The Financial Regulation Forum
Central banking
Mervyn King’s Mansion House speech
Speech given by Sir Mervyn King, Governor of the Bank of England at the Mansion House, London, 15 June 2011. In recent years, I have set the Mansion House audience a numerical examination. After a pleasant dinner, you will not want to listen to more numbers. A more literary style is appropriate. So my question [...]
The history of interbank settlement arrangements
Interbank settlement arrangements: exploring central banks’ role in the payment system, BoE Working Paper No 412 by Ben Norman, Rachel Shaw and George Speight. Abstract. Modern central banks have come to view payment systems as a key area of strategic interest, both as part of their responsibilities for financial stability and for the implementation of [...]
Summary of the US Federal Reserve Beige Book
10 Jun. US Federal Reserve Beige Book. Reports from the twelve Federal Reserve Districts indicated that economic activity generally continued to expand since the last report, though a few Districts indicated some deceleration. Some slowing in the pace of growth was noted in the New York, Philadelphia, Atlanta, and Chicago Districts. In contrast, Dallas characterized [...]
ECB and BoE leave rates unchanged
10 Jun. The European Central Bank and the Bank of England have left interest rates unchanged. The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.25%, 2.00% and 0.50% respectively. The [...]
Proceedings of the Sixth ECB Central Banking Conference
The European Central Bank (ECB) has published the proceedings of the Sixth ECB Central Banking Conference, entitled “Approaches to monetary policy revisited – lessons from the crisis”, which was held on 18 and 19 November 2010. This volume contains a collection of papers, commentaries and speeches that review the strategic and operational decisions that central [...]
Payment systems and intraday liquidity
03 Jun. BoE intraday liquidity: risk and regulation. Banks require access to liquidity intraday in order to settle obligations in payment and settlement systems. The recent financial crisis has highlighted the need for banks to improve their liquidity risk management, including the management of intraday liquidity risk. The FSA’s new liquidity regime includes intraday liquidity [...]
Book choice: The Monetary Policy of the ECB
The Monetary Policy of the ECB By the European Central Bank The European Central Bank (ECB) has today published the third edition of the publication entitled The Monetary Policy of the ECB. This book aims to provide the public with a comprehensive overview of the ECB’s monetary policy and its institutional and economic background. The [...]
E-learning interactive graphic: Payment systems oversight
Principles for the oversight of payment systems Central banks’ involvement in the oversight of payment systems arises from their core role as the systems’ settlement bank, providing the ultimate settlement asset, central bank money. This gives central banks a very direct interest in any potential systemic risks inherent in such systems. More broadly, payment systems [...]
Central banking: rules versus discretion
FREE Central Banking web seminar: Central banking: rules versus discretion This seminar was held on Tuesday 1 March 2011 and is available in archive. [view with Microsoft Internet Explorer version 6 or higher] With much of the economic theory that has influenced central banking in recent decades undermined by the crisis, some argue that policymakers [...]
Fed adopts political tactics on critics
Faced with unusually sharp ideological attacks after its latest bid to stimulate the economy, the Federal Reserve now faces a challenge far removed from the conduct of monetary policy: how to defend itself in a hyperpartisan environment without becoming overtly political. Caught off guard by accusations from Congressional Republicans, Sarah Palin, Tea Party activists and [...]
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