Central Banking Journal
The Fed enters a new epoch
Chair Kevin Warsh takes his first steps to transform the US central bank
Book notes: The banker who made America, by Richard Vague
This well-researched book makes a strong case that without the efforts of Thomas Willing, the US war of independence may well have been lost
Merchants in the cash system
As policy-makers seek to protect cash acceptance and increasingly look to retailers to facilitate access to cash, Martina Horakova argues that merchants need adequate cash services themselves – and that providing cash to the public should not come at…
Implications of the 2026 Middle East war
Gavin Bingham, Paul Fisher and Andrew Large detail the monetary policy, financial stability and international co-operation challenges for central banks
Jasmina Selimović on managing Europe’s last currency board
The Central Bank of Bosnia and Herzegovina governor speaks about building resilience to counter geoeconomic shocks, strengthening reforms amid EU convergence, addressing stablecoin and NBFI risks, Sepa integration, and capacity building.
Banque de France’s Denis Beau on supervisory reform
The Banque de France’s deputy governor speaks about suppression of the systemic risk buffer, proposals for a TLAC floor, and simplifying bank regulation and resolution
Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
Hong Kong scales up in bid to attract central bank gold
Financial bureau chief targets Asian institutions to bolster gold storage to 2,000 tonnes, use new trading and central clearing services plus links to China, amid sovereign immunity concerns
Myths and realities of AI hacking
New artificial intelligence models raise serious concerns about the future security of the international monetary system
Jim Bullard on Kevin Warsh’s first FOMC and Fed independence
The Federal Reserve veteran speaks with Christopher Jeffery about Iran and the US economy, the ‘good' AI bubble, cutting the Fed’s balance sheet and staff, and the need to clarify swap rules and recapitalise the regional Feds
People: April to June 2026
A round-up of central bankers in the news and on the move during the past three months
Banknotes: April to June 2026
A round-up of news and salient issues that have affected central bankers in the past three months
Book notes: Walter Bagehot, by Janet Seaton and Barry Winetrobe
This slim biography succeeds in its mission of painting a portrait of a remarkable man
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Helder Lopes on Timor-Leste’s transformation now the oil has run out
The Central Bank of Timor-Leste (BCTL) governor speaks to Chris Jeffery and Jono Thomson about dollarisation amid US policy unpredictability, managing legacy Petroleum Fund investments, Asean membership, digitalisation and financial deepening, and a long…
The challenges facing Fed chair Kevin Warsh
New chair has pledged sweeping change, but can he keep Trump – and the FOMC – onside?
Book notes: Redefining the monetary standard in the digital age, by Livio Stracca
A comprehensive and readable account of what digitalisation could mean for monetary policy
Book notes: Everybody loves our dollars, by Oliver Bullough
The author poses serious questions about whether central banks’ activities are helping kleptocrats
Book notes: Money beyond borders, by Barry Eichengreen
Lessons from economic history indicate the dollar’s decline could result in a messy transition that spawns a global crisis
Sama’s Al-Sayari on financial resilience and the future of the riyal
The Saudi Central Bank governor speaks with Christopher Jeffery about the Middle East conflict, the transformation of the Saudi economy, improving prudential oversight and contingency planning, and the development of the fintech and tokenised ecosystem
Book notes: Can Europe survive? By David Marsh
Marsh poses important questions and cannot be blamed for failing to produce a roadmap to continental salvation