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Working group minutes: a phased approach to 24/7 RTGS
Longer hours imply risk trade-offs and need to overcome resistance from banking industry
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
Thailand approves its first virtual banks
Thai, South Korean and Chinese firms will operate online-only lenders, central bank announces
Benchmarking
China holds key lending rates as expected
Central bank keeps one- and three-year LPRs at 3% and 5% respectively
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
Regulatory confusion hinders euro stablecoins, says DRW founder
Conflicting interpretations of EU rules will divert more capital away from euro assets, says Don Wilson
Norway, Sweden and Switzerland cut, while Moldova holds
Swiss and Nordic banks ease policy by 25bp
Brazil raises policy rate to 15% and signals ‘prolonged’ hold
BCB makes seventh consecutive hike; inflation trends downwards but still above target
Fed maintains wait-and-see approach with rate hold
Powell ignores Trump’s calls for easing amid president’s continued insults
Central Banking Summer Meetings 2025
European reserve managers express optimism over ESG
Panellists at Central Banking Summer Meetings celebrate sector’s maturity over past decade
Developing AI comes with geopolitical risks, says panel
Summer Meetings panel discusses infrastructure supply chains and where data is stored
Rhetoric on AI is rarely backed up by resources – panellists
Central bankers tell Summer Meetings their institutions seldom have enough to spend on innovation
Policy must be forceful to anchor expectations, panel hears
Central bankers discuss lessons from post-Covid inflation surge at Summer Meetings
Editor's choice
Reflections on the international financial situation
Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’
NBP’s Juliusz Jabłecki on geopolitics, bitcoin and gold
Director of financial risk management department talks tactics versus strategy, operations following breakout of war in neighbouring Ukraine, FX interventions and independent risk-taking
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
Benchmarking
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Trump's tariffs
Tariffs not the only policy causing uncertainty – Fed presidents
Officials highlight risks from US administration’s approaches to deregulation and immigration
ECB says tariff shocks ‘continue to reverberate’
Stability review says risk of slowdown has “increased markedly”, though banks are better placed than in 2008
US faces mounting costs if trade war escalates – study
Fed economists monitor effect on asset and consumer goods prices under blanket 25% tariff
German and Spanish governors criticise US policies
Nagel defends Fed independence, while Escrivá cautions against excessive deregulation
Awards
Central Banking Awards 2025: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
Lifetime achievement award: Agustín Carstens
A driver of strategic change, respected in both emerging and developed economies
Central bank of the year: Bank of Thailand
The Thai central bank has countered government interference while fulfilling its mandate and striving to future-proof the financial sector
The winners of the 2024 FinTech & RegTech Global Awards
Seventh annual tech awards recognise excellence among central banks and the private sector
Book reviews
Book notes: The measure of progress: counting what really matters, by Diane Coyle
Book notes: The political economy of central banking, by Alessandro Roselli
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
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