Financial crisis
Monetary policy cannot correct over-leveraging: Bank’s Miles
Higher interest rates will not prevent build-up of debt, which amplified effects of recent crisis, says Bank of England rate-setter David Miles
RBNZ reports NZ$111m loss
Reserve Bank of New Zealand makes loss after appreciation in New Zealand dollar, slashes dividend payment to government
ECB: monetary policy could have prevented the crisis
European Central Bank study finds low benchmark rate had significant role in lax lending standards before crisis
T&T solves remittances anomaly
Central Bank of Trinidad and Tobago study explains drop in remittances to developing world
Estonia expects to undershoot growth
Bank of Estonia Economic Review forecasts decline in growth despite improvements in labour productivity
RBA’s Ellis warns of complacency over new Basel rules
Reserve Bank of Australia head of financial stability Luci Ellis calls for diligent policing of financial markets; says Basel rules are insufficient protection
Basel Committee demands more rigorous governance standards
Basel Committee on Banking Supervision issues new corporate governance principles for banks; calls for independent chief risk officer
BaFin's Sanio: no fix for cross-border failure
Jochen Sanio says supervisors nowhere near to solving “key issue” highlighted by crisis; flags lack of communication on Lehman Brothers
Too big to fail solution essential, says Weber
Bundesbank president Axel Weber says financial system will be unsafe unless too big to fail problem is solved
Bernanke stresses importance of financial education
Federal Reserve chairman Ben Bernanke says financial literacy is important part of school curriculum
Polish banking sector curbed growth in crisis
National Bank of Poland study shows banking sector played significant role in economic slowdown during financial crisis
No alternative to bail-in capital: Bank's Tucker
Bank of England's Paul Tucker attacks bankers' concerns that bail-in capital will rattle investors; Sweden's Ingves says conversions achievable
Why Brazil’s economy survived shaky markets
Central Bank of Brazil Financial Stability Report says external shocks did not hamper economic recovery in Brazil owing to sound macro fundamentals
CNB creates stability wing in bid to beef up systemic oversight
Czech National Bank separates financial stability and economic research department; says independent department move will enhance financial stability mandate
SF Fed: SWFs trump central banks on foreign investment returns
San Francisco Federal Reserve study shows central banks are more risk averse than sovereign wealth funds, producing lower average returns on investments in foreign assets
BoJ vigilant over financial risks
Bank of Japan Financial System Report warns decline in quality of bank loans could undermine progress in financial markets
Fed’s Lacker: constructive ambiguity is unworkable
Richmond Federal Reserve president Jeffrey Lacker says fudging tactics over bailouts will be short-lived
ECB: excess liquidity expansion induces financial fragility
European Central Bank study shows that over expansion of credit can lead to increased fragility in financial markets
Bernanke charts new course for Fed economics
Federal Reserve chairman Ben Bernanke suggests research must veer away from assumptions based on classical paradigm; stresses models must better capture irregular behaviour
Fed’s Plosser calls for rules for crisis-fighting measures
Philadelphia Federal Reserve president Charles Plosser says Fed risks undermining its credibility if it does not provide clear policy rules for the exceptional policy measures seen during the crisis
Swiss National Bank upbeat about recovery
Swiss National Bank revises 2010 growth forecast upwards after revival in manufacturing; says recovery likely to slow in 2011
RBNZ’s Spencer: monetary policy will have more bite
Reserve Bank of New Zealand deputy governor Grant Spencer says cautious lending means monetary policy will have more bite than in previous years
Norway’s Gulbrandsen: benefits of regulation outweigh costs
Norges Bank’s executive director of financial stability Kristin Gulbrandsen says tight regulation would have net social benefit
Gold to break $1,300 barrier: GFMS
Gold forecast to rise above the $1,300 mark, research body says; central banks becoming net buyers a factor