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Policy must be forceful to anchor expectations, panel hears
Central bankers discuss lessons from post-Covid inflation surge at Summer Meetings
Olaf Sleijpen to step up to DNB presidency
Klaas Knot says his successor embodies “substance, integrity and the ability to forge connections”
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
Benchmarking
Trump: Powell is a ‘numbskull’ for not cutting rates
President calls for 100bp easing, while vice-president says Fed policy is “monetary malpractice”
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
PMA attacks Israeli efforts to end bank co-operation
Authority says proposal would cut off Palestinians’ access to basic goods and services
Mexico’s deputy governor hints at rate hold
Heath says analysts disagree with central bank over timeline on taming inflation
US bank profitability measure continues rising – study
Net interest margin climbed throughout 2024 and Q1 2025, St Louis Fed research finds
Connectivity makes payments faster and cheaper – panel
Officials at Summer Meetings discuss need to facilitate cross-border payment systems
Central Banking Summer Meetings 2025
Connectivity makes payments faster and cheaper – panel
Officials at Summer Meetings discuss need to facilitate cross-border payment systems
AI ‘not there yet’ for reserve management, panellists say
Managers say new technology helps with some analysis but risks remain
Monetary policy faces new era of complexity – Bosnian governor
Selimović urges rethink of central banking amid constant disruption and uncertainty
Bottom-up approach crucial when adopting AI – panel
Central banks must engage end users when implementing new technology, officials say
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
Central banks favour instant payments over CBDCs
Interoperability of systems and financial inclusion drive decisions among survey respondents
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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