Monetary Law Blog

Current Challenges in Central Banking - Legal Perspective

Opening and keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the SEACEN-BNM Banking and Financial Law School 2009 "Current Challenges in Central Banking - Legal Perspective", Lanai Kijang, 24 September 2009.

Legal Issues in the Islamic Financial Services Industry

Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 4th IFSB Seminar on "Legal Issues in the Islamic Financial Services Industry", Lanai Kijang, 24 September 2009.

Comprehensive set of measures to strengthen the regulation, supervision and risk management of the banking sector

The Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, met on 6 September to review a comprehensive set of measures to strengthen the regulation, supervision and risk management of the banking sector. These measures aim to reduce the probability and severity of economic and financial stress.

The future of financial regulation

Remarks by Mr Christian Noyer, Governor of the Bank of France, at the publication of Bank of France’s Financial Stability Review, “The future of financial regulation”, London, 4 September 2009.

“We must complement micro-supervision with macro-financial supervision, taking into account the systemic importance and interconnectedness of institutions, markets, instruments and the cumulative risks and dynamics which they create. All countries are moving in that direction. … Clearly, the move towards macro financial supervision means that Central Banks will have to assume additional responsibilities. History tells us that the missions of Central Banks have taken major turns following financial crises.”

The ECB’s exit strategy

Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the CFS conference “The ECB and Its Watchers XI”, Frankfurt am Main, 4 September 2009.

Speech by Mr José Manuel González-Páramo, Member of the Executive Board of the European Central Bank, at the CFS conference “The ECB and its Watchers XI”, Frankfurt am Main, 4 September 2009.

Cooperation between central banks and supervisory authorities

The international policy response to financial crises: making the macroprudential approach operational. Panel remarks by Mr Jaime Caruana, General Manager of the BIS, at Jackson Hole, 21-22 August 2009

“…careful thought must be given to the institutional setup and to in...ternational coordination. It is crucial to align goals, know-how and control over the myriad of policy instruments. The distribution of responsibilities for financial stability may complicate this task. The institutional setup should be based on precise mandates and clear accountability. It will need to rely on close cooperation between central banks and supervisory authorities, both within and across borders.”