International Law

A changing role for central banks after this global financial crisis?

Posted on September 25, 2010
To what extent will the lessons learned from the global financial crisis started in 2007 affect or even alter the future role and tasks of central banks? That is the question addressed in a speech by Mr Thomas J Jordan, Vice Chairman of the Governing Board of the Swiss National...

Does The Euro Have A Future?

Posted on September 22, 2010
This week the Economist Conferences is organizing a Euro Zone Dialogue to discuss whether the euro has a future. Last week Oxford Economics organized a gathering where a similar topic was discussed in a presentation on 'The Outlook For Europe.' (Please note, though, that the recently introduced 'exit clause' in...

Financial supervision in Europe: final vote by European Parliament this Wednesday

Posted on September 21, 2010
This week Members of the European Parliament will be asked to approve a deal with the Council on the EU's financial supervision package, which will reshape the financial regulatory landscape in Europe. MEPs are aslo likely to meet with European Council President Herman Van Rompuy and the Commission to discuss...

Strengthening repo clearing and settlement arrangements

Posted on September 18, 2010
In a report published this week by the BIS/CPSS, central bankers highlight issues related to the clearing and settlement infrastructure for repos that have the potential to affect the resilience of repo markets. From the BIS website: "The report identifies several issues related to clearing and settlement arrangements for repos...

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Currency Intervention for Beginners

Posted on September 16, 2010
World Street Journal blogger Yoree Koh has a very informative post on the operational side of Japan's Finance Ministry's intervention in the foreign-exchange markets this week, and how a possible sterilization by the Bank of Japan would work.

Basel III: Post-Crisis Reforms to Banking Regulation and Supervision

Posted on September 07, 2010
Inaugural address by Dr. D. Subbarao, Governor, Reserve Bank of India at the FICCI-IBA Conference on ?Global Banking: Paradigm Shift? on September 7, 2010.

Macro-prudential Regulatory Policies: The New Road to Financial Stability?

Posted on September 06, 2010
In conjunction with the International Monetary Fund, the Federal Reserve Bank of Chicago will hold its 13th annual International Banking Conference on September 23?24, 2010. This year, the conference examine the role of macroprudential regulation in the financial sector...

Run on Kabul Bank Continues

Posted on September 04, 2010
Several media report that the run on Afghanistan's largest bank, Kabul Bank, by concerned depositors continues. (WSJ, Reuters, BBC) Afghanistan has yet to adopt the Afghan Deposit Insurance Corporation (ADIC) Law which was announced by the Afghan central bank in 2009 at the Afghanistan Financial Sector Development Forum: ?The third...

European Union Legislature Strikes Deal on EU Wide Financial Regulators

Posted on September 03, 2010
Thursday the European Parliament and Council negotiators struck a deal on the new EU supervisory authorities (ESAs) and the European Systemic Risk Board (ESRB). This means that these new agencies should be up and running by January 2011. For more info follow this link.

Montenegro: New Central Bank Law and Financial Stability Law

Posted on August 24, 2010
The Parliament of Montenegro has adopted a new Central Bank of Montenegro Law replacing the old Law (except for the provision on Montenegro's legal tender. The new CBM Law is part of new financial system legislation package including a Financial Stability Council Law and other financial laws.

Venezuela: Amendments to Central Bank Law

Posted on August 23, 2010
Following up on my earlier post regarding changes in the Law of the Central Bank of Venezuela, here is the link to the amendments adopted earlier this year--in Spanish only.

Venezuela: Amendments to Central Bank Law (UPDATED)

Posted on August 23, 2010
Following up on my earlier post regarding changes in the Law of the Central Bank of Venezuela, here is the link to the amendments adopted earlier this year (UPDATE: including a consolidated version of the Law)--in Spanish only.

Kosovo: New Central Bank Law

Posted on August 22, 2010
The new Law on the Central Bank of the Republic of Kosovo (CBK) has come into force, revoking the old CBK Law.

Global Regulation of the Financial System

Posted on August 20, 2010
Global Policy has published a few articles related to global regulation of the financial system: Global Financial Regulation after the Credit Crisis by Howard Davies, Director, London School of Economics and Political Science Global governance after the financial crisis: A new multilateralism or the last gasp of the great powers?...

Basel Committee reaches broad agreement on capital and liquidity reform package

Posted on August 18, 2010
From the BIS website: "The Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, met on 26 July 2010 to review the Basel Committee's capital and liquidity reform package ...Governors and Heads of Supervision reached broad agreement on the overall design of...

