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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
Book notes: The political economy of central banking, by Alessandro Roselli
Roselli’s book offers a comprehensive history of the relationship between governments and central banks
Why US banks are not taking their eye off reputational risk
The concept may be removed from supervisory exams, but the 2023 crisis showed the risk is real
Benchmarking
Tariffs not the only policy causing uncertainty – Fed presidents
Officials highlight risks from US administration’s approaches to deregulation and immigration
Strategic Planning Benchmarks 2025 – model banks analysis
Data breakdowns reveal differences in strategic goals, department structure and salaries
BoJ official sees no need to act against rising JGB yields
Bond taper plan should continue as price movements not disruptive, board member says
Sri Lanka cuts benchmark rate to 7.75% as deflation persists
Central bank projects inflation will move into positive territory during third quarter
US citizens increasingly reluctant to relocate – study
Richmond Fed research cites multiple causes, including narrowing gender gap and seniors’ wish to stay put
IMF officials call for central clearing of sovereign bonds
“More work needed” to enhance structural resilience in core markets, researchers say
Trump's tariffs
German and Spanish governors criticise US policies
Nagel defends Fed independence, while Escrivá cautions against excessive deregulation
Dallas Fed study adds to official scepticism of US tariffs
Research says potential for domestic gains will depend on other countries not responding
The cost of ‘US liberation’
Stephen Millard outlines NIESR’s latest analysis of the Trump tariffs, as risks tilt to the downside
Fed holds rates as experts sound alarm over stagflation
FOMC says risks have risen on both the employment and inflation sides of its mandate
Editor's choice
Strategic Planning Benchmarks 2025 report – charting a path
The first strategic planning benchmark sheds light on department structure, control methods and KPIs
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
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: 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
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
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