The Financial Regulation Forum
Central banking
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 [...]
Summary of financial regulation – who should do what?
A summary of the panel discussion held on 7 September is provided below. Charles Goodhart, Sir John Gieve and Paul Mortimer-Lee say regulation is best housed within the central bank but warn challenges remain The trend for central banks to be handed additional power to regulate financial firms should be welcomed, but with caution, a [...]
IMF: Central banking lessons from the crisis
The IMF’s Executive Board discussed the lessons from the crisis for central banks. Policymakers are beginning to incorporate the lessons of the crisis for policy frameworks, including those for systemic financial stability, prudential regulation and supervision, monetary policy, liquidity management, and crisis management. Central banks were thus the main institutional focus of the discussion, although [...]
Three policy challenges for the world economy
Speech delivered by Jaime , General Manager of the BIS, on the occasion of the Bank’s Annual General Meeting, Basel, 28 June 2010. Policymakers everywhere continue to steer a course across treacherous terrain. … The remaining vulnerabilities in the international banking system continue to weigh on confidence. It is true that many banks have increased [...]
The Fed’s central bank swap program and Europe
The Fed is considering whether to reopen a lending program put in place during the financial crisis in which it shipped dollars overseas through foreign central banks like the European Central Bank, Swiss National Bank and Bank of England. The central banks, in turn, lent the dollars out to banks in their home countries in [...]
Capital controls confusion at the IMF
For countries facing a big inflow of capital — with the attendant risks of asset bubbles — the use of capital controls “is justified as part of the policy toolkit to manage inflows,” a recent IMF paper wrote. Even if investors figure out ways around the controls, the restrictions still can be useful, the IMF [...]
Fed exit fraught with dangers
The Federal Reserve has not been clear enough about how it intends to unwind its unprecedented monetary easing campaign, and some of the tools it expects to use may not work, monetary experts will tell Congress. John Taylor, a Stanford University economist and author of a key central banking rule of thumb, will testify before [...]
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