Europe
ECB monetary policy spills over to US – Chicago Fed study
Resulting appreciation of dollar causes US leveraged loan investors to demand more compensation
Buch: geopolitical risk is ‘our new business as usual’
ECB supervision chief tells EU parliament there is no trade-off between growth and effective supervision
Two-thirds of central banks regularly audit policy processes
Internal and external audit functions are combined in most jurisdictions
EU debt wave raises dealer capacity concerns
Ongoing QT and upcoming defence spending piles pressure on bank balance sheet supply, say dealers
Agent-based models come of age
Central banks are increasingly modelling the economy as a complex system
Hungary holds rates amid continuing upside risks to inflation
MNB points to geopolitical and trade uncertainty in explaining first policy decision under new governor
Larger central banks more likely to have diversity policy
Boards with appointment powers more often focus on diversity
Central Banking Awards 2025: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
Most governing boards operate under charters
Strategy-setting and budget approval are boards’ top responsibilities
Can central banks cut remittance fees to sustainable levels?
More action is needed to reach the UN’s 3% global average cost target. But central banks face limits on what they can do
One in three central banks operate supervision committee
Government officials’ membership on boards still rare
Effects of ‘Mar-a-Lago accord’ are ‘highly speculative’ – BdF deputy
Agnès Bénassy-Quéré casts doubt on proposed collaboration to deliberately devalue dollar
AI at the ECB and the need to strengthen internal critical thinking
Carlos Bowles writes that efficiency gains should be shared with staff and efforts made to protect cognitive capacity
Governors serving limitless terms tend to earn lower salaries
But governors’ average salary remains over $200,000 a year
Iceland and Switzerland cut rates, while Sweden holds
Central banks highlight global developments and high levels of uncertainty
Hands off our gold, says National Bank of Belgium
Central bank rejects politicians’ calls to use bullion to pay for defence
Most governors lack legal immunity against prosecution
One-fifth of removable central bank governors shielded from legal actions
Denmark will reach r* this year – central bank
National Bank of Denmark continues 26-month streak of non-intervention in FX market
Governors serve unlimited terms in half of central banks
While term length averages five years, majority of governors can be dismissed early
MNB funds funnelled through ‘impenetrable’ structure – state audit
Management firm lost “significant amount” of central bank endowment in real estate investment, report finds
ECB tells lenders to regularly tap central bank liquidity
Banks should include refinancing operations in day-to-day liquidity management, say Buch and Schnabel
Smaller central banks more likely to manage government debts
Consumer protection widely overseen in larger institutions
No return to ‘whatever it takes’ for EU defence – BdF head
Villeroy de Galhau says US is “shooting itself in the foot” with tariffs
People: BNM appoints deputy and assistant governors
CNB makes appointments in internal audit and economic modelling divisions