Transparency
Digitisation: transforming the role of central banks
With the rapid pace of technological change in global financial markets, central banks are increasingly recognising that many legacy tools, methods and manual processes are inadequate, writes Sachin Somani
Riksbank opens review of board members’ stock holdings
Investigation will assess whether officials violated “rules of conduct”
BoE to start greening its corporate bond holdings
Central bank will use new climate-focused methodology to rebalance portfolio later this month
BIS and HKMA conclude green DLT project
HKMA says it is considering pilot issuance of tokenised green government bonds
Carney says over $130 trillion of capital now pledged to net zero
But rich countries admit they have fallen short of net zero financing goals
‘Say what?’ Trust in central bank communications
Central banks are changing how they communicate with different audiences, but judging the success of these communication efforts is difficult
Approaching green central bank balance sheets
Climate-friendly balance sheets come at a ‘greenium’, panellists argue at a roundtable at Central Banking’s Summer Meetings, in collaboration with Invesco.
Fed’s Bullard believes a ‘five-year window’ for AIT is ‘realistic’
St Louis Fed president says “big tent language” was a reason overshoot details were not specified; “precise numerical implementations” can “get you into trouble”
Most central banks invest in derivatives
External managers facilitate wider use of these instruments
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight
BoE ends off-the-record meetings with banks
Change follows concerns about similar practices at other central banks
Georgieva promises to learn lessons from ‘Doing Business’ controversy
IMF chief says she will have “candid discussion” with staff after accusations of improper conduct
Slovak governor charged with bribery
Peter Kazimir denies wrongdoing, as president says he should consider resigning
Georgieva keeps job as Yellen promises further scrutiny
Evidence did not “conclusively demonstrate” the IMF chief played an “improper role”
BoE report sheds light on Covid market operations
Surge in scale and frequency of operations amid switch to work from home created “issues”
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Campos Neto named in Pandora Papers
Investigation identifies Brazil governor as stakeholder in four offshore companies
Why fintech governance matters for central banks
Fintech throws up an array of challenges that may require central banks to adapt their frameworks
IMF ethics committee investigating Georgieva allegations
Executive board promises “thorough, objective and timely review” of alleged “improprieties”
Monetary Policy Benchmarks 2021 report – executive summary
Insights into the staff that work on monetary policy, decision-making, tools, transparency and market operations
ECB’s stress capital buffer still a ‘black box’ – banks
National regulators retain wide latitude to set Pillar 2 Guidance under new rules
Central banks split on blackout periods
Reasons for operating blackout periods include facilitating effective policy transmission and avoiding speculation
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes