International
Is the central bank gold rush over?
Has gold become too expensive to offer value as a diversification asset amid geopolitical turbulence?
Trust allows ‘decisive’ policy action – Carstens
BIS general manager says more work is needed to secure trust in financial stability and fiscal policy
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
Book notes: The political economy of central banking, by Alessandro Roselli
Roselli’s book offers a comprehensive history of the relationship between governments and central banks
IMF officials call for central clearing of sovereign bonds
“More work needed” to enhance structural resilience in core markets, researchers say
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Strategic Planning Benchmarks 2025 – model banks analysis
Data breakdowns reveal differences in strategic goals, department structure and salaries
Mr Bessent goes to Basel: the fate of global bank regulation
US resistance to international standards could spark greater fragmentation of prudential rules
BIS’s Shin points to ‘profound structural shift’ in global markets
‘Hidden’ $113tn FX swaps market reflects sovereign bonds’ ascendency
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
US has got what it wanted from Basel, say former regulators
Process has been "essentially driven" by US interest, says former Fed vice-chair
BoE to consult on promoting clearing for gilt repo market
Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting
Most central banks gauge strategic plans with KPIs
Respondents reveal KPI use cases in operations and compliance with mandate
Researchers build ‘most comprehensive’ global macro database
Long-term data reveals financial crises can harm growth for half a century
The implications of IFRS 18 for central banks
The new accounting rule on presentation and disclosure in financial statements may require changes in reporting practices and systems, complicating consistency and materiality considerations
Governance Benchmarks 2025 – model banks analysis
Data breakdown highlights independence pressures, capital frameworks and staffing challenges
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
This book delves into the political science perspective of central banking since the 1970s but lacks nuance and depth
Andrew Bailey to be next FSB chair
Klaas Knot will step down from organisation in June as his term at DNB also comes to an end
‘Declaring war on the world economy’: economists react to Trump tariffs
Early estimates point to stagflation in US, as tariffs hit highest level since early 20th century
Do Trump/Doge materially threaten the Federal Reserve?
Experts weigh in on the danger levels for the US central bank, including whether it is overstaffed
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
Vector-based language model can improve forecasts – BIS paper
“Word embeddings” can be used to make better inflation predictions, authors find
Banknotes: January to March 2025
A round-up of news and salient issues that have affected central bankers in the past three months