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Climate risk models not up to scratch, warns BIS report
New research highlights models’ inability to accurately anticipate climate risk
Colombia culls external reserve manager to boost competition
In the period 2016-18, central bank reduced the number of institutions to six from seven
ECB calls for changes to German draft CCP recovery law
Law should be rewritten to provide more transparency on Bafin’s procedures and approach, ECB says
Quotes
For Norges Bank as a central bank, the biggest challenge will be to maintain focus on its core functions while the responsibility for managing the oil fund increases in scale and complexity. It may, over time, look like the manager of the one of the world’s largest single pools of financial assets trying to run a central bank on the side.
Knut Kjær, former chief executive, Norges Bank Investment Management
You probably think minutes are a gold mine. Well, they are like a gold mine in that there is a whole bunch of rock and not much gold.
Stephen Poloz, governor, Bank of Canada
“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
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Speaks about stagflation risks from trade wars, the value of market signals and Canada’s CBDC plans
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Comment
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In search of a better definition of digital money
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Our Take
Macroeconomics is not broken
Seven threats from big tech’s libra
30 years of central banking
Fiji’s central bank faces climate change challenge
Brookings paper examines impact of governance structures on use of CCyBs
Remittances can cause volatility if concentrated – IMF paper
Paper takes ‘Hank’ approach to eurozone policy transmission
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
ECB willing to provide further stimulus – minutes