Central Banking Journal - Volume XXXVI Number 4
Articles in this issue
Myths and realities of AI hacking
New artificial intelligence models raise serious concerns about the future security of the international monetary system
People: April to June 2026
A round-up of central bankers in the news and on the move during the past three months
Banknotes: April to June 2026
A round-up of news and salient issues that have affected central bankers in the past three months
Sama’s Al-Sayari on financial resilience and the future of the riyal
The Saudi Central Bank governor speaks with Christopher Jeffery about the Middle East conflict, the transformation of the Saudi economy, improving prudential oversight and contingency planning, and the development of the fintech and tokenised ecosystem
Current threats to central bank independence
Improved communications, advocacy for tech oversight and international co-operation will help to address challenges posed by populism, excessive debt and new forms of money, write Gavin Bingham, Paul Fisher and Andrew Large
Olli Rehn on demographics, geopolitics and ECB policy
The Bank of Finland governor speaks about immigration and productivity, private credit and stablecoin risks, the mood on the governing council and the impact of conflict in the Middle East
The evolution of central banks
Bank Negara Malaysia governor Abdul Rasheed Ghaffour writes that the roles and responsibilities of central banks are evolving in a changing landscape
How to deal with geopolitical risks, central banking-style
Managing the fastest-rising risk category requires a combination of old and new thinking
Helder Lopes on Timor-Leste’s transformation now the oil has run out
The Central Bank of Timor-Leste (BCTL) governor speaks to Chris Jeffery and Jono Thomson about dollarisation amid US policy unpredictability, managing legacy Petroleum Fund investments, Asean membership, digitalisation and financial deepening, and a long…
Dark corners: the renewed push for risk-based monetary policy
Central banks are still struggling to perfect models, scenario analysis and risk communication
The challenges facing Fed chair Kevin Warsh
New chair has pledged sweeping change, but can he keep Trump – and the FOMC – onside?
Sabine Mauderer on the past, present and future of the NGFS
Bundesbank official discusses green policy, the Fed, data blind spots and future prospects
Behind the scenes of the Bundesbank’s capacity-building programme
A multi-year effort has helped shore up expertise at West Balkan central banks. Will African and former-CIS institutions be equally responsive to Eurosystem technical assistance?
Barry Eichengreen on the evolution of the global monetary order
The US monetary expert speaks to Thomas Chow about similarities between the dollar and 18th century Dutch money and why Washington has bet on the ‘wrong horse’ with private stablecoins
YCC, carry trades and the changing role of the yen
Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials
High-value notes: default money for criminals?
Some experts say the notes are a boon for felons, and that central banks should stop issuing them
Bulgarian lessons from entering the eurozone
Sofia’s uneasy membership in the currency bloc, five months in
Book notes: Money beyond borders, by Barry Eichengreen
Lessons from economic history indicate the dollar’s decline could result in a messy transition that spawns a global crisis
Book notes: Everybody loves our dollars, by Oliver Bullough
The author poses serious questions about whether central banks’ activities are helping kleptocrats
Book notes: Redefining the monetary standard in the digital age, by Livio Stracca
A comprehensive and readable account of what digitalisation could mean for monetary policy
Book notes: The doom loop, by Eswar S Prasad
A persuasive analysis of a new world disorder that will bring an end to central bank independence
