Europe
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Abandoning HICP targeting would help the poorest – paper
Focus on discretionary spending inflation could lower recessions’ effects, Sintra conference paper argues
Policy to remain restrictive for now, says BoE governor
Bailey says there will be “gradual and careful approach” to any further easing
Home loans with loose standards go sour when rates rise – ECB
Borrowers who “may not initially appear risky” could be swept away in a downturn, bank warns
Czech central bank holds rates in unanimous decision
CNB takes wait-and-see approach despite strong economic growth
Hungary holds rates as economic outlook nosedives
MNB’s annual growth forecasts are significantly lower than the government’s
Recollections may differ on Weimar hyperinflation – ECB blog
Author says first-hand accounts suggest episode was less traumatic than politicians would later claim
Lagarde renews calls for digital euro
ECB president tells lawmakers to “rapidly” introduce legislation for CBDC launch
Bank of England urged to rethink HHI concentration risk add-on
Experts think overhaul of credit risk measure should be part of PRA’s ongoing Pillar 2 review
US stablecoins pose ‘severe risks’ to monetary sovereignty – paper
Assets threaten stability in eurozone and global south, authors find
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
Regulatory confusion hinders euro stablecoins, says DRW founder
Conflicting interpretations of EU rules will divert more capital away from euro assets, says Don Wilson
EBA mulls rule changes to speed up model approval process
Reducing compliance burden of credit risk model updates can aid banks and supervisors
BoE seeks balance in regulating financial innovation
Prudential supervisor outlines hands-off approach for AI but tight rules for crypto
Climate risk could affect both financial and price stability – BdF’s Dees
Head of French central bank’s climate economics unit says monitoring climate risks is vital for fulfilling primary mandate
ECB’s Montagner: banks, insurers need separate capitalisation
Insurance arms should not backstop banking businesses in bancassurance groups, top supervisor says
BoE analysis sparks debate over reuse of repo collateral
Central bank policy analyst contends reuse of collateral may amplify volatility in repo rates
Tariffs do not solve tensions but erode global growth – Lagarde
In speech to the PBoC, ECB president says countries with surpluses and deficits must both try to find solutions
Central banks favour instant payments over CBDCs
Interoperability of systems and financial inclusion drive decisions among survey respondents
Central bankers discuss policy-making amid high uncertainty
Flexibility, caution and financial stability analysis can support monetary policy, panellists say
ECB to move to ‘hybrid’ balance sheet model – Finland’s Välimäki
Bank of Finland board member heralds “new dawn” of Eurosystem monetary policy implementation
Rule of law of ‘highest relevance’ for central banks – Elderson
Economic growth requires institutional independence and strong legal framework, ECB board member says
Digital yen must be as robust as cash – BoJ deputy governor
Uchida says Japanese CBDC will need to retain public trust to same degree as notes and coins
BoE makes subtle leverage snipe at CCP cross-margining
Margin offsets might increase risk, but could also encourage more central clearing