Europe
Three-quarters of central banks exploring CBDCs for retail payments
Though research is common, only a few have moved to pilot or roll out the technology
Majority of central banks only have one RTGS contingency site
More than half of institutions have had RTGS outages since 2020
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
Many central banks plan RTGS upgrades in coming year
Over 80% expect to renovate systems within five years
War in Ukraine raising eurozone stability risks, says ECB
Non-bank sector vulnerable to higher interest rates, financial stability review finds
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
Riksbank launches 24/7 instant settlement system
Rix-Inst operates on same technology as ECB’s Tips system
Lagarde says ECB likely to abandon negative rates in September
Central bank would need to confirm end to asset purchases in June, and hike in July and September
Communications Benchmarks 2022 – executive summary
Key findings of the 2022 report, including the ongoing shift to social media and the impact of Covid-19
ECB will hire young Ukrainian researchers
Up to 15 trainees will help evaluate impact of Russian invasion
Digital euro could be reality by 2026 – ECB’s Panetta
ECB will step up engagement with authorities and investigate means of issuing CBDC
Lagarde signals first ECB rate hike in July
Nagel stresses risk of acting too late, as Villeroy says fiscal-monetary alignment no longer possible
Small drop in US CPI hints at inflation reprieve
Economists estimate US is past inflation peak, but other G7 nations may still be on the upward leg
Central bank websites vary greatly in popularity
Some get hundreds of page views per month, while others get millions
ECB officials change to more hawkish tone
Schnabel and Villeroy de Galhau signal openness to July hike while Lane and Panetta stay cautious
Eurozone could improve fiscal pact – ECB paper
Reformed framework should combine expenditure growth rule with “debt anchor”, researchers say
Researchers try to measure public trust in ECB
“Reflective trust” is lower than “instinctive” reaction, especially among women, paper finds
ECB renews repo line for Romanian central bank
Move comes after ECB creates liquidity facility for Poland and renews four other repo lines
Many central banks ‘layer’ news for different audiences
Techniques include use of differing language, visual and video presentation, and data release
How high can the ECB take interest rates?
Despite rising inflation, eurozone central bank is seen as unlikely to take rates over 1.5% in coming years
Sudden carbon price rise risks major financial shocks – ECB paper
Model looks at impact on eurozone banks of different decarbonisation measures
Lagarde sees risks in ‘new global map of economic relations’
ECB president says fragmentation through “friend-shoring” and regionalisation is rising
Climate change, invasion, recession: policy-makers flag mounting risks
Christine Lagarde and Jerome Powell discuss “ripple effects” of war in Ukraine, while the Barbadian prime minister highlights need for reform at global institutions
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels