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Dutch governor warns of unconventional policy hazards
Knot also argues for expansionary fiscal policy and symmetrical inflation target
Poloz: AI revolution calls for looser policy
Central banks can take lessons from Greenspan’s policy during IT revolution, governor says
NY Fed unveils new measures to tackle year-end funding pressures
Fed is expecting a “sharp increase” in flows out of reserves during December, statement says
Quotes
“Without an agreed framework, in the next crisis, Hank Paulson’s successor will once again be kneeling in front of Nancy Pelosi – I assume she will still be there – asking Congress to rescind the legislation that has restricted the Fed’s powers.”
Mervyn King, former governor, Bank of England
Sometimes, what is forgotten with forward guidance is that we are also speaking to households and businesses, to give them a sense of the general direction, some general orientation: be prepared, but do not overreact.
Mark Carney, governor, Bank of England
Financial intermediaries continue to exercise their privileged position, protected by licences, to determine where money comes from and where it goes to, so as to maximise their already disproportionately large profits and bonuses, paid for eventually by users of financial services
Joseph Yam, former chief executive, Hong Kong Monetary Authority
There’s this fear that domestic currencies are going to be totally undermined, so you might actually want to have some sort of central bank digital currency
Tobias Adrian, financial counsellor, IMF
It is only when you get to a relatively extreme situation, where your entire yield curve is very close to the effective lower bound, that targeting specific long-term yields makes sense
Eric Rosengren, president, Federal Reserve Bank of Boston
It is possible to take out some of the [populist] anger. But you really do have to have a good executive response. We will have to see how that works out.
Raghuram Rajan, former governor, Reserve Bank of India
China may do some things to reduce the trade imbalance with the US. But actually, the bilateral trade balance does not mean very much. We need to discuss the multilateral balance.
Zhou Xiaochuan, former governor, People’s Bank of China
Editor's choice
Big data in central banks: 2019 survey results
Many central banks are overhauling their data governance, facilitating a broadening in their use of big data
Trendlines
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- Italian banks exploit ECB tiering to sharply boost local deposits
- Ukrainian central bank attacks arrest of former deputy governor
- People: French official becomes ECB’s market operations director
- De Guindos says ECB ‘implicitly has symmetrical targeting policy’
- ‘Digital identities’ could protect customer data – Carstens
Comment
What is behind China’s digital currency aspirations?
Demand for cash remains solid in many parts of the world
The future of cash: an update
Our Take
Seven threats from big tech’s libra
30 years of central banking
An inside story on the central bank gold agreement
ECB paper looks at eurozone corporate debt purchases
Bank of Mexico implements third rate cut of easing cycle
Egypt slashes rates by further 100bp
Swedish paper investigates weak wage growth
Dominican Republic faces monetary policy trade-off – IMF paper
IMF issues warning on Kazakh supervisory overhaul