Feature
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Final frontier? Japan after the Kuroda experiment
The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?
Should ESG reporting be made mandatory?
As concern around the impact of climate change on businesses grows, many regulators have announced their intentions to include ESG requirements in reporting frameworks
Finding room for ESG
Central Banking speaks to four policy-makers for their thoughts on ESG principles, their respective institutions’ approaches, potential restrictions and an update on integration.
BCB independence and Brazil’s inflation battle
Formal autonomy should help shield central bank from political pressure linked to 2022 elections, but challenges remain
ESG reserves adoption challenged by reliance on sovereign bonds
Higher issuance of government-compliant bonds is insufficient to offer investable alternatives to central banks.
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
Digital revolution: perks of a global Chinese CBDC
Chinese central bank digital currency has the potential to boost the renminbi’s internationalisation further, but only if international investors have access.
An assessment of the ECB’s strategy review
A number of aspects of the new framework raise challenges for implementation and credibility, while the inclusion of climate change may politicise the institution, writes euro architect Otmar Issing
China’s capital controls: here to stay?
With China’s share of the domestic central government bond market significantly increasing in just a few years, and the International Monetary Fund including the renminbi in its special drawing rights basket of currencies, China is enjoying growing…
Five years of the renminbi in SDR and its adoption in central bank portfolios
Policy-makers discuss what has impacted the renminbi’s adoption as a global reserve asset over the past five years.
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
South African Reserve Bank: the first 100 years
Central bankers and academics reflect on a tumultuous first century for Africa’s oldest central bank
The IFF China Report 2021
Insight and perspectives from the world's leaders, premier policy-makers and financiers
CBDC: the case for ‘wait and see’
Despite growing interest, some central banks are staying out of the digital currency game
Central Banking FinTech & RegTech Global Awards 2021
In March 2021, Central Banking launched its fourth annual FinTech & RegTech Global Awards to showcase some of the groundbreaking projects undertaken in the community. The results are revealed in the awards articles published in this special winners’…
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
The Belt and Road Initiative 2021 Survey – The impact of Covid‑19 on the BRI
The fourth annual Belt and Road Initiative survey reveals that the Covid‑19 pandemic has disrupted many projects despite China remaining committed to financing the initiative, which is expected to support future economic growth and environmental…
Should the Fed’s Fima facility be made permanent?
The emergency repo facility reassures reserve managers about access to dollar cash during a breakdown in the US Treasuries market
Cash infrastructure as public good – implications for the cash cycle
Efforts are under way in the Eurosystem to safeguard cash infrastructure as a ‘public good’ even as transaction volumes have fallen significantly. How can policy-makers strike the right balance?
The evolving ‘strategy function’ in central banks
Some institutions participating in a survey of 27 central banks still struggle to fully harness an effective ‘strategy function’, according to the ECB’s Jean-Charles Sevet and Alejandro de la Cuesta