International
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
People: Bostic to step down from Atlanta Fed
Plus new appointments in Botswana, Estonia, Slovakia, Singapore and at BIS
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
No Fed G-Sib buffer reform in 2025, say experts
Recalibration of method 2 seen as more likely than its abolition; banks resist daily averaging
Climate risks still underplayed in credit ratings – ECB blog
Sovereign bonds, utilities and automotive and insurance sector securities most impacted by climate
Researchers revisit 20-year forecast for global monetary system
Eichengreen and Razo-Garcia predict further move towards polarised exchange rate regimes
Schlegel: Liechtenstein is on its own for financial stability
SNB governor says principality’s lenders are not entitled to bank’s emergency liquidity facilities
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
Inflation targeters mainly use corridor systems to set interest rates
But many central banks with exchange rate controls also use corridor systems
NBER paper maps out international financial network
Rey and Stavrakeva show equities markets play crucial transmission role
Thedéen remains positive about Basel III implementation
Basel Committee chair says reports of the death of global co-operation are ‘greatly exaggerated’
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
Top officials weigh impact of trade war and AI
ECB president says impact of US tariffs has been “exact opposite” of expectations
Bank of Italy develops cross-border payments solution
Researchers say their approach enables instant cross-currency international transfers
FSB’s Schindler highlights shift in focus for standard setters
Finance ministries are prioritising growth over regulation, but not all post-crisis work is complete
BIS article notes changing effects of dollar weakness on EMEs
Investment channel likely to become more important countervailing force, authors say
Do BIS volumes soar past the trend?
Average daily FX volumes have surged to $9.6 trillion in latest triennial survey, but are these figures representative?
Nobel committee recognises theories of tech-driven growth
Joel Mokyr, Philippe Aghion and Peter Howitt share economics prize
Scenario analysis widely used to assess risk but communication varies
Most central banks produce multiple forecasts to illustrate monetary policy risks, but less than half publish them
Reserve Benchmarks 2025 – model banks analysis
Data breakdowns shed further light on asset allocations, staffing and strategy
The SDR as an alternative to the dollar
The weaponisation of the dollar by US authorities represents an opportunity to reconfigure usage of the SDR, argues Warren Coats
FX market becoming stronger transmitter of stress, IMF warns
Fund probes changing structure of world’s ‘largest and most liquid financial market’
The ‘EuroLiber’ for depoliticised payments
Biagio Bossone explains how Europe could provide a neutral anchor to support international payments
National statistics need reform to capture AI impact – study
Official data tends to lack the granularity to capture transformative effects of AI, authors say