International
A bellwether moment for CBDC plans
The launch of the ‘sand dollar’ may herald a new era of CBDCs as the Fed and ECB step up their preparations
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
Central Banking Awards 2021: final winners unveiled
Awards announced for central bank of the year, economics, risk management and more
Payment innovation is top fintech spending priority
One-third of central banks say they are prioritising digital currencies
Specialised lending initiative: Clearstream
Clearstream supports eurozone central bank asset purchase programmes by returning liquidity to the market through securities lending while helping Asian and American central banks secure access to this market
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
Risk management technology: Ion Treasury
The US firm has championed Libor transition services, and supported reserve managers manage positions during the coronavirus shock
Economics in central banking: ‘Patterns in invoicing currency in global trade’, Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo, Arnaud Mehl and Tra Nguyen
An extensive data-gathering exercise allowed the authors to shed new light on critical aspects of policy-making in a globalised world, while clearing a path for other researchers to follow
Wholesale CBDCs may not fix cross-border frictions – panellists
Policy-makers question whether CBDCs will make international payments faster and cheaper
High income countries report greater numbers of licensed fintech firms
Some jurisdictions host many licensed fintech firms but others have none
‘Do no harm’: central bankers warn against rush to issue CBDC
Agustín Carstens, Jerome Powell and Jens Weidmann highlight risks of acting too fast
Central banks struggle to retain fintech talent
Private sector competition lures employees away
Currency services: Crane Currency
The firm supported the needs of clients throughout the pandemic, while continuing to innovate with the launch of micro-optic security features
Financial market infrastructure services: Bloomberg
Bloomberg’s responsive deployment of new liquidity capabilities helped emerging-market central banks cope with pandemic market disruption
Currency services initiative: CCL Secure
The banknote substrate provider is making a concerted effort to reduce its environmental impact by optimising production processes and building a recycling plant in Mexico
ECB’s de Guindos calls for prompt action on climate change
ECB warns of “systemic risk” as it unveils preliminary results of eurozone-wide climate stress test
Future of cash: what we can learn from the history of money
Central banks must take a broad view of efficiency if they are to preserve the benefits of cash, says Antti Heinonen
Pandemic likely to worsen market concentration – IMF research
Authors warn rising market power tends to impair monetary and fiscal policy
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
Global markets award: BNP Paribas
The bank shone across a wide range of business areas and regions during the turbulence of Covid-19
New monetary frameworks involve risk trade-offs – IMF’s Adrian
Lower-for-longer rates may help to avoid deflation, but could contribute to medium-term volatility
IMF delays SDR valuation review
Delay reflects priority placed on Covid-19 response and possible clash with other workstream
Governor of the year: Alejandro Díaz de León
Díaz de León has upheld the authority, integrity and independence of the Bank of Mexico against significant external and internal pressures
Innovation in reserve management: World Bank Treasury/ANZ Bank
The pair developed a Swift-based messaging app to manage faster and safer cash operations for central bank members of Ramp at the height of the pandemic