Macro-prudential policy
BoJ paper finds asymmetric macroprudential growth impacts
Research suggests macroprudential policy is good at cooling the economy but less effective at heating it, while the growth impact differs between tools
Dombret wary of conflicts between regulatory measures
Bundesbank executive board member Dombret urges the consistent and timely implementation of international regulation on a national level
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
NZ deputy wary of using risk weights to shackle house prices
Grant Spencer says other macro-prudential tools may be more appropriate to address the build-up of asset bubbles
Swedish deputy insists on stronger macro-prudential framework
Kerstin af Jochnick wants clearer macro-prudential mandate and decision-making structure; says recent committee proposals are not the answer
Macro-prudential policy can prevent euro area imbalances, says Polish paper
National Bank of Poland study finds macro-prudential instruments can prevent periphery and core imbalances emerging in the euro area, but only if applied regionally
Macro-prudential policy needs cross-border co-ordination, says ECB paper
Legal working paper says co-ordination is a ‘daunting challenge’ for central banks and other national authorities involved in macro-prudential oversight
Bank of Spain executives hit back at negligence claims
Executive commission rebuts claims made in a leaked internal report that the central bank’s supervisory department tended to ‘look the other way’ when there were signs of criminal activity
Banque de France paper tests policy interactions
Researchers examine optimal configurations of monetary and macro-prudential policy under different conditions; find monetary policy cannot affect financial stability in some cases
CGFS report sets out framework for macro-prudential policy
Basel-based Committee on the Global Financial System (CGFS) report guides central banks on how macro-prudential instruments should be chosen, combined and employed
BoE warns UK banks on ‘overstated’ capital
Financial Stability Report says banks’ reported capital may fall short of actual buffer; FSA urged to ensure banks take action
Ireland’s Elderfield sees tension between micro and macro objectives
Deputy governor of the Central Bank of Ireland says micro-prudential emphasis on ‘more and faster’ capital requirements could fuel pro-cyclicality and harm debt sustainability
Norges Bank urges banks to continue accumulating capital
Financial stability report says although financial market conditions have improved, banks should strengthen their capital positions; supports supplementary capital requirements for Norwegian banks
ECB paper highlights locational importance of asset bubbles
Working paper finds asset bubbles have differing effects on the economy depending on whether they are located with banks or ordinary savers, with implications for macro-prudential policy
BIS’s Caruana warns of low interest rates risk
Jaime Caruana says low interest rates have created a ‘first-mover disadvantage’ that prevents rates rising and could fuel financial instability
SNB’s Jordan warns against ‘overburdening’ monetary policy
Swiss National Bank chairman says macro-prudential instruments are better suited to address financial stability
Philadelphia paper praises macro-prudential potential
Macro-prudential policy is a more efficient way to control credit than monetary policy – and it has a limited impact on inflation
Bundesbank concerned by escalating stability risks
German central bank’s financial stability review warns of a build-up of risks with echoes of past crises, but says the German financial system has become more robust during the past five years
Constâncio: EU macro research needs greater engagement
The vice-president of the European Central Bank says macro-prudential research has yielded excellent empirical tools; needs greater support from academics and policy-makers
Bundestag approves Germany’s Financial Stability Act
German lawmakers approve new macro-prudential powers for financial supervisors, with the Deutsche Bundesbank gaining a key monitoring role
BoE shakes up management structure ahead of new role
Bank of England creates chief operating officer position to ease burden of new financial stability responsibilities on governors; finance director to retire in June next year
Finland's Liikanen grilled by UK law-makers on banking separation
The governor of the Bank of Finland gives evidence to UK's Parliamentary Commission on Banking Standards; faces a barrage of questions on the precise nature of separation
BoJ deputy champions regional regulation
Kiyohiko Nishimura questions how to best spread a regulatory framework across the globe; says regional heterogeneity is an important consideration
Swedish deputy governor says IMF ready for global surveillance role
Barbro Wickman-Parak says IMF should lead surveillance of global financial system due to its legitimacy and depth of knowledge