International
NPLs down in nearly 70% of jurisdictions, despite Covid-19
Lower income nations hit harder than most during past five years; Asia, Africa and Americas NPLs on different trajectory to Europe
BIS’s Borio urges return to fiscal-monetary separation
Action was necessary in crisis but could lead to “instability trap”, official says
Most central banks cannot bring criminal charges against banks
But 87.5% of institutions report they can refer these charges to other public institutions
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Monetary Policy Benchmarks 2021 report – seeking a strong anchor
Insights into the organisation and resourcing of monetary policy, decision-making, tools, transparency and market operations
Book notes: Robert Triffin, by Ivo Maes with Ilaria Pasotti
Triffin’s story is well told by Maes, whose extensive personal and academic research shines through on page after page
Do central banks have enough resources to meet tech challenge?
Accelerating technological evolution, difficulties accessing and retaining technical staff, and limited resources will present growing challenges for central banks in the future
Strategies for change: central banks’ quest for diversity
Dedicated diversity strategies remain uncommon among central banks, despite growing recognition of the need for better minority representation
Cœuré issues urgent call for CBDC development
Central banks have no time to waste, says BIS official, as crypto and stablecoins threaten disruption
No IMF bias towards ‘excessive austerity’, report finds
But Independent Evaluation Office says fund has been too optimistic in its forecasts
Hernández de Cos calls for full Basel III implementation
Basel Committee chair says that financial stability depends on adopting reforms
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Payments Benchmarks 2021 report – executive summary
Insights into staffing, mandates, oversight and RTGS management
Governance Benchmarks 2021 – presentation
Central Banking’s governance subject matter specialist Dan Hardie speaks with Christopher Jeffery about policy committees, governor salaries and terms, and board compositions and functions
BIS to throw open doors for 90th anniversary
Delayed celebration will invite public to multimedia exhibition in main tower
Central banks can improve reserves handling – World Bank
Direct board involvement, trading office setups and finance ministries all matter, report finds
Communications Benchmarks 2021 – presentation
Central Banking’s communications subject matter specialist Daniel Hinge speaks with Christopher Jeffery about communications staffing and salaries, effective approaches and favoured channels
Book notes: How boards work, by Dambisa Moyo
Moyo offers insights into the skills required to be a valued board director, as well as a thought-provoking list of issues that may appear with greater frequency on future board agendas
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Majority of central banks use corridors to set market rates
A handful use floors due to unconventional policy, and some use other methods
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
BIS and HKMA start work on green bond infrastructure project
Digital platform based on blockchain aims to improve green bond market’s transparency
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
Less chance of “taper tantrum” in emerging markets – Dallas Fed paper
Emerging markets have larger dollar reserves to meet financing disruptions