Macro-prudential policy
UK lawmakers launch inquiry into BoE’s accountability
Influential parliamentary committee calls for views on the impact of regulatory change on Bank of England; changes will see Bank’s ambit expanded
Loan-to-value ratios effective macroprudential tool: HKMA paper
Hong Kong Monetary Authority study finds evidence in support of loan-to-value ratios as a macroprudential tool
Belgium’s Quaden quits
National Bank of Belgium governor Guy Quaden to leave in March; continued lack of unity in government raises concerns over central bank’s leadership
Bernanke on progress of Dodd-Frank reforms
Federal Reserve chairman Ben Bernanke outlines Dodd Frank reforms in financial stability area
UK Treasury fleshes out new regulatory set-up
UK Treasury details powers of the new macroprudential body; rebrands Consumer Protection and Markets Authority to reflect underlying purpose
Thailand's Prasarn on safeguarding Asian economies
Bank of Thailand governor Prasarn Trairatvorakul outlines central bank's policy toolkit to combat macroprudential risks
Cut Bank’s vote on macroprudential body, say lawmakers
Influential parliamentary committee calls for Bank of England executive directors’ votes to be transferred to external members, citing amount of power vested in central bank
BIS reviews macroprudential literature
Literature review published by the Bank for International Settlements finds gaps in assessing the effectiveness of macroprudential tools, studying interaction with monetary policy
ESRB elects sub-committee heads
European Systemic Risk Board elects Poland’s Marek Belka, Italy’s Mario Draghi, Cyprus’ Athanasios Orphanides, Germany’s Axel Weber, to steering committee
Tombini’s inflation credentials strengthened by Brazil rate hike
Central Bank of Brazil lifts target rate by half a point to contain burgeoning price pressures; hike comes in first rate-setting meeting under charge of new governor Alexandre Tombini
Central banks after the crisis: many questions, few answers
The turmoil has left our profession facing some uncomfortable truths, Mojmír Hampl notes.
FSoC draws up Volcker rule plan
Financial Stability Oversight Council recommends rules to expand scope, force disclosure of permitted hedge fund investment
Korea’s Kim promotes debate on enhancing macroprudential tools
Bank of Korea governor Kim Choongsoo encourages debate within international circles on more advanced forms of macroprudential instruments to ease emerging market risks
FSoC moots amendments to 'too big to fail' law
Financial Stability Oversight Council suggests changes in accounting standards, language of reform law barring firms from holding more than 10% of industry’s total liabilities
Sweden’s Ingves draws roadmap to macroprudential mandate
Riksbank governor Stefan Ingves discusses measures in governance, implementation and econometrics needed for successful macroprudential policy
Swiss authorities ink deal on crisis collaboration
Swiss National Bank, finance ministry and regulator sign memorandum on supervisory cooperation
PBoC’s Zhou on market-based interest rate reform
People’s Bank of China governor Zhou Xiaochuan outlines the conditions for market-based interest rate reform
Israel’s Fischer on the meaning of macroprudential policy
Bank of Israel governor Stanley Fischer stresses importance of interconnections in interpreting the macroprudential mandate
Capital flows drive financial imbalances: IMF study
Fund paper says capital inflows are main factor behind financial imbalances, with effects worsened by insufficient oversight
Macroprudential policy – a literature review
Research reviews latest developments, poses future questions
Riksbank’s Nyberg challenges Svensson over monetary policy framework
Riksbank deputy governor Lars Nyberg says monetary policy must support macroprudential policy; comments contrast with Svensson’s calls for monetary policy to focus on price stability
Countercyclical measures key to stemming Indian inflows: Strauss-Kahn
IMF managing director Dominique Strauss-Kahn says adoption of countercyclical macroprudential measures eased capital inflows to India
Brazil raises reserve ratio to ease impact of capital inflows
Central Bank of Brazil lifts reserve requirement ratio in bid to stem inflationary pressures resulting from capital inflows
Lender of last resort function essential: Norges Bank’s Qvigstad
Norges Bank deputy governor Jan Qvigstad says central bank’s lender of last resort role was critical during the financial crisis