundesbank says criticising German authorities for their action, or lack of it, in helping struggling eurozone counterparts is “quite inappropriate”
De Larosière fears another crippling credit crunch in Europe
New international banking regulations aimed at cleaning up the financial system could cause a crippling credit crunch in Europe, says Jacques de Larosière
Philippines reveals extent of lending to IMF
Central Bank of the Philippines announces shift in relationship with International Monetary Fund; holdings from the country have been used to support Ireland, Portugal and Greece
RBA retains scope for monetary easing
Minutes of the latest Monetary Policy Board meeting at the Reserve Bank of Australia shows members believe inflation outlook provides scope for a further easing of policy if situation worsens
Macro-prudential powers are no panacea
Central banks will take on substantial new macro-prudential supervisory powers in the years ahead. But this is a dangerous experiment, and a step in the wrong direction
New fault lines in financial regulation
Deleveraging could trigger another crippling credit crunch in Europe at a time when the recovery is still fragile. By Jacques de Larosière
Inflation targeting: a child of our time?
Starting in 1989 inflation targeting has come of age. But does it have the durability to withstand severe economic and financial shocks, or was it simply a child of its time that cannot mature?
Asia to develop emergency financial stability safety net
Charles Adams and Lei Lei Song chart the development of the Chiang Mai Initiative Multilateralization and explain three ways to develop Asia’s liquidity support mechanism
Brendan Brown on life after death for the Emu
Brendan Brown puts forward a proposal for how a functioning monetary union in Europe could operate if the current system was to fail
African central bankers embrace a new world order
Africa’s central bankers are adopting new approaches to managing their reserves as trade with Brics rises and the influence of developed nations wanes
EU leaders present plan for growth
EU member state leaders issue joint statement on restoring growth to the economy; all eyes on finance ministers’ meeting in Brussels
BIS deputy general manager highlights pressure on monetary policy
Hervé Hannoun, deputy general manager of the Bank for International Settlements, says monetary policy frameworks are under “enormous pressure”
Fed official reports on success of dollar swap lines
Steven Kamin, director of the Division of International Finance at the Fed, tells Senate committee currency swap lines have helped ease dollar funding market; stresses agreements are risk-free
China prepares for an ‘arduous’ year
Task of maintaining financial stability will be ‘arduous’ in 2012, says People’s Bank of China deputy governor; focus will be on risks from regional banks and non-banking institutions
RBI’s Khan on curbing irresponsible behaviour in financial markets
Reserve Bank of India deputy governor Harun Khan says financial professionals should be better educated about the social costs of financial crises
Heightened uncertainty promoted precautionary savings post-crisis, says IMF paper
Fund study says precautionary motives promoted households in advanced economies to significantly increase savings following the global financial crisis