Central Banks
ECB paper proposes eurozone stabilisation policy based on trade changes
Scheme would avoid moral hazard or permanent transfers from one country, authors argue
Venezuela set to launch another currency series
New banknotes redenominate currency amid rapid inflation; series will launch in June after demonetisation of old series
Eurozone inflation rises in March
Prices rose year on year by 1.4% last month, up from 1.1% in February
Gambia’s central bank seeks greater independence as fiscal dominance ends
Central Bank of The Gambia to work on autonomy and data management under new fund programme
Money market revamp would help transmit policy in Iran – IMF
Central bank currently struggles to conduct open-market operations; new policy framework would aid transmission and deepen markets, fund says
Fed’s Brainard notes pro-cyclical challenges to supervision
Fiscal stimulus at a time when the economy is running hot requires vigilance, governor says; stress tests cannot counter all pro-cyclicality in credit
IMF urges Costa Rica to shore up financial stability defences
Fund calls for increased transparency from financial stability committee and action to tackle dollarisation risk
Bundesbank paper looks at cross-border cycles in six European economies
Equity prices and interest rates more strongly synchronised than real economic activity – researchers
European Commission proposes uniform cost for trans-EU euro payments
Dombrovskis also calls for EU-wide transparency on currency conversions
Macro-prudential policies cool Sweden’s housing market
Private debt continues to increase, but loan-to-value ratios are falling
High-frequency data helps capture ‘psychological subtlety’ – BoJ paper
Study of “tick-by-tick” data finds markets have become more sensitive to the central bank’s policy announcements
Fed’s Harker: diversity and inclusion ‘are not add-ons’
Philadelphia Fed president stresses commitment to ethnic and gender diversity in a report to Congress
John Williams named president of New York Fed
Candidate proved contentious on diversity grounds, but brings deep macroeconomic experience
Russian central bank plans $19 billion loan to new ‘bad bank’
Entity will take over distressed assets from three banks that failed in 2017
Sri Lankan president takes responsibility for central bank away from PM
Prime minister faces no-confidence vote over central bank “bond scandal”
Issing sees ‘uncertain future’ for central bank independence
The eurozone architect warns central banks that overreach open themselves to political attack