Financial crisis
Major EU banks would withstand economic storm – ECB research
ECB test says in profound crisis below 10% of banks would struggle to meet capital requirements
BoE to improve supervision in light of bank’s near-collapse
Report on the Co-op Bank’s near-failure warns ‘open banking’ could throw up new systemic risks
US bank holding companies have become less complex – NY Fed paper
Researcher examines organisational, business and geographical complexity in decade after 2007
Irish finance minister seeks candidates for governor role
Senior civil servant seen as strong contender but has been criticised for pre-crisis optimism
Book notes: Floored!, by George Selgin
Michael Reddell remains unconvinced the Fed’s introduction of the IOR prolonged the recession, but credits Selgin’s argument the IOR policy made the central bank a more powerful credit lender
Mortgage innovations fuelled pre-crisis housing boom – paper
Researchers look at 60 million US mortgages to examine non-traditional mortgage products
Cypriot former governor on trial for allegedly taking bribes
Former son-in-law will testify against Christodoulou in case connected to failed bank Laiki
Developed world needs fiscal boost – Romanian deputy governor
Once wages recover pre-crisis level, inflation will rise fast, research finds
Spanish governor de Cos now leads Basel Committee
Stefan Ingves steps down as chairman after nearly eight years in the role
Interview: Sheila Bair on US regulatory reform and rollback since 2008
Crisis-era FDIC chair “saddened” by former Fed chairs’ focus on bailout powers
Micro variables are best warning signs for smaller Italian banks – BoI
Bank of Italy presents early-warning system for crises in less significant lenders
FSB seeks feedback on reforms’ impact on SME finance
Roundtable participants note considerable differences in how SMEs are treated across jurisdictions
Most financial stability committees lack policy tools, researchers say
Many committees lack good internal processes and ability to implement policies, authors say
Nordic-Baltic crisis simulation seeks to reinforce collective response
Nordic-Baltic Stability Group carried out first region-wide crisis scenario in January
Egypt sharply cuts rates on lower inflation
Central bank reduces key overnight deposit rate by 100 basis points to 15.75%
ECB paper presents new financial crisis early warning system
Model aggregates five types of systemic risk indicator, researchers say
Zhou Xiaochuan wins 2019 lifetime achievement award
The former PBoC governor served for a record 15 years, implementing sweeping reforms that have reshaped the Chinese economy
Lifetime achievement: Zhou Xiaochuan
The former People’s Bank of China governor stands out for his high levels of integrity, intellectual rigour and bold reforms that have served the public interest in China and elsewhere
BoE’s Taylor says external members are now better prepared
External members are now better briefed by BoE staff, but still avoid “group think”
Negative rates could have sped up US recovery – San Fran Fed paper
Output gap could have been reduced by as much as half compared to actual figures, researcher says
Irish central bank makes lenders pay €647 million over mortgage scandal
Regulator moves on to enforcement actions after securing compensation for 40,000 customers
Unconventional policy should be used rapidly – Fed paper
Researchers find 20–50% chance that US will face zero lower bound in next decade
A dual-currency system would make negative rates work – IMF research
Proposal would free monetary policy from lower zero bound when dealing with a recession
Central bank of the year: Monetary Authority of Singapore
Singapore’s central bank stands out for its pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision