Central Banks
BoE adjusts stress-testing framework
Tests this year will be based on 2020’s reverse stress test
Swiss authorities confirm investigation of Lebanon’s central bank
Attorney-general’s office confirms probe into alleged “money laundering and embezzlement” at CBL
Eurozone bank credit tightens despite ECB stimulus
Banks expect credit to further tighten during the first quarter of 2021
Research finds productivity impact from monetary policy
Paper sets out model of supply-side transmission channel, which can lead to flatter Phillips curve
New macroeconomic framework needed for recovery – Ghana governor
Public debt levels have breached maximum thresholds and NPLs are likely to climb, Addison says
Eurozone inflation remains stuck at -0.3%
Year-on-year inflation first fell into negative territory in August 2020
Banque de France pledges to drop coal-linked assets by 2024
French central bank will also cut oil and gas exposures, and oppose new fossil fuel projects
Sectoral shocks drive non-bank credit cycles – BIS paper
Authors explore interaction of bank and non-bank credit cycles
People: Philippines governor recovering after medical procedure
Benjamin Diokno steps back from duties temporarily, plus appointments in UK, Singapore and more
FCA clamps down on consumer protection breaches
Nearly 10% of firms see application for consumer investments blocked, data reveals
BoE reassures foreign banks on post-Brexit booking models
EU banks that lost passporting rights after Brexit are unlikely to have to establish UK subsidiaries
Central banks must mobilise their FX reserves
The pandemic and climate crises call for bold action, write Gary Smith and John Nugée
Eurozone needs major resolution reforms, Enria says
ECB supervisor says policy-makers should create new tools to deal with medium-sized banks
Romanian central bank cuts rates as inflation falls
National Bank of Romania says inflation is below midpoint of target level
FCA court victory gives clarity to SMEs over Covid disruption
Court ruling will see a larger number of businesses receive payouts from their insurers
Debt-service ratio limits have greatest welfare benefit – BoE research
Authors find macro-prudential tools can also boost the transmission of monetary policy
Design flaws in Covid relief package cost millions of jobs – Fed paper
Delay to paycheck protection programme had “very substantial” impact, economists argue
New York Fed to establish ‘innovation centre’
Search begins for director, who will lead collaboration with BIS innovation hubs
Bank of Italy paper looks at economic impact of disasters
More frequent disasters make economic effects larger and non-linear, researcher finds
Bank of Israel announces major increase in FX interventions
Central bank announces FX spend in advance for first time and pledges 40% increase
Book notes: The currency cold war, by David Birch
Pleasant and interesting read on if digital money will jeopardise US dollar’s dominance in global trade and finance
Promoting fintech might reduce inequality – BIS’s Pereira da Silva
Inequality harms policy transmission, but technology may help, deputy general manager says
Covid-19 data gaps threaten US recovery, researcher says
Minneapolis Fed economist urges statistical agencies to include diagnosis questions in surveys