Central Banking Journal
Is the RBI doomed to fail its ‘quest for financial stability’?
Covid-19 has set back progress on hard-won reforms
Lessons from the Riksbank’s negative rates experiment
Sweden is the only nation to have implemented negative rates and then returned them to ‘normal’ territory. What can central bankers learn from the Swedish experience?
Olli Rehn on AIT, market neutrality and EU fiscal policies
Finnish governor speaks about the ECB’s strategy review, climate change and lessons from the eurozone crisis
The ultimate store of value
Róbert Rékási speaks to Central Banking about how Covid-19 has changed gold investment trends
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking
Has Covid-19 made gold shine brighter?
The price of gold has skyrocketed this year, but central banks have not flocked to invest as they have done in the past, write Rachael King and Victor Mendez‑Barreira.
Gold reserves in central banks – 2020 survey results
Reserve managers share their views on future gold holdings, target allocations, purchasing and storage approaches, the use of ETFs, and the impact of Covid-19, in the results of a new joint Central Banking-Invesco survey. By Nick Carver and Robert Pringle
All that glitters – Surveying central banks on gold reserves
Key survey data and comments reinforce the main findings in Invesco’s central bank reserve management white paper on the revival of gold as a reserve asset.
How gold has regained its shine
In a year of exceptional circumstances – especially true for gold, which, in August, saw an all-time high price – Invesco explores how pandemic-driven uncertainty has returned the precious metal to the spotlight of the global monetary system.
Book notes: Austerity, by Alberto Alesina, Carlo Favero and Francesco Giavazzi
When it works and when it doesn’t; every chapter is thorough, informative and persuasive
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
The Central Banking Awards 2020 virtual ceremony
View the trophy presentations and acceptance comments from all the winners
Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas
Fed’s new framework splits opinion
Former Fed staff offer mixed reactions to AIT; most call for more refined communication
Beyond climate: addressing the ‘E’ in ESG
Environmental degradation raises fundamental questions about how central banks think about risk
Is there a rift in the ECB governing council?
Mixed messages from Christine Lagarde were followed by sharp divergence among board members
Book notes: Quest for restoring financial stability in India, by Viral Acharya
A definitive contribution to the political economy of central banking in emerging economies, but author does not acknowledge the challenges moving forward
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
The DNB president talks about unconventional policy, inflation target ‘bands’ and ‘circuit-breaking’
Official institutions lead the Covid‑19 recovery charge
Tested by the Covid-19 pandemic, market consensus is that official institutions have been instrumental in mitigating market disruption. As economies work out how to adapt to a post-lockdown world, major public bodies are likely to play a key role in the…
The eurozone’s eastern conundrum
Bulgaria and Croatia expect net positive effect as they move to join euro, while others remain reluctant