Europe
Central bank digital currency would be unsafe – senior ECB official
Lack of finality in payment could cause major instability, Benoit Coeuré says
Carney criticises EU stance on Brexit issues
Governor describes EBA analysis as “incomplete” and says time is running out for a deal on trillions of dollars in derivatives contracts
Eurozone governments’ post-crisis fiscal policies were ‘self-defeating’
Policies ended up being contractionary, IMF-organised conference hears
EU and UK firms unprepared for Brexit, warns EBA
Banks must speed up examination of Brexit risks and cannot rely on public sector, authority says
ECB’s Nouy says policymakers must reform banking governance
Only half of supervisors carry out ex-ante ‘fit and proper’ assessments, Nouy says
Issuing “foreign-law” debt can cut costs in times of crisis – ECB paper
Eurozone countries’ bonds issued abroad showed major premiums during debt crisis – researchers
Leading governors analyse evolving inflation-employment relationship
Powell, Draghi, Lowe and Kuroda assess causes keeping wage growth low across the world
UK lawmakers ‘satisfied’ with Visa response to outage
Visa has promised an independent inquiry into the incident that saw 5.2 million payments fail; firm reveals details of its recovery efforts
SNB should clearly assign policy tools, IMF report says
SNB can avoid impression of exchange-rate targeting through better communication, says IMF
Italy’s trial
Francesco Papadia argues Italy is likely to suffer financial and economic damage under its new political leadership, but will still not leave the euro
People: Bank of Canada deputy resigns and returns to San Fran Fed
Nigerian president nominates new deputy governor
ECB commits to tapering bond purchase programme
Unanimous decision says bond purchases will taper if data confirms medium-term outlook
ECB unlikely to commit to QE end date in June meeting
Most economists expect gradual reduction of asset acquisitions, and an open-ended programme
QE boosts bond prices above ‘fundamental’ level, Banque de France paper finds
Paper uses experimental techniques to simulate QE’s effects on bond markets
Sia given green light to access Eurosystem’s instant payment system
ECB permits first network provider to give access to new Tips platform
Bank of Finland working on payments backup system
Board member says Finland must be able to maintain control of “critical infrastructure” should disruptions occur
Banks must understand artificial intelligence – ECB official
Artificial intelligence must not become another “financial craze”, Hakkarainen warns
Weidmann calls for fiscal consolidation and sovereign risk reform
Bundesbank president maintains tough stance on key policy issues
Blockchain-based payment systems lack ‘capacity and efficiency’ – DNB
DNB tests show blockchain improving security but increasing costs and slowing speed
Central bank-issued digital currency threatens privacy – BoI official
CBDCs may not be compatible with rights of individuals, says Bank of Italy’s Panetta
Book notes: Edge of chaos, by Dambisa Moyo
John Chown applauds Moyo’s analysis of how the current democratic framework is failing
Europe needs banking union to counter slower growth - Danish governor
Ageing population may slow GDP growth by 0.5% annually in coming years, Rohde says
DNB develops new instant payment network
Banks will be able to process payments within seconds by mid-2019, the central bank says, but evolution of cash infrastructure will continue
Banque de France paper sketches policy routes for post-crisis central banks
“New orthodoxy” would see unchanged policy goals, but more freedom to lower interest rates