Central Banking Journal - Volume XXXVI Number 2
Articles in this issue
The prospects for retail CBDCs
Open instant payments systems offer a quicker route to financial deepening, for now
Lesetja Kganyago on a 3% target and risks posed by rising debt in a fractured system
The Sarb governor speaks about a lower inflation target, the impact of high developed-world debt, the G20’s payments efforts and the fracturing of the multi-lateral system
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
EBA’s Campa on simplifying EU regulations and supervising stablecoins
The departing pan-European supervision chief speaks about advancing the banking union, streamlining the implantation of new rules, financial resilience and why he is stepping down early
Central bankers’ compromised immunity
Just how much legal protection should officials have from spurious lawsuits or wrongful dismissal?
Alexandre Tombini on LatAm resilience and growth amid uncertainty
The BIS Americas head speaks about the impact of the US tariffs, building resilience amid uncertainty and fostering inclusion through digital payments
Options for realising gold revaluations
Is monetary gold a special case in central bank revaluations accounting?
BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
The Genius Act: a smart move for global payments?
Experts from the stablecoin industry discuss if new US law can live up to its name
The foundations of sovereign finance are quietly evolving
Digital settlement infrastructure is taking shape. Now SSA issuers must decide how, not whether, to participate, argues Domenico Nardelli
The next step for Africa’s digital economy: fast, inclusive payments
Central banks should lead policy for a payments transformation that benefits all levels of society, argue Jean Pesme and Michael Wiegand
ECB’s Evelien Witlox on design choices for the digital euro
The digital euro’s program director speaks about holding limits, waterfall arrangements, programmability, blockchain usage and offline ‘secure elements’ for cash-like exchanges
The ‘EuroLiber’ for depoliticised payments
Biagio Bossone explains how Europe could provide a neutral anchor to support international payments
The SDR as an alternative to the dollar
The weaponisation of the dollar by US authorities represents an opportunity to reconfigure usage of the SDR, argues Warren Coats
Climate risks still on the fringe of monetary policy in Asia
Notwithstanding efforts by the PBoC and BoJ, there is still a need to observe persistent and measurable impacts on inflation and output before climate change truly influences interest rate policy, argues Sayuri Shirai
Chief risk officers: a critical function or a distraction for central banks?
Institutions are divided on whether the role is needed, but it is becoming more common
Book notes: Crisis cycle, by John H Cochrane, Luis Garicano and Klaus Masuch
This book ought to be read by anyone with an interest in or influence on the future development of the Emu
Book notes: Bankers’ trust, by Aditi Sahasrabuddhe
A novel investigation into how trust among central bankers – or lack thereof – helped and worsened crises of the past
Book notes: Private finance, public power, Peter Conti-Brown and Sean H Vanatta
A detailed history of bank supervision in the United States from 1789 to 1980
Book notes: King dollar, by Paul Blustein
A well-researched overview of the position of the US currency, providing an optimistic view on the future of ‘king dollar’.
