Central banks should build up financial buffers to safeguard their "independent operational and policy capability", according to a Bank for International Settlements (BIS) paper published yesterday.
The paper – Central bank finances, authored by David Archer and Paul Moser-Boehm – provides a framework for central banks to assess the appropriate amount of financial resources to hold.
Jaime Caruana, the BIS general manager, argues that central banks could lose enough money to drive their equity ne
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