Germany
Changing of Lagarde: who might take over at the ECB?
De Cos and Knot among contenders, following reports that president may be stepping down early
Yield curve ‘steepening’ best seen as normalisation – ECB study
Long-term borrowing costs surged but overall structure ‘not in an unusual shape’, say economists
Bulgaria becomes 21st member of the eurozone
Joining currency bloc is a “sign of belonging”, says governor Radev, as peers offer welcome
Eurozone bank uncompetitiveness a ‘myth’ – Schnabel
Regulations have made lenders better, says ECB board member
NBFIs could dent transmission – Bundesbank board member
Growing non-bank activity could diminish banking channel’s importance, says Köhler-Geib
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
‘Imaginations are running wild’ – Nagel on AI
Europe is prepared for a financial downturn, Bundesbank president says
Bundesbank following US instability ‘very closely’ – Nagel
Central bank president says AI and geopolitics pose risks to financial stability
AI opens new possibilities to approach core mandate – Nagel
Bundesbank president says technology enables central banks to deal proactively with stability risks
People: ECB creates task force to simplify regulation
Plus: Kocher takes over as head of Austria’s central bank
Bailey, the IMF and the fundamental asymmetry problem
The IMF must address sovereign asymmetry and transform surveillance into a tool for mutual accountability, argues Biagio Bossone
Speedy on-boarding: the push for faster model approvals
Europe’s banking watchdog is planning to streamline how it authorises credit model updates. Not a moment too soon, say bankers
ECB looks to cut carbon via business travel
Bank says its footprint remains “well on track” to reach 46.2% reduction in emissions by 2030
Book notes: Inflation, by Mark Blyth and Nicolò Fraccaroli
An accessible explainer about the narratives surrounding inflation – and who it benefits
Nagel pitches policy ideas to kickstart German economy
Bundesbank president says higher European defence spending is “reasonable”
Recollections may differ on Weimar hyperinflation – ECB blog
Author says first-hand accounts suggest episode was less traumatic than politicians would later claim
German and Spanish governors criticise US policies
Nagel defends Fed independence, while Escrivá cautions against excessive deregulation
BIS, ECB, BoE develop synchronised cross-border FX transactions
BIS says Project Meridian FX reduces liquidity, credit and settlement risk
EU policy-makers lash out at Trump’s trade policy
Central banks say tariffs will create “many losers” in both Europe and the US
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
Forward guidance ‘partly to blame’ for inflation – panel
ECB should do more scenario planning, revise collateral rules and incorporate Taylor principles