Bank of Italy
Bank of Italy expresses concerns over flat tax
Official says policy is typical of emerging markets and could weaken income redistribution
Italian PM considering sovereign wealth fund
SWF would support domestic industry and rely on “enormous savings”
BIS to trial Asian instant payments link
Project Nexus aims to create standardised cross-border link for different countries’ systems
“Make-up” strategies may boost monetary policy, says paper
Price-level and average inflation targeting regimes stabilise import-related inflation, researchers find
Proportionality in bank regulation: striking the right balance
The ‘final’ Basel III framework contains elements designed to make the rules fairer while reducing regulatory arbitrage. This means careful analysis is required when making any proportionality adjustments in the EU single rule book, writes Maurizio…
Italy to allow larger cash payments despite central bank objections
Official warns move could encourage illicit activity
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Taking a cue from the top: governor turnover and independence
Central bank governors tend to have long tenures, but what that means can vary. High turnover remains a worrisome signal
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
Payment services: CMA
The Swedish payments firm is well known as a provider of core infrastructure for central banks, and is now a key player in a new payment system linking the Arab world and beyond
ESG reserves adoption challenged by reliance on sovereign bonds
Higher issuance of government-compliant bonds is insufficient to offer investable alternatives to central banks.
People: ECB appoints new head of macro-pru
BIS names Innovation Hub directors; Bundesbank sends representative to Madrid; and more
Trust essential to success of global CBDC usage, panellists argue
CBDCs are yet to prove they offer advantages over private sector initiatives, say speakers at Bank of Italy event
Report finds major failings in eurozone’s RTGS management
ECB-commissioned Deloitte inquiry into system failures recommends series of reforms
Bank of Italy paper uses agent-based model of housing market
Limits on borrowing are effective but not currently needed for Italian housing sector
People: ECB appoints head of climate change centre
Bank of Italy names new head of financial supervision; Kansas City Fed appoints assistant vice-president
Judicial efficiency improves bank credit – Bank of Italy paper
Banks lend more freely and at lower rates in regions with swifter bankruptcy proceedings
Book notes: Economic philosophies, by Alessandro Roselli
Roselli’s analytical and historical exploration is especially valuable now, writes Robert Pringle
Specialised lending initiative: Clearstream
Clearstream supports eurozone central bank asset purchase programmes by returning liquidity to the market through securities lending while helping Asian and American central banks secure access to this market
The untapped potential of transaction data
Covid-19 has highlighted the need for central banks to have more timely information, questioning whether high-frequency indicators are being used to their full potential.
Paper examines US pensions’ effects on natural rate
Welfare effects of possible reforms depends on productivity growth, Bank of Italy paper finds