Ch.Noyer: ...we will use every instrument within our mandate...



"Should we note a deviation from this path, we will use every instrument within our mandate, including unconventional ones, in order to cope effectively with risks of a too prolonged period of low inflation," European Central Banker Christian Noyer told a luncheon at the New York Stock Exchange.

Source:

http://mobile.reuters.com/article/idUSN9N0MM03520140414?irpc=932




Regulation (EEC) No 907/73 of the Council of 3 April 1973 establishing a European Monetary Cooperation Fund

 
Source: http://www.cvce.eu/obj/regulation_establishing_the_european_monetary_cooperation_fund_3_april_1973-en-194a0fa1-deac-4b0c-b670-38f120ab643f.html

HK - JY - The Future of the Monetary System of Hong Kong

The Future of the Monetary System of Hong Kong

by

Professor the Honourable Joseph Yam,

GBM, GBS, CBE, JP

Working Paper No. 9

June 2012 

 

"...More often than not,

regrettably, without the pressures of a crisis

that is either looming large or already ongoing, 

significant differences of opinion not resolved 

would result in the status quo 

being maintained. 

Reform of the monetary system in peaceful time takes leadership, 

foresight, courage and effective persuasion,..."

 

Source:  http://www.igef.cuhk.edu.hk/igef_media/working-paper/IGEF/igef_working_paper_no_9_eng.pdf

.

 

US - THE GOLD RESERVE TRANSPARENCY ACT

INVESTIGATING THE GOLD: H.R. 1495, THE GOLD RESERVE TRANSPARENCY ACT
OF 2011 AND THE OVERSIGHT OF UNITED STATES GOLD HOLDINGS

HEARING BEFORE THE SUBCOMMITTEE ON DOMESTIC MONETARY POLICY AND TECHNOLOGY OF THE COMMITTEE ON FINANCIAL SERVICES

U.S. HOUSE OF REPRESENTATIVES

ONE HUNDRED TWELFTH CONGRESS
FIRST SESSION

JUNE 23, 2011

Printed for the use of the Committee on Financial Services
Serial No. 112–41

Link: http://financialservices.house.gov/uploadedfiles/112-41.pdf

FONAD - JJT - Global Imbalances and Developing Countries: Remedies for a Failing International Financial System

Forum on Debt and Development (FONDAD)
FONDAD is an independent policy research centre and forum for international
discussion established in the Netherlands. Supported by a
worldwide network of experts, it provides policy-oriented research on a
range of North-South problems, with particular emphasis on international
financial issues. Through research, seminars and publications,
FONDAD aims to provide factual background information and practical
strategies for policymakers and other interested groups in industrial,
developing and transition countries.
Director: Jan Joost Teunissen
-

Global Imbalances and Developing Countries Remedies for a Failing International Financial System

Edited by
Jan Joost Teunissen and
Age Akkerman


Acknowledgements ix
Notes on the Contributors x
Abbreviations xv

I/ Introduction 1
Jan Joost Teunissen

II/ Global Imbalances and the Implications for Africa 8
Louis Kasekende

1 Why Worry About the Global Imbalances? 9

2 Global Adjustment Scenarios 11

3 Where is Africa in All These? 12

4 Conclusion 17

III/ East Asia’s Role in Resolving the New Global Imbalances 19
Masaru Yoshitomi, Li-Gang Liu and Willem Thorbecke

1 The Nature of the New Global Imbalances 20

2 The Sustainability of the New Global Imbalances 23

3 Necessary Adjustment Policies in the US 25

4 East Asia’s Role in Resolving the Current Global Imbalances 27

5 Conclusion 32

IV/ An African Perspective: Comments on Yoshitomi, Liu and
Thorbecke 37
Brian Kahn

1 The Investment-Savings Balance and Exchange Rate Policies 37

2 Systemic Crises and Concerted Action 39

3 Accumulation of Foreign Reserves 40

4 Concluding Remarks 41

V/ Rebalancing Savings-Investment Gaps in East Asia 42
Yonghyup Oh and Seeun Jeong

