Central Banking Journal
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact

Will the use of CBDCs improve cross-border payments?
International trials using CBDCs highlight significant architectural and practical challenges, writes Warren Coats

Book notes: The Continental dollar, by Farley Grubb
Grubb’s book brings an important new interpretation to this founding moment in US financial history

Book notes: Bold vision, by Freddy Orchard
Largely uncritical insights about the formation of the GIC and Singapore’s currency regime
Central Banking Awards 2023: Gallery
See the winners from the big night, including leading figures from across the industry who came to pick up their awards
A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the 'singleness of money'
Banknotes: July to September 2023
A round-up of news and salient issues that have affected central bankers in the past three months
People: July to September 2023
A round-up of central bankers in the news and on the move during the past three months
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Book notes: My journeys in economic theory, by Edmund Phelps
Six decades of the Nobel Prize-winner’s thoughts – from micro-foundations of macro theory to the possibilities beyond working, saving and investing
When £1 is not £1
Gabriel Stein examines the risks from introducing a CBDC should its value diverge from that of physical currency and bank deposits
Book notes: The crisis of democratic capitalism, by Martin Wolf
A sincere attempt to explain and fix the failing of capitalism in liberal democracies
Book notes: Inflation targeting and central banks, by Joanna Niedźwiedzińska
A useful and rich reference source, especially for central banks moving to adopt inflation targeting
Stefan Ingves on central bank failings on inflation and financial stability
Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, and the need for explicit legal definitions for digital money
Climate change: a new financial risk for central banks
Overcoming ‘analysis paralysis’ and the lessons in capturing climate-related financial risks on the Deutsche Bundesbank’s balance sheet
Book notes: Forks in the road, by C Rangarajan
A memoir by one of India’s most distinguished governors, who presided over the balance-of-payments crisis
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Ecuador’s general manager speaks about bolstering legal autonomy, dollarisation, payments and gold production
Book notes: O Governador, by Luis Rosa
Documents Carlos Costa’s clashes with Portugal’s elite during the eurozone sovereign debt crisis
Senad Softić on governance, currency boards and EU convergence challenges
Central Bank of Bosnia and Herzegovina governor speaks about governance, managing a currency board and modernising payments
Ukraine’s governor on central banking in wartime
Andriy Pyshnyy talks about macroeconomic stability, running banks under missile attack, winning IMF aid and post-war reconstruction plans
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating book about the US labour movement’s efforts to use pension fund money to bolster its voice
RBI’s Shaktikanta Das on financial sector reform, sticking to inflation targets and the e-rupee
The Reserve Bank of India governor speaks about developing credible self-insurance, bank regulatory reforms, and daily UPI payments hitting 300 million transactions
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others