International
Book notes: Our dollar, your problem, by Kenneth Rogoff
An excellent overview of the evolution of the world economy during the last seven decades, and a warning against complacency
IMF disburses additional $500m to Ukraine
Central bank governor welcomes “positive news from Washington” as country passes latest EFF review
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
BIS reports record income as Carstens steps down
General manager attributes strong result to successful banking department transformation
Payments Benchmarks 2025 – model banks analysis
Data breakdowns shed light on organisation structure, RTGS upgrades and payments innovation
Stablecoins will not revolutionise money, says BIS
But a “trilogy” of tokenised assets on a unified ledger might, organisation concludes
Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Payments Benchmarks 2025 – executive summary
The benchmarks highlight continued progress in boosting cross-border payments
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
US Basel III delay to 2026 seen as almost inevitable
Reprioritisation and leadership changes cast doubts on timing of new proposals
Regulators ‘not done’ with bank and non-bank rules – Knot
Outgoing FSB chair says some regulations are “overly complex” but must not be weakened
Policy must be forceful to anchor expectations, panel hears
Central bankers discuss lessons from post-Covid inflation surge at Summer Meetings
Connectivity makes payments faster and cheaper – panel
Officials at Summer Meetings discuss need to facilitate cross-border payment systems
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Central Banking Awards 2025 ceremony honours shining stars
Oscars of central banking recognise excellence in the community
A fireside chat with BIS head Agustín Carstens
The lifetime achievement award-winner speaks with Chris Jeffery about how experiencing inflation shaped his career, gaps in economic theory and macro-pru governance, the future of money and the importance of international co-operation
Quarles to lead review of FSB monitoring
Appointment of former Fed vice-chair reflects shift in focus for global body
BoE makes subtle leverage snipe at CCP cross-margining
Margin offsets might increase risk, but could also encourage more central clearing
Book notes: The measure of progress: counting what really matters, by Diane Coyle
The book offers important insights into national income data compilation that are frequently ignored by economists
Bank notes: April to June 2025
A round-up of news and salient issues that have affected central bankers in the past three months
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation