Europe
Reform UK’s BoE plans dismissed as ‘Trump-lite’
Former Bank of England officials unconvinced by proposals to fire current governor, change MPC and add growth remit
Bundesbank following US instability ‘very closely’ – Nagel
Central bank president says AI and geopolitics pose risks to financial stability
ECB to tilt future QE to shorter-term bonds – Schnabel
Collateralised lending to play key role in Eurosystem asset composition
Central banks speak opaquely to avoid overreaction – ECB study
Authors say institutions tend to communicate more clearly when they know their reputations are low
Is independence compatible with climate action?
Lessons from China indicate relationship between governments and central banks may need to change, argues Mathias Larsen
Stablecoins should be tightly regulated – HSBC exec
John O’Neill says lender’s views on the assets are aligned with those of central banks
Stress-test transparency: how much is too much?
The transparency drive to disclose bank stress-test results comes with costs
Schlegel: Liechtenstein is on its own for financial stability
SNB governor says principality’s lenders are not entitled to bank’s emergency liquidity facilities
AWS outage barely affected Europe’s central banks
Monetary authorities say robust risk mitigation frameworks helped them to largely avoid fallout
ECB holds rates for third consecutive time
Lagarde celebrates ‘fading risks’ to eurozone growth thanks to trade deals and Gaza ceasefire
ECB enters new phase for digital euro, with issuance set for 2029
CBDC’s next phase to focus on technical readiness, market engagement and legislative support
Why Europe cannot afford to delay the digital euro
CBDC would counter the erosion of sovereignty as cash recedes, substitution by foreign digital monies and weaponisation of access, argue Biagio Bossone and Céu Pereira
Swiss price controls do not depress inflation – SNB paper
CPI metric would ‘not have greatly differed’ had it excluded price-controlled goods, study finds
‘Opaque’ AI poses supervisory challenge, says BdF’s Beau
Deputy governor says focus should be on data required for ‘new elements’ of EU’s AI act
How EU supervisors react to interest rate risk outliers
Banks have faced no automatic penalties for breaching new NII test, but do come under microscope
France faces ‘gradual suffocation’ by debt, BdF governor says
Villeroy de Galhau finds notion of being under IMF tutelage 'insulting'
Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
ECB does not have rule-making power – Elderson
Binding decisions are based on existing regulations and not supervisory expectations, board member says
San Marino blocks bank sale, looks to quell instability
Central bank says financial system is “solid and resilient”
Quarter of central banks have government reps on MPC
Only one such committee publishes policy-makers’ votes
Half of central banks offer no forward guidance
MPCs that meet at above-average frequency less likely to observe blackout period
MPCs with more frequent meetings tend to be more transparent
Just under three-tenths of central banks publish current level of r-star
ECB and BoJ officials reject explicit forward guidance
Central bankers promote ‘meeting-by-meeting’ approach to rates setting