Europe
Managers predict moderate AI impact on reserves
But many reserve managers see high future potential for AI
Staff strength and salary associated with size of reserves
Managers report greater satisfaction with non-staff resources than staffing levels
Counting the cost of central bank staff errors
Risk managers expose underlying causes and outline measures to curtail incidents
Schnabel could leave ECB early to join IMF – German media
Germany may find itself without representative on bank’s governing board
DNB moves North America-held gold, citing ‘geopolitical unrest’
Dutch central bank insists it has ‘excellent relationships’ with NY Fed and Bank of Canada
Higher global yields complicate ECB’s position, Nagel says
Bundesbank president says inflation too high, and backs eurozone-wide debt earmarked for defence
Ample reserves can yield highest welfare – BoE paper
Central banks face trade-off between financial stability and resource misallocation, author says
The ECB’s geopolitical stress test needs a price
Only a market can say how much it should cost to insure against losses from a geopolitical risk event, and none exists, argues academic
Tokenisation could help integrate eurozone markets, says Schnabel
Central bank money must move ‘on-chain’ to safeguard its role
Central bank reserve managers unnerved by Treasury market woes
Officials are unsettled but constrained as US creditor base shifts to private hands
Will Kevin Warsh’s communications gambit pay off?
Fed chair believes less is more with comms, but experts say time is ticking on his credibility
EU foreign ministers renew prospect of Russian asset seizure
Letter acknowledges solution cannot place undue financial risks on any member state
The implications of AI on monetary policy
AI advances represent a demand pressure today and a potential positive supply shock tomorrow, argues the National Bank of Romania’s Leonardo Badea
Hungary cuts rates as inflation hits lowest level in nearly a decade
Monetary policy council votes to reduce base rate to 5.5%, extending easing cycle
CPI quirk helps explain low Swiss inflation, says SNB’s Tschudin
Central bank official shares her views on monetary policy strategy
Lagarde ‘ready to serve’ as WEF head – Swiss media
ECB chief is reportedly founder’s top pick, but board divisions could put her election at risk
Eurozone inflation expectations steady as job fears grow
ECB’s latest data signals inflation is stabilising, but downward shift in labour sentiment may be ahead
Three veterans join Central Banking advisory board
New members have held top roles in Asia, Europe and the US
Warsh called for fewer FOMC meetings in July
Minutes show committee agreeing on above-target inflation but disagreeing over AI’s effect on prices
Reconsidering the role of money in monetary policy
Euro policy architect Otmar Issing argues that central banks must improve their flawed inflation targeting frameworks
Europe’s main asset in digital race is its size, says Lagarde
ECB president says domestic barriers must be lifted so start-ups can drive innovation