International
PRA struggles to follow Fed’s FRTB modelling moves
Market risk experts say minor differences in US rules add up to more incentives for IMA adoption
Most central banks have plenty of import coverage
There is little common ground between respondents at high or low levels of coverage
Fed study mulls whether to count tokenised assets as M1 or M2
Emergence of new money causes headaches for monetary aggregates, economists say
Dollar’s decline has been overstated, says NY Fed study
Fall in greenback’s share of FX reserves driven by concentrated drop among small number of states
Schnabel could leave ECB early to join IMF – German media
Germany may find itself without representative on bank’s governing board
Central bank reserve managers unnerved by Treasury market woes
Officials are unsettled but constrained as US creditor base shifts to private hands
Anchor tokenisation in central bank money, says BIS’s de Cos
General manager uses Jackson Hole speech to champion tokenised deposits and reserves over stablecoins
Book notes: The almighty dollar, by Brendan Greeley
The history of the currency that came to be ‘the dollar’ is the centrepiece in an otherwise confused book
EU foreign ministers renew prospect of Russian asset seizure
Letter acknowledges solution cannot place undue financial risks on any member state
The implications of AI on monetary policy
AI advances represent a demand pressure today and a potential positive supply shock tomorrow, argues the National Bank of Romania’s Leonardo Badea
Economists design stress-test model of dominant currency
Geopolitical shocks can disrupt its hegemony, but dollar remains secure, NBER paper finds
China’s growth model may deepen tensions with US – paper
PIIE research says economic policies driven by ‘national security logic’ may be contradictory
Three veterans join Central Banking advisory board
New members have held top roles in Asia, Europe and the US
Nepal has greater stability, but now it needs growth – IMF
Fund’s mission chief says central bank reforms are among measures laying path for future prosperity
IMF paper details system-wide stress-testing methods
Economists propose adding data on bank-NBFI links and details of market microstructure
Reconsidering the role of money in monetary policy
Euro policy architect Otmar Issing argues that central banks must improve their flawed inflation targeting frameworks
Europe’s main asset in digital race is its size, says Lagarde
ECB president says domestic barriers must be lifted so start-ups can drive innovation
Tariff-induced inflation pressure begins to recede in US – study
Lower effective levies are translating into slower consumer price growth, St Louis Fed researchers say
People: BoJ payments chief to join IMF
Plus: Australia appoints new monetary policy board member; Harrison to head comms at BoC
ECB speeches ‘twice as religious’ as other central banks’ – blog
Bank’s speechwriters use devotional tropes during times of crisis, LSE research finds
Comms staff need to reflect on how their messages are perceived
BoE’s Eric Tong discusses research probing how the public receives central bank messages via the media