Central Banking Journal
Book notes: The banker who made America, by Richard Vague
Well-researched book details how Thomas Willing played a key role in winning the US war of independence
Banque de France’s Denis Beau on supervisory reform
The Banque de France’s deputy governor speaks about suppression of the systemic risk buffer, proposals for a TLAC floor, and simplifying bank regulation and resolution
Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
Hong Kong scales up in bid to attract central bank gold
Financial bureau chief targets Asian institutions to bolster gold storage to 2,000 tonnes, use new trading and central clearing services plus links to China, amid sovereign immunity concerns
Myths and realities of AI hacking
New artificial intelligence models raise serious concerns about the future security of the international monetary system
Jim Bullard on Kevin Warsh’s first FOMC and Fed independence
The Federal Reserve veteran speaks with Christopher Jeffery about Iran and the US economy, the ‘good' AI bubble, cutting the Fed’s balance sheet and staff, and the need to clarify swap rules and recapitalise the regional Feds
People: April to June 2026
A round-up of central bankers in the news and on the move during the past three months
Banknotes: April to June 2026
A round-up of news and salient issues that have affected central bankers in the past three months
Book notes: Walter Bagehot, by Janet Seaton and Barry Winetrobe
This slim biography succeeds in its mission of painting a portrait of a remarkable man
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Helder Lopes on Timor-Leste’s transformation now the oil has run out
The Central Bank of Timor-Leste (BCTL) governor speaks to Chris Jeffery and Jono Thomson about dollarisation amid US policy unpredictability, managing legacy Petroleum Fund investments, Asean membership, digitalisation and financial deepening, and a long…
The challenges facing Fed chair Kevin Warsh
New chair has pledged sweeping change, but can he keep Trump – and the FOMC – onside?
Book notes: Redefining the monetary standard in the digital age, by Livio Stracca
A comprehensive and readable account of what digitalisation could mean for monetary policy
Book notes: Everybody loves our dollars, by Oliver Bullough
The author poses serious questions about whether central banks’ activities are helping kleptocrats
Book notes: Money beyond borders, by Barry Eichengreen
Lessons from economic history indicate the dollar’s decline could result in a messy transition that spawns a global crisis
Sama’s Al-Sayari on financial resilience and the future of the riyal
The Saudi Central Bank governor speaks with Christopher Jeffery about the Middle East conflict, the transformation of the Saudi economy, improving prudential oversight and contingency planning, and the development of the fintech and tokenised ecosystem
Book notes: Can Europe survive? By David Marsh
Marsh poses important questions and cannot be blamed for failing to produce a roadmap to continental salvation
The evolution of central banks
Bank Negara Malaysia governor Abdul Rasheed Ghaffour writes that the roles and responsibilities of central banks are evolving in a changing landscape
Current threats to central bank independence
Improved communications, advocacy for tech oversight and international co-operation will help to address challenges posed by populism, excessive debt and new forms of money, write Gavin Bingham, Paul Fisher and Andrew Large
People: January to March 2026
A round-up of central bankers in the news and on the move during the past three months
Supply-side shock stuns central banks
The partial closure of the Strait of Hormuz raises fresh challenges for central bank policy-makers