Germany
The behind-the-scenes effort to convert Ukrainian refugee cash
How central and commercial banks worked to allow Ukrainians to exchange cash in wartime
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Weidmann to join Commerzbank in 2023
Former Bundesbank president will become chairman of the bank’s supervisory board
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
BoE’s planned procyclical capital hike bewilders banks
Some doubt regulator will go through with counter-cyclical buffer hike while forecasting recession
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Cash remains most common means of payment in Germany
But share of cash payments dropped from 74% in 2017 to 58% in 2021, Bundesbank finds
The signal and the noise: cash forecasting in uncertain times
From big data tools to Arima models and structural time series, cash forecasting methods are evolving. The work could prove critical to the future of cash during uncertain times
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
People: former New York Fed chief Corrigan dies
New deputy governor appointed in Honduras; Bundesbank names head of research; and more
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
ECB supervision and the state of the eurozone’s banks
ECB banking supervision has passed the first stage of the Covid-19 test. But many challenges remain, including banks’ internal governance and data processing, excessive leveraged lending in some segments, and a lack of progress towards a more competitive…
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Bundesbank raises inflation forecast
Nagel calls for policy normalisation and says Bundesbank could increase risk provisioning again
Global markets show signs of strain as Russia sanctions bite
Flight to safe havens is starting to create tensions in dollar funding markets
Change at the Bundesbank: from Weidmann to Nagel?
Joachim Nagel’s appointment highlights the importance of politics at the apex of German central banking. Veteran central bank watcher Klaus C Engelen looks at the media reaction and asks if Buba/ECB discord is set to continue
Navigating the digital transformation at Deutsche Bundesbank – an update
Joachim Wuermeling explains how the Covid-19 pandemic and other developments have affected the German central bank’s digital transformation during the past two years
Nagel warns high inflation could last longer than expected
New Bundesbank president says monetary policy should monitor climate change risks
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?
German government names Nagel as new Bundesbank governor
Social Democratic party member is longstanding central banker and voiced scepticism over QE
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
German inflation reaches 5.2% in November
ECB’s Schnabel says inflation will peak this month and will decline towards 2% target in 2022
Financial crises can radicalise voters – BIS paper
German banking crisis in 1931 contributed to the rise of the Nazi party, researchers find