Latest
German and Spanish governors criticise US policies
Nagel defends Fed independence, while Escrivá cautions against excessive deregulation
Hungary to change central bank law
Amended legislation would increase size of monetary council and ban creation of new foundations
Fed researchers call for new definition of ‘unbanked’
Economists support paper’s more nuanced approach, but caution against dropping current terminology
Benchmarking
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
RBI reviews closed-system wallets after Blu-Smart’s demise
Users of electric cab company, which halted operations in April, were unable to access funds
Iran to remove four zeroes from its currency
Central bank says measure will come into force later this year as country battles high inflation
BoE to consult on promoting clearing for gilt repo market
Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting
BoE’s mandate may be too broad, warns Mervyn King
Former governor chats with Paul Tucker on independence and central banks’ optimal remit
Korean officials argue for stablecoin authorisation body
Central bankers warn of currency substitution and monetary policy risks
Trump's tariffs
Experts divided over contraction in US economy
Ex-NY Fed chief says latest figures are an anomaly, though others point to Trump policies’ impact
Yen rates losses from tariff drama top $1 billion
Losses came from forced unwinds of bets on BoJ rate rises
‘Liberation day’ likely to cause US recession – NBER study
Paper sets out conditions for tariff-driven downturn and says US is likely to meet them
EU firms fear dollar liquidity becoming tariff bargaining chip
Trade war escalation could affect ECB's access to Fed swap lines
Editor's choice
The implications of IFRS 18 for central banks
The new accounting rule may require changes in reporting practices and systems, complicating consistency and materiality considerations
Do central banks need more tools to regulate the financial system?
Policy-makers from Armenia, Thailand and New Zealand share perspectives on how to keep up with the ever-changing industry
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
Benchmarking
Over half of central banks employ strategic progress monitoring tools
Just a quarter of jurisdictions evaluate success with external means
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.
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
Central Banking Spring Meetings 2025
Working group minutes: facing up to CBDC adoption challenges
Participants at Cape Town meeting saw drawbacks to digital currency versus other payment methods
Trump 2.0 piles pressure on reserve managers
Speakers at Central Banking Spring Meetings discuss positioning, interventions and impact of lost aid
Technology needs to keep up with crypto regulation – panel
Panellists discuss AML/CFT risks arising from virtual assets during Central Banking Spring Meetings
Conservatism in central banking ‘may not exist in 10 years’
Reserve managers at Spring Meetings 2025 share frustrations and discuss new strategies
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: 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
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
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