Financial crisis
BoE's Posen continues crusade for SME credit
Posen laments decline of political interest in plans for credit easing for SMEs in the UK; reaffirms his drive to improve the provision of finance for smaller non-financial corporations
Governor of the Central Bank of the Philippines talks Basel III
Amando Tetangco explains how Basel III has a “perverse” impact on countries with strong fiscal discipline and why the Sifi designation is less important than rigorous regulation
FSB regional group discusses policy responses to eurozone crisis
Commonwealth of Independent States hold first regional FSB consultative group meeting; members including Russia and Ukraine discuss possible policy actions to counter eurozone crisis
Central bankers gather in Davos for World Economic Forum
Central banking is a hot topic at this year's World Economic Forum; attendees of the event discuss issues in Russia, Poland, China and more
BoE’s Salmon expects tighter regulation of payment operations
Bank of England executive director of banking services says authorities will pay more attention to network of payment operations and question the internal organisation of firms’ operations
World Gold Council predicts ‘record year’ for central bank gold purchases
Trend of central banks being net purchasers to continue; latest update from World Gold Council predicts ‘record year’ of buying
RBI’s Subbarao says eurozone situation better than expected
Governor of the Reserve Bank of India says Indian corporates report better conditions in Europe than feared; central bank lowers cash reserve ratio for banks to ease liquidity situation
Fiscal sustainability indicators have limited effect on CDS spreads, says IMF paper
Fund study shows sovereign credit default swap spreads are driven largely by short-term liquidity conditions and large-scale long-term bond purchases by major central banks
Credit rating agencies pose stability risks, says IMF paper
Fund study shows opinions of rating agencies can influence financial stability through impact on sovereign funding costs
Governments can safeguard economy against supply shocks, says National Bank of Denmark paper
National Bank of Denmark study says financial system structures and government support are important factors in shielding the economy from supply shocks
RBI’s Mahapatra seeks greater surveillance of corporate governance
Reserve Bank of India executive director Shri Mahapatra calls for greater vigilance in corporate governance at financial institutions to avoid further crises
IMF paper: High international reserves are not panacea for low-income countries
International Monetary Fund study measures economic impact of external shocks on low-income countries with different levels of international reserves; says reserves provide cushion not remedy
ECB says financial stability in Europe faced ‘strong headwinds’ in 2011
European Central Bank releases Financial Stability Report; says weakening macroeconomic growth prospects and “unprecedented” loss of confidence to blame for rise of key risks in the region
BoE Quarterly Bulletin reports market deterioration
Bank of England Q4 report notes financial market sentiment and functioning decline since last bulletin
IMF delivers gloomy Greece update
IMF releases Fifth Review Under the Stand-By Arrangement for Greece; offers a bleak picture of the country’s economy and future
Australia ‘well placed’ to deal with global downturn; RBA’s Battellino
Reserve Bank of Australia’s deputy governor Ric Battellino says Australia is in a strong position to cope with ongoing global financial turbulence
Eurozone crisis catches up with Estonia
Bank of Estonia becomes latest central bank to cut growth expectations; says eurozone crisis could cause a recession in the country
Debt tolerance has turned decisively, says Carney
Bank of Canada governor Mark Carney says deleveraging process is here to stay; warns if debt restructuring needs to happen, it should be done sooner rather than later
‘Ambitious’ strengthening of economic governance needed: Praet
ECB’s Peter Praet says resolving economic crisis will rely on strengthening economic governance; ECB will remain anchor for stability
Bank of Canada paper on capital control liberalisation in India
Bank of Canada study shows there has been a significant reduction in barriers to arbitrage in India
EBA finds €114.7 billion capital shortfall in Europe
European Banking Authority publishes recommendation and final results of bank recapitalisation plan; part of co-ordinated measures to restore confidence in the banking sector
SARB issues bleak Quarterly Bulletin
Latest quarterly bulletin from South African Reserve Bank says economy has grown at ‘lacklustre’ pace; inflation hit upper limit of target range in October
CB.com panel discusses changes in reserve management functions
CentralBanking.com poses the question: What do central banks want from reserves and reserve managers? Panellists discuss how the financial crisis has altered the role of reserve managers
Choongsoo warns of lurching global crisis
Bank of Korea governor Choongsoo Kim says world risks another crisis if global imbalances are not addressed