Macro-prudential policy
RBNZ to cut costs despite need to implement major new projects
Central bank plans to cut costs and use resources more effectively following tighter funding deal; strategy includes payment systems upgrade, new banknote series and first stress tests
Zeti urges central banks to ‘call the shots' on financial regulation
Bank Negara Malaysia governor makes the case for giving central banks regulatory powers over financial markets during Central Banking interview
IMF paper says ‘one size does not fit all’ with macro-prudential frameworks
Working paper examines use of macro-prudential policy in Hong Kong, the Netherlands, New Zealand, Singapore and Sweden
New Zealand paper calls for clearer financial stability aims
Researchers argue more guidance is needed on how and when macro-prudential policy will be used, pointing to the lack of hierarchy between distortions
BIS researchers find evidence of macro-pru and monetary policy cancelling out
Study of macro-prudential policy in South-east Asia shows policies work best when used in same direction; paints complicated picture including ‘some evidence’ of spillovers
IMF deputy warns ‘leakages’ could undermine macro-prudential policy
Mitsuhiro Furusawa says macro-prudential tools could force financial activities into a less regulated sector or country, but adds little is known about benefits of ‘leaning against the wind’
Kohn targets more ‘systematic’ macro-prudential policy
Member of the Bank of England’s FPC says the committee should keep developing a more systematic approach to identifying risks and choosing tools to address them
Riksbank calls for ‘urgent' clarification of FSA’s powers
Financial stability report says FSA needs clearer powers to cope with rising risks in the financial system; wants major banks to strengthen capital and liquidity positions
Stanley Fischer praises BoE financial stability set-up as ‘leading model’
Fed vice-chair explores different arrangements for financial stability and concludes separate committee within central bank is a good model; does not rule out leaning against wind
IMF sees limits to Norway ‘leaning against the wind’
Article IV conclusion says macro-prudential policy should be first line of defence, but governor Øystein Olsen still sees role for monetary policy
Devising effective data strategies to help inform policy decisions
The publication of the Irving Fisher Committee’s report on good data practices offers the potential for powerful data sharing, but more work needs to be done at the tactical and practical levels
Assessing the value of financial stability reports
More than 90 central banks now produce financial stability reports. Emrah Uslu and Eyup Kahveci look at the various approaches they take as well as appraising their usefulness.
Riksbank launches streamlined financial stability report
Shorter, more focused report aims to send clearer message to readers; follows close on the heels of a redesigned monetary policy report
ECB article calls for ‘consistent’ macro-prudential policies
Article in latest financial stability review says policies should be applied consistently across the eurozone to avoid spillovers
Micro-prudential policy ‘bulwark’ against systemic risks, says San Fran Fed’s Williams
President says prevalence of shadow banks limits use of conventional macro-prudential tools, but there are other ways to integrate the perspective into the regulatory framework
Dutch committee recommends 90% LTV limit on mortgages
Netherlands financial stability committee advises government to gradually reduce loan-to-value limit to 90%, despite IMF recommending cut to 80%
Mester wants new models to get to grips with policy nexus
Cleveland Fed president sets out the kind of structural general equilibrium models needed to help understand interactions between monetary and macro-prudential policy
Zeti deems shadow loan regulation ‘highly effective'
Bank Negara Malaysia governor says macro-prudential regulation of non-banks has stabilised the overheated property market, but IMF warns of risks lurking in the shadows
ECB’s Mersch warns against blindly pinning hopes on macro-prudential policy
Yves Mersch says there is much to learn about how tools work; sees potential for ‘conflicts of competence’ between micro- and macro-prudential authorities
RBNZ targets Auckland with new macro-prudential plans
Central bank wants to impose stricter macro-prudential rules on lending to property investors in Auckland; will also force banks to hold more capital against those loans from October
Alexandre Lamfalussy: 1929–2015
Those who knew him pay tribute to the former president of the European Monetary Institute and general manager of the Bank for International Settlements
Fed’s Mester calls for more work on monetary policy and financial stability nexus
Loretta Mester sets out three priorities for research on the consumer credit markets in the United States at conference in Philadelphia
Constâncio tells national supervisors to ‘recognise and reciprocate’ regulatory measures
ECB vice-president suggests ‘automatic and mandatory reciprocity’ would benefit a range of macro-prudential measures in the eurozone; only one case of voluntary action to date
Interview: Manuel Sánchez on shifting financial stability risks
Bank of Mexico deputy governor speaks about monetary policy normalisation in the US, the limits of macro-prudential tools and developing capital markets