Central Banking Journal
The evolving ‘strategy function’ in central banks
Study shows central banks still struggle to fully utilise strategy units
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy MD speaks about the fund’s views on CBDC operating frameworks and macrofinancial surveillance
Is the ECB implementing yield curve control?
Eurozone has adopted hybrid system that targets wider financing conditions
Book notes: The political economy of bank regulation in developing countries, edited by Emily Jones
A pioneering academic – but reader-friendly – monograph on the response of peripheral countries to Basel standards
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
Regulating big tech and non-bank financial services in the digital era
Experiences from China highlight potential benefits of digital-bank and holding-company approaches
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Book notes: Economic philosophies, by Alessandro Roselli
Roselli’s analytical and historical exploration is especially valuable now, writes Robert Pringle
Central Banking Awards 2021: winners in full
Winners in 2021 include the Federal Reserve, Alejandro Díaz de León and Charles Goodhart
Evolving investment activities with ETFs
BlackRock‘s Crystal Wan, Andrew Mackenzie and Pablo Arteaga examine the exchange-traded funds market from the perspective of central banks seeking the tools to achieving their financial goals
A bellwether moment for CBDC plans
Launch of ‘sand dollar’ may herald a new era of CBDCs as Fed and ECB step up their preparations
Specialised lending initiative: Clearstream
Clearstream is supporting eurozone central banks with their asset purchase programmes
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions forestalled a damaging global financial crisis
Risk manager: National Bank of Georgia
Liquidity stress tests provided confidence to ease daily thresholds, and offer exchange rate, internal market and financial system support, without forcing the liquidation of illiquid reserves
Treasury systems initiative: Refinitiv
Firm’s data-driven approach is helping central banks stay ahead of fast-moving markets
Initiative of the year: Saudi Central Bank’s business continuity programme
Advanced planning allowed Sama employees and systems to continue operating critical functions despite Covid-19 lockdowns
Risk management technology: Ion Treasury
Firm has championed Libor transition services and assisted the management of reserve positions amid Covid 19
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
Currency services: Crane Currency
Firm supported clients’ needs throughout pandemic, while continuing to innovate with 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
Payments and market infrastructure development – wholesale: Reserve Bank of New Zealand
NZ central bank has embraced major payments infrastructure changes to reduce risk and future-proof country’s payments landscape
Payment services: ACI Worldwide
ACI has emerged as an important provider of real-time digital payments software
Currency initiative: The ECB and US Federal Reserve’s CDI2 standards
The pair has created an important new technical standard to support more efficient cash management
Currency services initiative: CCL Secure
The banknote substrate provider is making a concerted effort to reduce its environmental impact