Central Banking Journal - Volume XXXVI Number 3
Articles in this issue
Supply-side shock stuns central banks
The partial closure of the Strait of Hormuz raises fresh challenges for central bank policy-makers
People: January to March 2026
A round-up of central bankers in the news and on the move during the past three months
Banknotes: January to March 2026
A round-up of news and salient issues that have affected central bankers in the past three months
Cryptogeddon: a user’s guide for central banks
How might monetary authorities react if a digital asset crash destabilised the financial system?
Cross-Benchmarks AI Report 2025: a question of creative destruction
Central banks are taking cautious steps towards adopting AI but have not prioritised research into its effects
Richard Doornbosch on central banking in a tempestuous climate
The president of the Central Bank of Curaçao and Sint Maarten speaks to Christopher Jeffery about addressing legacy financial scandals, transition to a Caribbean guilder, tapping gold holdings and managing a currency peg at a time of US policy uncertainty
Is this the end of dollar dominance?
Steve Kamin tracks evolving investor attitudes to the US in the wake of 'Liberation Day'
Ken Rogoff on the dollar’s role in a fractured world
The former IMF chief economist speaks about Trump, central bank independence and the $20 trillion underground economy
Central Banking Awards 2026: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
Time to make doves cry
Jagjit Chadha warns of the perils of discretion as UK inflation is not securely converging on the target
The life insurance industry’s transformation: financial stability implications
Gaston Gelos and Frank Packer examine an industry that is increasingly complex and interconnected
Advancing sustainability post-COP29
The Central Bank of Azerbaijan is striving to assist the domestic and international transition to a greener economy, writes its governor, Taleh Kazimov
Rethinking policy transmission in the age of AI
Managing machine expectations related to faster, more non-linear and potentially asymmetric price dynamics will require analytical innovation and potentially new forms of oversight, argues Elisa Vilorio de Painter
Renato Gomes on Pix, Drex and digital asset regulation
Brazil’s deputy governor speaks with Christopher Jeffery about pros and pitfalls of open finance, financial inclusion and crime on Pix, and the need to sideline DLT for Drex phase 3
CBDCs versus instant payments
Are technological and ecosystem advances using CBDCs and instant payments complementary or substitutes?
Book notes: The London Consensus, by Tim Besley, Irene Bucelli and Andrés Velasco
The authors set out guidelines to address shortcomings linked to the Washington consensus, but implementation will be a challenge
Book notes: Money in crisis, by Ignazio Angeloni and Daniel Gros
This book should be essential reading for policy-makers at a time of uncertainty and technological change
Book notes: 1929: the inside story, by Andrew Ross Sorkin
A compelling narrative offering fresh perspectives on the key characters, events and implications of the great crash
Book notes: Before the Fed, by Jon Moen and Mary Tone Rodgers
A significant contribution to understanding private-sector financial crisis responses, relevant to today’s lender-of-last-resort function
