Monetary Law Blog

The crisis - point of view of a Central Banker

Speech by Mr Yves Mersch, Governor of the Central Bank of Luxembourg, on the occasion of the conference "Bank crisis, then and now", organised by the Chamber of Commerce and the Swedish Embassy, Luxembourg, 8 July 2009.

CPSS-IOSCO working group on the review of the "Recommendations for Central Counterparties"

The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have set up a working group to review the application of the 2004 CPSS-IOSCO Recommendations for Central Counterparties to clearing arrangements for over-the-counter (OTC) derivatives. The recommendations, which were developed by the CPSS and the IOSCO Technical Committee, set out standards for risk management of a central counterparty. Read further at ...

Rotation of voting rights in the ECB Governing Council

On 19 March 2009 the Governing Council decided on the implementation of the rotation scheme for voting rights in the Governing Council. This followed the Governing Council’s earlier decision, taken on 18 December 2008, to continue with the current voting regime in the Governing Council until the number of NCB governors in the Governing Council exceeds 18.

An article in the ECB Monthly Bulletin (July 2009) first recalls the guiding principles underlying the adjustment of the voting modalities and the main elements of the rotation scheme. It then explains the implementing provisions relating to the rotation order, the rotation rate and the rotation period. Finally, it deals with procedural aspects and statistical parameters underlying the allocation of NCB governors to voting groups.

Federal Reserve independence

Testimony by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal Reserve System, before the Subcommittee on Domestic Monentary Policy & Technology, Committee on Financial Services, US House of Representatives, Washington DC, 9 July 2009.

Central Banks in the financial crisis

Speech by Mr Christian Noyer, Governor of the Bank of France, at Paris Europlace, Paris, 3 July 2009.

Monetary Law Group on Facebook

Recently I started a Monetary Law group on Facebook targeting professionals interested in the legal aspects of central banking, currency, payment systems, and monetary unions.

Ideally, this group should develop into a meeting place for the community of 'monetary lawyers' where we can exchange information on recent developments in the application of monetary law, the practice of central banking, and relevant scholarly writings and other publications, and events & seminars.

Please feel free to share your experience, work, and views ... and invite your colleagues to join the group.

http://www.facebook.com/group.php?gid=125823711080

Combating the crisis – the role of central banks

Opening remarks by Mr Ewald Nowotny, Governor of the Austrian National Bank, at the 37th Economics Conference of the Austrian National Bank (Vienna, 14 May 2009)