Governance Dutch Central Bank To Be Changed

Posted on August 18, 2010
This week The Netherlands' Minister of Finance announced changes to the governance of De Nederlandsche Bank (DNB, the Dutch central bank and prudential supervisor of the financial sector). The Minister will send Parliament proposals to change the central bank law shortly...

The Future of The Euro

Posted on August 17, 2010
Lorenzo Bini Smaghi explains "Why the Greek Crisis Will Not Ruin Europe's Monetary Union" in the current issue of Foreign Affairs. Bini Smaghi is a member of the Executive Board of the European Central Bank. Here is an excerpt: "Forecasting the euro?s demise was premature...

Euro Area Enlargement 2011

Posted on June 19, 2010
At its recent meeting the European Council welcomed the EU Commission's proposal that Estonia adopt the euro on January 1, 2011. Estonia is going to be the 17th member of the Euro Area. See item #26 in the Council's conclusions of June 17, 2010.

China: reforming the Renminbi/Yuan exchange rate

Posted on June 19, 2010
Today, the People´s Bank of China announced that it has decided to proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility. Please follow the links below for further info: - PBC's announcement - Statement by IMF Managing Director Dominique Strauss-Kahn -...

The role of central banks after the financial crisis

Posted on June 04, 2010
Speech by Mr Jose De Gregorio, Governor of the Central Bank of Chile, delivered at the Bank of Korea International Conference 2010 (Seoul, 31 May-1 Jun).

Central bank co-operation and international liquidity in the financial crisis of 2008-9

Posted on June 03, 2010
Yesterday, the BIS published a Working Paper entitled 'Central bank co-operation and international liquidity in the financial crisis of 2008-9'. Abstract (from BIS website): The financial crisis that began in August 2007 has blurred the sharp distinction between monetary and financial stability...

The mandate and roles of Asian central banks

Posted on June 02, 2010
At the Bank of Korea International Conference 2010 ?The changing role of central banks? (Seoul, 31 May 2010), Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, gave a keynote speech on the development of mandates and roles of Asian central banks on a national and regional level.

Central Bank Laws That Are Being Revised

Posted on May 31, 2010
Reportedly, the following countries are in the process of revising, or just recently revised, their central bank laws. Poland--Parliament has amended the Act on the National Bank of Poland ?to ensure all the duties of the governor can be undertaken by the first deputy if necessary...

An Autopsy of the Financial System: Suicide, Accident, or Negligent Homicide

Posted on May 23, 2010
On the World Bank blog 'All About Finance' you will find an interesting post and video by Professor Ross Levine. The post summarizes his presentation at the World Bank on April 28 entitled 'An Autopsy of the Financial System: Suicide, Accident, or Negligent Homicide?' The video of the event is...

Macroprudential instruments and frameworks: a stocktaking of issues and experiences

Posted on May 21, 2010
The Committee on the Global Financial System has published a report summarizing a preliminary "stocktaking"of issues and experience related to the design and implementation of macroprudential policy. The production of the report was overseen by a coordinating group led by Lex Hoogduin of the Dutch central bank...

European financial stabilisation mechanism

Posted on May 12, 2010
The EU's finance ministers have adopted a regulation establishing a European financial stabilisation mechanism with a total volume of up to 500 billion euros. The mechanism is part of a comprehensive package of measures to redress the financial situation in Europe...

German Constitutional Court Rejects Greek Challenge; for the time-being

Posted on May 09, 2010
Germany's Constitutional Court has refused to grant a temporary injunction blocking Germany's contribution to a European aid plan for Greece. The Court will later consider whether Germany's ?22.4 billion ($28 billion) contribution violates European treaties and the German constitution.

Second Biennial Global Conference of the Society of International Economic Law (SIEL)

Posted on May 08, 2010
SIEL is getting together in Barcelona/Spain for its second biennial global conference, July 8-1-, 2010. The conference committee seeks proposals for paper presentations and conference panels. For program and registration info see the conference website.

Unidroit: Research Scholarships Programme

Posted on April 30, 2010
Deadline for submission of applications for the 2010-2011 term: 6 May 2010. Further details available at "Research Scholarships Programme" page.

Cato expert: "Greek Loan Would Violate IMF Charter"

Posted on April 30, 2010
Swaminathan S. Anklesaria Aiyar, a research fellow at the CATO Institute in Washington DC (USA), argues that "Any IMF rescue [of Greece] would be straightforward fiscal support, violating the IMF's charter." This legal point was made a few days ago in Forbes magazine and follows recent publications arguing that a...

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