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Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
FX hedging behind April’s dollar slide – BIS bulletin
Treasury sell-offs not correlated with greenback’s depreciation, authors argue
Benchmarking
Lebanon increases monthly withdrawal limits
Central bank aims to ease pressures on depositors amid ongoing financial crisis
Tariffs cannot fix US trade deficit, says Taiwanese governor
Central bank chief flags stateside fiscal risks but says dollar-based order still intact
Payments Benchmarks 2025 – executive summary
The benchmarks highlight continued progress in boosting cross-border payments
US stablecoins pose ‘severe risks’ to monetary sovereignty – paper
Assets threaten stability in eurozone and global south, authors find
Global macro shifts: can emerging markets navigate a fragmented world?
Franklin Templeton expects certain emerging markets to benefit during the realignment of global political and trading blocs
Working group minutes: a phased approach to 24/7 RTGS
Longer hours imply risk trade-offs and need to overcome resistance from banking industry
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
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
Climate risk could affect both financial and price stability – BdF’s Dees
Head of French central bank’s climate economics unit says monitoring climate risks is vital for fulfilling primary mandate
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’
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
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 do not solve tensions but erode global growth – Lagarde
In speech to the PBoC, ECB president says countries with surpluses and deficits must both try to find solutions
Tariffs will raise US prices throughout 2025 – Fed governor
Kugler says progress on core goods inflation has been reversed and trade policy could make things worse
Credit lines help firms absorb tariff shocks – BIS bulletin
Banks can stabilise economy during crises by offering on-demand liquidity, researchers say
Tariffs not the only policy causing uncertainty – Fed presidents
Officials highlight risks from US administration’s approaches to deregulation and immigration
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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Global macro shifts: can emerging markets navigate a fragmented world?
Navigating volatile markets: a rule book for fixed income investors
Nasdaq Calypso: central bank reserve and monetary policy management
Winds of change 2025: spotting opportunities after peak yields
Beyond the benchmark: redesigning emerging market debt allocations
2025 capital market expectations: slowing but not sinking
Central bank watch: watchful and wary easing ahead
Sustainable development: central banks taking the lead
Advancing monetary policy tech in the new economic landscape
