Europe
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
Digitisation of money brings more regulatory risks – IMF head
Georgieva says crypto regs are in early stages and not yet coherent internationally
Monetary policy staff annual pay rises year on year
Divisional budget averages less than $10 million a year
Middle income monetary policy teams comprise more junior staff
Monetary policy FTE employees average nearly 40 individuals across central banks
Norges Bank introduces new tool to reduce excess liquidity
‘Central bank certificates’ to supplement quotas, F-loans and F-deposits from 2026
ECB disputes PwC estimate of digital euro implementation costs
Lenders will need to spend around the same as they did implementing PSD2, central bank argues
Chief risk officers: a critical function or a distraction for central banks?
Institutions are divided on whether the role is needed, but it is becoming more common
ECB says digital euro would not disrupt financial stability
Lenders remain healthy under modelled crisis scenario, regardless of CBDC’s holding limits
Rising temperatures raise inflation expectations – ECB paper
Global warming also leads to greater pessimism about growth, research finds
BdF transfers reg files using ‘post-quantum’ cryptography
France’s central bank is latest to prepare for ‘harvest now, decrypt later’ cyber attacks
Simplifying rules may hinder EU single market – BIS’s Restoy
FSI chair says supervisors must be mindful of trade-off from making banking regs less complex
Hungary’s opposition considering joining euro if elected
Country could be ‘biggest winner’ of non-eurozone EU countries by introducing shared currency
Lagarde revives pitch for euro’s international role
Single currency can become ‘true source of strength’, ECB president says
CNB joins Europe’s bank regulators to warn of crypto risks
Consumer interest driven partly by ‘aggressive’ promotion on social media, say authorities
The ‘EuroLiber’ for depoliticised payments
Biagio Bossone explains how Europe could provide a neutral anchor to support international payments
European states announce improvements in payment systems
Denmark opts for back-ups, Sweden goes offline, Balkan states choose Sepa while Austria ups security
People: Bunge made first deputy governor at Riksbank
Plus: Promotions in India and Singapore, and Santos Pereira takes charge in Portugal
Uncertainty over economic policy throttles lending – ECB study
Authors point to recent developments in US, but say sources of uncertainty can come from anywhere
Lagarde: ECB should supervise non-banks to prevent rerun of 2008
Monetary policy would benefit from more holistic prudential approach, president says
Book notes: Crisis cycle, by John H Cochrane, Luis Garicano and Klaus Masuch
This book ought to be read by anyone with an interest in or influence on the future development of the Emu
ECB picks digital euro service providers
Bank names six private companies, along with backup options, for CBDC project
Central banks must focus on comms – Bank of Finland panel
Institutions need to concentrate on anchoring inflation expectations, governors say
France’s fiscal ills may require ‘targeted taxes’ – BdF head
Villeroy de Galhau warns citizens there is no ‘magic tax’ that only others will pay
Eurozone payment systems not ready for quantum – research
Bank of Italy paper calls for more robust cryptographic algorithms and quantum roadmaps from suppliers