central banks role in the global financial crisis

Sterling Strengthens After G20, Stronger Services PMI

The pound sterling is stronger on Friday following the G20 meeting in London and increases in some key service sector data for March.The G20 member nations vowed on Thursday to repair the financial system in order to restore lending, to strengthen financial regulation that will rebuild trust, and to fund and reform international financial institutions to overcome the crisis and prevent future ones. The communiqué said actions will also work to promote global trade and investment and

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Fed's Duke Says Monitoring Daily Operations of Financial Firms

The Fed is taking vigorous steps to improve risk management at financial firms, Federal Reserve Governor Elizabeth Duke said in prepared testimony to the U.S. House Financial Services Committee.Duke said that leading up to the financial crisis, the lapses in regulation that overlooked risk-management failures were unacceptable and that the Fed is now monitoring the daily operations of major financial firms.The Fed is also ensuring that banks do not place unreasonable limits on lending, and continues to

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Yen Weakens After G20 Meetings, Ahead of U.S. Nonfarm Payrolls

The Japanese yen is weaker on Friday in the aftermath of the G20 meetings in London and ahead of key employment data from the United States.On Thursday, the G20 agreed to an additional $1.1 trillion in global stimulus through the IMF and other international agencies, along with promises to do whatever is necessary to restore confidence and jobs.The G20 member nations also vowed to repair the financial system in order to restore lending, to strengthen financial regulation

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Fed Sets Up Swap Agreements With Central Banks for FX Loans to U.S. Firms

The U.S. Federal Reserve has reached agreements with four central banks to provide foreign exchange to U.S. financial institutions in a series of swap lines on Monday.Should the need arise, euro, yen, sterling and Swiss francs would be provided to the Federal Reserve via these additional swap agreements with the relevant central banks, said a press release from the Federal Reserve. Central banks continue to work together and are taking steps as appropriate to foster stability in

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Government Efforts Having Effect on Financial Markets, Says ECB's Bini Smaghi

Frankfurt - Signs that government stimulus measures are having a positive effect on financial markets are beginning to emerge, European Central Bank Executive Board member Lorenzo Bini Smaghi said.Government efforts, including fiscal stimulus plans and rescue measures, are starting to be felt in financial markets, Bini Smaghi said in a speech given in Milan, Italy on Monday.However, the financial industry is still likely to contract, even after the global economy finally recovers, the central banker said. Smaller profit

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Euro Mixed After G20 Meetings & Upward Revisions to Services PMI

The euro is mixed on Friday following the G20 meetings in London and upward revisions to some key service sector data for March.The G20 member nations have vowed to repair the financial system in order to restore lending, to strengthen financial regulation that will rebuild trust, and to fund and reform international financial institutions to overcome the crisis and prevent future ones. The communiqué said actions will also work to promote global trade and investment and reject

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ECB's Orphanides Says Crisis' Repercussion on Economy "Intensifying"

Frankfurt - The impact on the economy from the ongoing financial crisis seems to be intensifying, with uncertainty a pronounced levels, European Central Bank Governing Council Athanasios Orphanides said.Despite the relative normalization of the climate in the financial environment, the repercussions on the global economy appear to be intensifying and continuing, Orphanides said in a statement published by the Central Bank of Cyprus. The degree of economic uncertainty is particularly pronounced and a further significant worsening of domestic

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Fed's Bullard Says Inflation is "Real Possibility"

Deflation is a real possibility in the current environment, according to St. Louis Fed President James Bullard, while speaking at an event hosted by the French Central Bank in Paris on Friday.The central banker said that if people begin to anticipate negative inflation due to a longer-than-expected global recession, the phenomenon could spark a downward spiral in prices, resulting in a deflationary environment.In January, the Federal Reserve projected GDP in the United States will decline between 0.5%

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Financial Crisis Creating "Gaping Hole" in Economy, Says ECB's González-Páramo

Frankfurt - While inflation expectations are anchored, the current financial crisis is creating a gaping hole in the real economy, European Central Bank member José Manuel González-Páramo said.This is true not only for the euro area but for large economies at large, González-Páramo said at a conference in Madrid, Spain on Friday.The central banker also noted that some countries within the euro zone were in a weakened financial position due to the crisis. However, he stressed that preserving

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ECB's Trichet Sees No Further Need for Stimulus Boost

Frankfurt - Europe isn't in need of further increases in spending to counteract the current global financial crisis, European Central Bank President Jean-Claude Trichet said.Speaking in an interview with the Wall Street Journal published on Monday, the central banker said that, instead, governments should act more quickly on measures already announced, making partial reference to the delays in the U.S. government's bank rescue.Nothing will really work until the financial sector is back on track and ready to lend

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