Central Banking Journal - Volume XXXVII Number 1
Articles in this issue
The Fed enters a new epoch
Chair Kevin Warsh takes his first steps to transform the US central bank
People: July to September 2026
A round-up of central bankers in the news and on the move during the past three months
Banknotes: July to September 2026
A round-up of news and salient issues that have affected central bankers in the past three months
Jasmina Selimović on managing Europe’s last currency board
The Central Bank of Bosnia and Herzegovina governor speaks about building resilience to counter geoeconomic shocks, strengthening reforms amid EU convergence, addressing stablecoin and NBFI risks, Sepa integration, and capacity building.
Implications of the 2026 Middle East war
Gavin Bingham, Paul Fisher and Andrew Large detail the monetary policy, financial stability and international co-operation challenges for central banks
Banque de France’s Denis Beau on supervisory reform
The Banque de France’s deputy governor speaks about suppression of the systemic risk buffer, proposals for a TLAC floor, and simplifying bank regulation and resolution
The next financial crisis may start outside the banks
The warning signs are multiplying and the window for preventive action is narrowing, writes Stijn Claessens
Sharon Donnery on the ECB’s great simplification push
The supervisory board member speaks about geopolitical risk, cyber threats and potential banking regulation reforms
One ledger or eight: the design choice that will shape cross-border money
Two rival tokenised settlement networks have both expanded – mBridge into Macau and Mongolia, Agorá to Canada. The contest between them is not primarily about technology, and not yet about currencies. It is about who keeps the ledger, argues Marcello…
Zoltán Kurali on Hungary’s reserves strategy and euro adoption
Deputy governor speaks about portfolio positioning amidst geopolitical volatility, AI, CBDC and the future of the forint
Asean’s expanding and evolving swap lines
The Asian trade bloc – with and without China, Japan and South Korea – wants to strengthen emergency liquidity support
Hong Kong scales up in bid to attract central bank gold
Financial bureau chief targets Asian institutions to bolster gold storage to 2,000 tonnes, use new trading and central clearing services plus links to China, amid sovereign immunity concerns
Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
Merchants in the cash system
As policy-makers seek to protect cash acceptance and increasingly look to retailers to facilitate access to cash, Martina Horakova argues that merchants need adequate cash services themselves – and that providing cash to the public should not come at…
The role of high-denomination banknotes
High-value notes are an important store of value and remain in demand during crises
Odean White on cyber, natural disasters and geopolitical risks
Bank of Jamaica’s chief risk officer discusses weather event contingency planning, the impact of ‘shocks’ on policy, being proactive on quantum, and countering phishing and AI-enabled attacks
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Book notes: Walter Bagehot, by Janet Seaton and Barry Winetrobe
This slim biography succeeds in its mission of painting a portrait of a remarkable man
Book notes: Money: the inside story, by Rupal Patel and Jack Leslie
BoE’s latest explainer provides an entertaining and accessible guide to finance
Book notes: The banker who made America, by Richard Vague
This well-researched book makes a strong case that without the efforts of Thomas Willing, the US war of independence may well have been lost
