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Archive for January, 2012

France plans Tobin tax on financial transactions

French president Nicolas Sarkozy has announced plans to impose a tax on financial transactions, he said he hoped his move would push other countries into taking action. French president Nicolas Sarkozy says measures he has taken have helped stabilise the economic crisis in France (Link to this video) The French president said a new 0.1% [...]

Cameron criticises European financial tax

David Cameron, UK prime minister, reopened tensions on Thursday with Paris and Berlin, after he said the economic design of the eurozone was seriously flawed and described as “madness” plans for a European tax on financial transactions. The prime minister also made pointed – if indirect – criticisms of Germany, insisting some countries must allow [...]

Towards a new architecture for payment arrangements

Speech by Chris Salmon, Executive Director, Bank of England. In a speech delivered at the BAFT-IFSA Global Annual Meeting on 24 January 2012, Chris Salmon, Executive Director for Banking Services and Chief Cashier, describes how the financial crisis has influenced the perspective of financial stability policymakers towards payment operations. He argues that this will impact [...]

IMF Global Financial Stability Report Update

IMF Global Financial Stability Report GFSR Market Update. Since the last Global Financial Stability Report (GFSR), risks to stability have increased, despite various policy steps to contain the euro area debt crisis and banking problems. European policymakers have outlined significant policy measures to address the medium-term issues contributing to the crisis, and some of these [...]

Accountability of the Bank of England

Response from the Court of the Bank of England to the recommendations made by the Treasury Committee and Joint Committee on the draft financial services bill on the accountability of the Bank of England. On 8 November 2011, the Treasury Select Committee of the House of Commons published a Report on the “Accountability of the [...]

Keep financial regulation simple

By Joe Nocera. What if, Jamie Dimon, the chief executive of JPMorgan Chase is not just blowing smoke when he complains that the country — and, indeed, the world — has imposed so many new rules on the banking industry, some of them overlapping, others seeming to contradict each other, yet others whose sole purpose [...]

EBA Work Programme 2012

European Banking Authority Work Programme 2012. In accordance with the Regulation establishing the European Banking Authority (EBA), the annual work programme describes and summarises the main objectives and deliverables of the EBA in the forthcoming year derived from the tasks specified in the Regulation and from the relevant EU banking sector legislation. The year of [...]

Basel III liquidity standard and oversight

Basel III liquidity standard and strategy for assessing implementation of standards endorsed by Group of Governors and Heads of Supervision. The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 8 January 2012. The main items of discussion were the Basel Committee’s proposals on [...]

Britain’s financial industry: Death by a thousand cuts

The City is one of Britain’s great export industries. Yet its continued success is far from certain. From high up in their towers some 90,000 bankers look down on the Thames as it meanders past what was, in living memory, the world’s busiest port. Six decades ago these shores saw a daily tide of vessels [...]

Eurozone crisis: calendar of key events in January

As the euro approaches its 10th anniversary – fighting for survival – France will start the year with its first debt auction. • 5: France will kick off a mad dash to financial markets by eurozone governments: Italy alone needs to raise €450bn (£375bn) in the next twelve months. France’s first debt auction of the [...]

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