Opinion/Comment
The financial sanctions maze
Anyone affected by Russia-related sanctions knows patience and caution are strongly advised, writes Richard Heckinger
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
Deposit insurance: what lies ahead?
Proposals to redesign deposit insurance may be neglecting the market’s role, says Manoj Singh
Legislation is needed for future-reliable cash infrastructure
Dutch finance ministry’s recognition of cash’s “very important” role in payments and financial system functioning is crucial to safeguarding access and acceptance, says Martina Horakova
Bank failure déjà vu
New bank capital rules were meant to ensure failures would be less frequent and resolution not involve taxpayer money. Then came the collapse of Silicon Valley Bank and Credit Suisse, writes Jesper Berg
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
Advanced economies face slowdown and stubborn inflation
Jagjit Chadha analyses the shifting outlook for the world economy, with more hard work ahead for central banks
Another financial crisis hiding in plain sight
Steve Kamin analyses how the risks that sank SVB were plain enough to those who looked for them
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
Decentralised finance is here to stay
Whatever happens to cryptocurrencies, tokenisation is the future
‘Back to the future’ for FX reserve management
Rise in bond yields changes the dynamics of ‘security, liquidity and return’, writes Gary Smith
What are the systemic lessons of SVB?
Philip Turner says the collapse of SVB reveals deeper issues than many have realised
PBoC leadership faces multiple challenges
Yi Gang’s staying on as governor will only ease some of the pressures, writes Hui Feng
Banknote themes in motion
Antti Heinonen asks whether the world is about to witness a revolution in banknote images
It is time to rethink the balance of monetary and fiscal policy
Jagjit Chadha says the current moment calls for more subtle policy engineering than in past bouts of high inflation
Why central banks shouldn’t ignore stablecoins
Rapid growth of stablecoins could impair monetary policy transmission
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Should a CBDC really be like cash?
Electronic and physical cash are fundamentally different and must be treated as such, writes Dave Birch
Reshuffle heralds new era of Chinese central banking
Policy room for the next PBoC governor looks limited, as loyalists win out over technocrats for top economic posts
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Some new monetary frictions
Negative net interest is set to hit Fed earnings with monetary and fiscal policy implications
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates