Macro-prudential policy
Macro-prudential research builds ‘analytical foundation’ for EU policy
A European System of Central Bank’s research network reports on four years of work; Vitor Constâncio says policy-makers will still need ‘trial-and-error approaches’
Bank of England given far-reaching macro-prudential powers over housing
UK chancellor unveils ‘big new steps' that will allow BoE to cap loan-to-value and loan-to-income ratios on mortgages; Carney ‘applauds' decision
Philippines tailors stress tests to real estate exposures
Central Bank of the Philippines approves new prudential guidelines to incorporate in bank stress tests; insists they are preferable to ‘absolute limits’ on real estate exposures
Belgians call for ‘strong co-ordination’ to hold EU prudential regime together
Article in National Bank of Belgium's financial stability review evaluates the institutional structures that will influence macro-prudential policy in Europe
IMF launches global house price observatory to 'nudge' prudential policy-makers
Fund sets up website to help countries keep track of and compare housing sector developments and prompt them into ‘early action' on booms and busts
Emirates central bank monitoring property price growth
Central bank says financial system is 'resilient' but 'vulnerabilities exist' in annual financial stability report released this weekend
BoE's Sharp: new shocks around the corner 'perfectly conceivable'
Richard Sharp says UK financial system's openness means unpredictable external events can have 'profound effect' on financial stability
Ingves: Swedes should be forced to amortise mortgages
Riksbank governor slams Swedish 'culture' whereby 40% of households ‘do not amortise at all'; average debt-to-income ratio for mortgaged households is 313%
Targeting financial stability would compromise central bank independence, Lagarde says
IMF managing director Christine Lagarde says adding a financial stability objective to central bank mandates would be incompatible with their continued independence
Menon: Monetary policy can't fill ‘all the cracks'
MAS managing director says monetary policy cannot ensure financial stability alone, as vulnerabilities tend to concentrate in specific sectors
Risk of dealers exiting from market-making 'much reduced', says BoE's Cunliffe
Bank of England deputy governor for financial stability says prospective UK leverage ratio framework 'could include power to vary ratio to counter macro-prudential risks'
Canadian government wields macro-prudential power, IMF paper says
Government control over high loan-to-value mortgages has successfully taken some heat out of the Canadian housing market since the economy began to recover
Monetary and macro-prudential co-ordination works well when pulling in same direction
Monetary and macro-prudential policy co-ordination brings benefits when they are both aiming at the output gap, but not when the regulator emphasises financial stability
Tarullo addresses Dodd-Frank's impact on mid-sized banks
The Fed governor notes these lenders 'vary enormously in size' and bridge current $50bn bar for enhanced prudential supervision; suggests 'line might be better drawn' at $100bn
Bank of Korea expresses macroprudential concerns
Bank of Korea says the financial system is ‘generally’ stable, but the corporate sector is struggling with static profitability and household debt is rising under some measures
RBI deputy reviews Indian macro-prudential experience
Kamalesh Chakrabarty evaluates India’s experience with macro-prudential policy and considers how central banks can build analytical frameworks to guide their oversight
HKMA chief deems macro-prudential measures a success
Norman Chan points to cooling property market as evidence of the HKMA’s success with macro-prudential tools, but highlights concern over total loan growth in annual report
Philadelphia Fed president calls for 'simpler' regulatory mechanisms
Simple, transparent regulatory mechanisms would make it easier for market participants to predict how regulators behave, and increase the effectiveness of the regulatory regime, Charles Plosser argues
Early-warning indicators ‘crucial' where imbalances don't cause inflation
Hungarian paper singles out early-warning signals for macro imbalances that could be missed by a single-minded focus on price stability
Monetary policy's 'new normal' will challenge central bank independence, say IMF staff
The ‘new normal' for monetary policy, including taking account of macro-prudential concerns and cross-border spillovers, will also complicate accountability and challenge central bank independence
BoE's Haldane says asset managers the 'next frontier' for macro-pru policy
Bank of England's head of financial stability says macro-prudential action may be justified 'even when leverage is not present and banks are not at the scene of the crime'
New Zealand’s loan restrictions finding their mark
Banks are reigning in their high loan-to-value ratio loans in response to central bank’s macro-prudential measures; IMF backs ‘tight limits’
Seychelles central bank moves towards inflation targeting
Central bank unveils strategic plan, aiming to put a lid on inflation and reinforce monetary policy transmission with a stronger macro-prudential toolkit
New Zealand champions coordination of monetary and macro-prudential policy
Reserve Bank of New Zealand deputy governor says there is an ‘appropriate role’ for coordination if both policy arms retain ‘clear primary objectives’