Europe
ECB launches climate risk stress tests
Exercise will feed into SREP and could indirectly affect lenders’ capital ratios, ECB says
Pierre Wunsch on inflation, forward guidance and policy tightening
The National Bank of Belgium governor speaks about over-reliance on central bank models and forward guidance, the impact of energy costs and inflation expectations, and the need to unwind unconventional monetary policies
Eurozone deficits and debt declined in Q3 2021
But debt levels in the bloc remain at high levels, especially in Southern Europe
Croatian central bank denies allegations against governor
Financial supervisor is investigating media claims of insider dealing by central bank staff
Nagel warns high inflation could last longer than expected
New Bundesbank president says monetary policy should monitor climate change risks
ECB may have to act over energy prices, Schnabel warns
Transition to lower-carbon economy may boost inflationary pressures, says ECB board member
People: Brazil’s Campos Neto comes down with Covid
Acting governor in Lesotho; Auer to head Eurosystem Innovation Hub; and more
Down but not out: US Libor trading continues amid ban
Outgoing rate hits market share lows in US swaps but little dent made in listed markets
The longest book ever written?
The Single Rulebook on EU financial regulation is a serious contender for the prize of the longest book ever written. But will it deliver a safer and better financial system?
2021: The year in review
The year has seen central banks switch from recovery mode to battling inflation. Central Banking looks back at the stories that made the biggest impact in 2021
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
German government names Nagel as new Bundesbank governor
Social Democratic party member is longstanding central banker and voiced scepticism over QE
ECB ends liquidity relief measures for banks
Lenders have not used buffers and coverage ratios exceed minimum levels, data shows
ECB to halt PEPP purchases but expand APP
Lagarde says rising inflation will be temporary, but says ECB needs flexible monetary policy
Economics Benchmarks 2021 report – making sense of the modern economy
Covid-19 coloured central banks’ views on the governance of their economics function in the past year, from research topics to forecasting, data, publications and more
Podcast: Oliver Wünsch on a solution to eurozone fragmentation risks
A common fiscal authority could offer stability, but would require sharing more sovereignty
Inflation challenges ECB’s normalisation plans
Central bank expected to confirm end of PEPP purchases on December 16
ECB’s de Guindos tests positive for Covid-19
Vice-president has “very mild” symptoms and has not been in “close contact” with Christine Lagarde
Labour market changes key to inflation – BIS’s Shin
Central banks may face “race against time” to prevent wage-price spiral, says Hyun Song Shin
Book notes: Shades of sovereignty, by Paul Wilson
An essential and stimulating read for central bankers thinking about the monetary history of their state in relation to its historical perspective and broad international trends
People: Arce to lead ECB economics directorate
SNB deputy to retire; Vanuatu names new deputy; Glenn Stevens to chair Macquarie; and more
Currency Benchmarks 2021 report – executive summary
Perspectives on staffing, circulation, forecasting, note security and composition, outsourcing and more
ECB to choose new euro banknote designs by 2024
Banknote designs will be chosen by governing council, but public input will be vital
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to one another