1 Should East Asian Capital Be Relocated Within the Region? 44

2 Barriers to Capital Market Integration in East Asia 49

3 Concluding Remarks 52

VI/ The Need for a Longer Policy Horizon: A Less Orthodox Approach 57
William R. White

1 Secular Trends 59

2 Current Exposures: Do They Warrant a Policy Response? 71

3 Towards a Domestic Macrofinancial Stabilisation Framework? 77

4 Towards an International Macrofinancial Stabilisation Framework 86

5 Conclusion 88

VII/ Global Imbalances and the Role of the IMF 93
Ariel Buira and Martín Abeles

1 The Risk Posed by Global Macroeconomic Imbalances 95

2 The Fund’s Potential Role in Dealing With Global Imbalances 109

3 A G-20 Accord and the Need for a Counter-Cyclical Facility 114
4 Conclusion 119

VIII/ Global Imbalances and the Role of the IMF: A Comment on
Ariel Buira and Martín Abeles 124
Mark Allen

IX/ The Future of the International Monetary System 128
John Williamson

X/ A More Balanced International Monetary System 133
Jane D’Arista

1 Creating a Public International Investment Fund for Emerging Economies 135

2 Reforming the International Payments System 137

XI/ Reforming the International Monetary System: Comments on
Jane D’Arista and John Williamson 141
Henk Brouwer

XII/ A Response to the Comments of Henk Brouwer 145
Jane D’Arista


 Contents of the Previous Volume


Global Imbalances and the US Debt Problem: Should Developing
Countries Support the US Dollar?

I/ Should Developing Countries Support the US Dollar?
By Way of Introduction
Jan Joost Teunissen

II/ Global Imbalances and Emerging Markets
Barry Eichengreen and Yung Chul Park

III/ Global Imbalances and Latin America: A Comment on
Eichengreen and Park
Barbara Stallings

IV/ The Dilemmas and Dangers of the Build-Up of US Debt:
Proposals for Policy Responses
Jane D’Arista and Stephany Griffith-Jones

V/ Currency Asymmetry, Global Imbalances, and Rethinking of the
International Currency System
FAN Gang

VI/ China’s Macroeconomic Imbalances: The Liquidity Tango Mechanism
Wing Thye Woo

VII/ How Effective Is Monetary Policy in China? A Comment on
Woo’s “Inflationary Tango”
Zdenĕk Drábek

VIII/ Asian Monetary Coordination and Global Imbalances
Yonghyup Oh

IX/ Understanding Imbalances in a Globalised International
Economic System
Jan A. Kregel

X/ Policy Recommendations for the US, Europe and Asia:
By Way of Epilogue
Jan Joost Teunissen


Source: http://www.fondad.org/publications/global-imbalances-remedies

OPEC - Keynote speech to the "Middle East and North Africa Energy 2014"

Delivered by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2014, Theme: 'New Uncertainties and New Opportunities', Session One: 'Gulf Region Scenarios', London, U.K, 27-28 January 2014

Source: http://www.opec.org/opec_web/en/press_room/2725.htm

TPS - L’euro, moneta senza Stato

Dec-2006

"PADOA-SCHIOPPA: Ma guardi, di moneta europea si e’ cominciato a parla alla fine degli anni 60 quando l’Europa era fatta di sei paesi e la Comunità’ Europea era fatta di sei paesi e la divisione dell’ Europa in blocchi sembrava un fatto destinato a durare chissà’ quanto tempo. Quindi in quel momento certamente non si aveva l’idea di trovarsi dove oggi ci troviamo con la Slovenia diventata uno stato indipendete uscita dal sistema delle economie socialiste, entrata nell’Unione Europa e molto rapidamente anche nell’Euro. Tutti questi sono sviluppi che quando si comincio’ a parlare di moneta unica europea nessuno immaginava..."

Audio (Italian): http://www.tommasopadoaschioppa.eu/wp-content/uploads/2009/10/20061229_18191.mp3

Source: http://www.tommasopadoaschioppa.eu/europa/leuro-moneta-senza-stato

G20 Dec_2010 - THE INTERNATIONAL MONETARY SYSTEM: OLD AND NEW DEBATES

 Agenda

PARIS, December 10-11, 2010
Venue: Pavillon Ledoyen, Paris

Source: www.tommasopadoaschioppa.eu/wp-content/uploads/2010/12/Agenda-Paris.pdf

TPS - 13th Annual International Conference Chicago, September 23-24-2010

"Research efforts and policy initiatives in the field of macroprudential regulation in my view are steps towards the correction of those flows. However, the construction of the viable and sustainable constitution of money consistent with a financial system which is highly sophisticated and with globalization requires probably further and more radical steps than the one that our goal today under the name of macroprudential regulation. This is a summary and I will develop my argument by first describing what I would call the old concept of central banking, then describe what I could name as the deconstruction of that concept. Third, I will briefly lead that through the crisis and finally say something about possible reconstruction.
So the elements of the old construct, the key elements are the following: First, central banks had a three-fold or triadic mandate which can be related to the three classic functions of money. They have a mandate in the field of price ability through the conduct of monetary policy and this can be related to the numeral function of money. They have paid a function in the field of financial stability, supervision of banks and these can be related to the store value of money, and they had a function in the payment system and this, of course, relates to the medium of the exchange function of money.
The essence of money is to perform these three functions which are inseparable and in my view equally inseparable where the three functions in the institution of central banks. A second element was the existence of an international anchor or a super-national anchor which put limits to the extent which money could be manipulated. That anchor was a commodity, it was gold; but conceptually, it could also be a different type of anchor. The essence is it was an international one that went beyond the sphere of exclusive influence of nation states.
The third element was the definition of the mandate of central banks in rather loose terms. If you read the statutes of the legislation of central banks prior to the wave of reforms of the last 30 years, the mandate of the central bank was tainted in very generic terms like looking after the currency, having some currency, safeguard the currency, notions like this. And the fourth element, the last was what I could call a single jurisdiction or monoline jurisdiction. I mean by this that in that old construct the debtor, the creditor, the intermediary, the currency, the legislation, the central bank all were belonging to the same, within the same perimeter of the nation state.
It took about a century for this construct to take shape. It began with the event of paper currency. It went on with the event of commercial bank money. It originates from the medium of exchange function of money with new ways to organize monetary exchanges. It developed into a banking supervision function, not on the basis of any specific mandate, but simply on the basis of a ‘know your client/know your customer’ type of need for the central bank, which was the bank operating with other banks and needed to know how sound their clients were..."


Source: http://www.tommasopadoaschioppa.eu/wp-content/uploads/2010/10/speech_TOMMASO-PADOA-1.pdf

TPS - Uneven global growth understandble

Interview by: Jamie McGeever

"JM: The Euro zone debt crisis reached a crescendo in May but already a second wave of market and economic uncertainty is upon us. Here to discuss the Euro zone policy and economic outlook is Tommaso Padoa-Schioppa, one of the founding fathers of the Euro and the European Central Bank. Mr. Padoa-Schioppa, thanks very much for joining us. Good day. There’s seems to be a sense within markets certainly that there’s a lack of policy coordination and cooperation on a global level. Do you agree with this?
TPS: To some extent, it’s true that now that the most acute phase of the crisis is over, countries tend to revert to their own policy agendas. In the meantime, the situation from country to country and from areas to areas is completely different and I think we are in a phase in which growth will be much less homogenously distributed across the world than it was before the crisis and I think rightly so.

JM: But how much of a risk does this pose to financial market stability and also to the recovery prospects?
TPS: Global recovery is underway but in an uneven way and I think this is understandable and justified. Emerging markets are growing faster, mature economies are growing more slowly and I think this is inevitable. Markets have to understand that but policies have to indicate clearly that they are able to manage global imbalances better than they did before the crisis.
..."

Video interview: http://insider.thomsonreuters.com/link.html?ctype=group_channel&chid=3&cid=140981&shareToken=Mzo4NjE2ZmMyZC1mYThmLTQwMDAtYTEwYi00NmJmNmJiOTRiOGU%3D%0A


Source: http://www.tommasopadoaschioppa.eu/europa/uneven-global-growth-understandble-padoa-schioppa