The NY Fed Board: to regulate or not ?
The political heat surrounding Stephen Friedman, the former chairman of the New York Federal Reserve Bank and Goldman Sachs director, is showing no signs of easing.
Over the weekend, the House oversight committee, led by Edolphus Towns, said it had reviewed internal Fed emails revealing “misgivings” within the US central bank that were ultimately “overruled” about letting Mr Friedman own Goldman shares while serving on the NY Fed board. Read more
The ominpresent ECB
Signs of ECB nervousness about just how Europe’s new financial supervisory regime will work are becoming apparent. Its latest review of the proposals, while generally supportive, urges a tougher wording to ensure the unimpeded flow of information between the three planned European supervisory authorities, central banks and the new European Systemic Risk Board, which it will dominate.
To work efficiently, the ECB concludes, the new system “requires effective information sharing procedures in order to ensure a smooth interaction of supervision at the macro-prudential and micro-prudential levels and the timely access of the ESRB to all relevant information required to perform its duties”. Read more
Supervision and growth
The ECB does not see economic growth as an objective of stronger regulation, writes Ralph Atkins in a Financial Times blog Read more
Party poopers
Stronger regulation is demanded by an ECB executive board member, writes Ralph Atkins of the Financial Times Read more
| About this blog | Blog guide |
Chris Giles has been the economics editor of the Financial Times since 2004. Based in London, he writes about international economic trends and the British economy. Before reporting economics for the Financial Times, he wrote editorials for the paper, reported for the BBC, worked as a regulator of the broadcasting industry and undertook research for the Institute for Fiscal Studies. RSS
Michael Steen, Frankfurt bureau chief, covers the ECB and the eurozone's economies. He joined the Financial Times in 2007 as Amsterdam correspondent and later worked as a front page news editor in London. Before joining the FT, he spent nine years as a correspondent at Reuters, mostly in foreign postings that included a previous stint in Frankfurt, as well as Moscow, Kiev and central Asia. He read German and Russian at Cambridge.RSS
Robin Harding is the FT's US economics editor, based in Washington. Prior to this, he was based in Tokyo, covering the Bank of Japan and Japan's technology sector, and in London as an economics leader writer. Robin studied economics at Cambridge and has a masters in economics from Hitotsubashi University, where he was a Monbusho scholar. Before joining the FT, Robin worked in asset management and banking. RSS
Ralph Atkins, capital markets editor, has been writing for the Financial Times for more than 20 years following an economics degree from Cambridge. From 2004 to 2012, Ralph was Frankfurt bureau chief, watching the European Central Bank and eurozone economies. He has also worked in Bonn, Berlin, Jerusalem and Brussels. RSS
Claire Jones is Money Supply economics team writer, based in London. Before joining the Financial Times, she was the editor of the Central Banking journal and CentralBanking.com. Claire studied philosophy and economics at the London School of Economics. RSS
