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Tag Archives: Speech / Interviews

India’s NBFC Regulation- Looking ahead

The new DG of RBI Shri M. Rajeshewar Rao makes his speech debut. The topic of the speech is regulation in India’s NBFC sector. 19. The Global Financial Crisis was primarily attributed to feather-touch regulatory approach, ignoring of the liquidity risks by financial intermediaries and unabated financial innovation. Abundant Liquidity, light touch regulation and financial innovation has also aided the growth of the NBFCs. The financial system today is significantly different from what it...

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The importance of good framework conditions for the Swiss financial centre

Swiss National Bank Chairperson Thomas Jordan in this speech discusses good framework conditions which have led to Switzerland become a financial centre. Infact Swiss have multiple financial centres: Basel, Zurich and Geneva. Jordan speaks about another centre Ticino: I am therefore particularly pleased to have this opportunity to congratulate the Ticino Banking Association in person on its 100th anniversary. As Chairman of the SNB’s Governing Board, I visit Ticino often and have...

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Rebooting economy through financial market reforms

Ajay Tyagi, Chairperson of SEBI gave a speech today. He discussed reforms generally means radical changes and for fixing the system. However reforms could also mean incremental changes and preventive measures. SEBI’s approach to reforms over the years has been consultative and works through the committee system. He also reviews SEBI’s reforms during the pandemic while avoiding “self-praise”. Finally, he stresses on the role of other stakeholders such as Industry associations, Board of...

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ECB and Federal Reserve monetary policy is more similar than they look…

All these years, ECB policymakers have told us us how their policy is different from Federal Reserve. Fed has a dual mandate of inflation and unemployment (actually triple but the third objective of “moderate long-term interest rates” is often forgotten). ECB on the other hand has prided itself on single mandate of price stability. This is changing as Federal Reserve is seen as doing more for US economy compared to ECB. This criticism has become even stronger with Federal Reserve...

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When the unconventional becomes conventional

Claudio Borio of BIS in this speech: The tools central banks use for crisis times are becoming increasingly indistinguishable from those they employ for normal times; the unconventional is becoming conventional. The tools in question have proved more effective than generally expected in influencing financial conditions, but appear to exhibit diminishing effectiveness and have long-term side effects. Partly as a result, the wide-ranging and forceful emergency measures taken to address the...

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Targeting gender imbalances in economics and central banking

Isabel Schnabel of the ECB in this speech speaks about gender imbalances in economics and central banks. She draws lessons from ECB which has had large imbalances and is trying to lower them with targeted policies: The gender imbalance in economics is a long-standing and persistent phenomenon. A growing body of academic research substantiates the claim that this gender imbalance is caused by both overt and covert barriers that limit the career progression of women. If left unaddressed,...

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Ask not what the economy can do for insurers – ask what insurers can do for the economy

Anna Sweeney, Executive Director, Insurance Supervision Division at Bank of England in this speech brings back the famous JFK words: ask not what your country can do for you — ask what you can do for your country. She highlights how despite the economic crisis, insurance sector is quite suited to help the economy: I began these remarks by highlighting three things that insurers do for the wider economy: Provide protection for significant financial losses; Channel investment into a wide...

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Similarities between Yap stone and Bitcoin

Jens Weidmann of Bundesbank in this speech points to similarities between Yap Stone and Bitcoin. The history of money is a story of its gradual dematerialisation from tangible objects to intangible computer code. For example, there once was a time, on the Pacific island of Yap, when huge and heavy, often doughnut-shaped limestone discs were used as money. That is evidently a very tangible form of money, as you can see in places like the Bundesbank’s Money Museum where such a Yap stone is...

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The shadow of fiscal dominance: Misconceptions, perceptions and perspectives

Isabel Schnabel of ECB in this speech defends ECB policies during the ongoing crisis in Europe since 2010: the euro area is still far from being a fiscal union. And even if it were, there would still be the question, as in other advanced economies, of whether rising debt has jeopardised, or will jeopardise, monetary dominance and, as a result, central bank independence. Indeed, some observers have taken the launch of the asset purchase programme (APP) and, more recently, the pandemic...

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To each crisis its analogy, to each analogy its critical reflection

Interesting speech by Dr Robert Holzmann, Governor of the Central Bank of the Republic of Austria. Throughout history, crises have been archetypal examples of moments when the power of analogy overrides, at least temporarily, the inductive and deductive components of economic policy decisions.1 The COVID-19 crisis, which has been severely affecting the global economy since spring 2020, is no exception to this rule. The devastating human consequences of the Spanish flu of 1918 led us to...

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