Central Banks
SSM reduced large eurozone banks’ risk-taking – ECB paper
Reduced credit risk was driven by supranational authority’s greater efficiency, authors argue
BSP calls for criminalisation of ‘extreme’ coin hoarding
Philippines central bank proposal comes as police seize hoard of 50 million pesos worth of pennies
BoE report sheds light on Covid market operations
Surge in scale and frequency of operations amid switch to work from home created “issues”
PBoC governor says China does not need QE
Yi Gang says China has space to carry on with conventional monetary policy
Pandemic is top stability concern for benchmark respondents
House prices, cyber crime and crypto assets are also major worries for central banks
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Many benchmark respondents concerned over AML/CFT risks
Participants based in Americas especially concerned over rise in money-laundering risks
Campos Neto named in Pandora Papers
Investigation identifies Brazil governor as stakeholder in four offshore companies
Czech governor calls finance minister ‘incompetent’
Rusnok rejects finance minister’s criticisms of rate rise as general election draws near
US PCE inflation rises to 4.3%
Fed’s preferred rate reaches new high in August, but “trimmed” measure steady at 2%
Stark differences between financial stability department resources
Powers may be more important than staff numbers and budget to carry out function
More macro-pru tools needed, say some central banks
Some benchmark respondents say they lack legal framework for macro-prudential powers
Why fintech governance matters for central banks
Fintech throws up an array of challenges that may require central banks to adapt their frameworks
Colombia raises policy rate for first time since 2016
Board forecasts inflation will be above target band for the rest of this year
Jamaican central bank makes first rate rise since 2019
Central bank forecasts inflation will be above target for two years as it hikes rate by 100bp
Bank of Mexico makes third consecutive rate raise
Board says inflation risks are tilted to upside and raises fourth-quarter inflation forecast
Emerging market central banks regulate more sectors
A higher proportion are the sole banking, non-bank and micro-finance sector regulators
FSB relaunches global surveillance framework
New approach aims to be more systematic and reflect FSB’s “broad membership”
Colombian lawyer asks court to annul central bank appointment
Lawsuit alleges president broke gender equality law in naming former finance minister
Czech central bank raises rates despite government pressure
Board votes to increase repo rate 75bp as inflation rises above 4% for first time since 2008