United Kingdom
Coronavirus panic fuels a surge in cash demand
Covid-19 has led to banknote hoarding in Australia, Brazil, Canada, the eurozone, Russia and the US, fuelled by concerns about financial system stress, write Jonathan Ashworth and Charles Goodhart
BIS expands innovation hub network
Several new locations unveiled in Europe and North America
BoE still falling short of ethnic diversity goal
Central bank has set itself aim of having 13% senior managers from ethnic minorities by 2022
Financial shocks explain ‘large share’ of US business cycle – BoE paper
New identification method helps avoid pitfalls encountered by earlier research, author says
NGFS offers concrete next steps to assess climate vulnerabilities
New climate risk scenarios will be incorporated into Bank of England stress tests and Bundesbank economic modelling, write Sarah Breeden and Sabine Mauderer
FCA to gain new powers to tackle ‘tough legacy’ issues in Libor transition
Untangling complex legacy issues is looking increasingly difficult as delays mount due to Covid-19
BoE admits bond holdings are contributing to climate change
UK central bank’s bond portfolio is out of step with international climate goals but differences in calculations makes it challenging to quantify
BoE apologises for former officials’ links to slave trade
Central bank says it was never directly involved in slavery, but former governors were
BoE expands asset purchases by £100 billion
Haldane casts sole vote against expansion as ex-MPC member Sentance warns of “autopilot”
Should the BoE go negative?
Much research into negative rates suggests central banks should have little to fear, but there are plenty of caveats
Fears rise over breakdown in Basel and IFRS standards
Bretton Woods institutions worried about growing divergence in capital and accounting standards as credit impairment tsunami looms; US and many emerging economies skirting the rules
BoE launches new education progamme for children
UK central bank broadens financial literacy campaign with second programme for schools
UK GDP growth plunges to -20% in April
Figure is worst on record, but may be somewhat better than earlier official estimates
People: Former BoC governor Poloz joins board of energy firm
Stephen Poloz joins the board of Canadian pipeline firm Enbridge; Haldane gets third time on Bank of England MPC; Bank of Israel director general steps down; and more
BoE’s Cunliffe: central banks must consider market liquidity backstop
Markets weathered the first phase of the Covid-19 crisis, but not without support, deputy notes
Cost of Mark Carney’s leaving gifts revealed
Former governor’s gifts appear small in comparison with predecessor Mervyn King, as Covid-19 prevents leaving party from occurring
Football stadiums to airlines: BoE reveals commercial paper holdings
Central bank has taken on exposures to a wide range of businesses – including polluters
BoE paper: narratives can help overcome ‘radical uncertainty’
Speaking directly to the public can improve analysis and communication of policy, authors find
BoE’s Hauser: Covid-19 forced “largest and fastest” actions ever
Executive director gives blow-by-blow account of how the BoE tackled the Covid-19 crisis in the markets
BoE urges banks to ramp up no-deal Brexit preparations
Brexit risks are resurfacing as trade talks remain deadlocked
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses due to Covid-19 are underscoring the central role non-banks play in crisis contagion, as in 2008. Were regulators better prepared this time?
Minutes highlight scale of BoE’s Covid-19 redeployment
Some staff were overwhelmed with work while others had little to do
BoE paper: mining newspaper text can boost forecasts
Authors design “powerful new method” of incorporating text information into macroeconomic forecasts
Venezuela sues Bank of England over refusal to release gold
Authorities say they need $1 billion to fund response to Covid-19 crisis