Europe
Party’s over as more banks drop internal models for market risk
At least three systemic banks in Europe intend to ditch IMA for capital requirements
BoE promises new ‘rulebook’ for clearing houses and CSDs
Official says post-Brexit arrangements will be ‘more adaptable and dynamic’
Eurozone consumers’ 12-month inflation expectations increase
Median expectations for inflation rose to 4% in September from 3.5% in August
Schnabel warns next disinflation phase will be harder
Base effects, core inflation and supply-side risks threaten the outlook, she says
Most central banks forecast currency demand over 1–3 years
Minority of institutions use big data for forecasting purposes
Fewer than 100 staff work in currency divisions on average
Duties including upholding Covid-19 countermeasures in some jurisdictions
Cipollone joins ECB board
Italian economist succeeds Panetta, who takes over the Bank of Italy
People: New governor in Sierra Leone
Brazilian president nominates two new central bank directors; new head of statistics at ECB; and more
Average value of counterfeit banknotes rises
UV ink the most common security tool used in battle against fake banknotes
Bénédicte Nolens on the latest mBridge developments
The head of the Bank for International Settlements’ Hong Kong Centre speaks about cross-border CBDC governance, ongoing FX challenges and evolving technology
Polymer adoption stalls in 2023
Only two benchmark respondents have concrete plans to change substrate
US sanctions Russia-linked investment bank in Hungary
Orbán government withdraws from lender called “spy bank” by opponent
Central banks maintain average of four cash centres
Figure has remained stable for the last five years
Slightly more central banks have access-to-cash policies
Almost two-thirds of respondents have access policies and nearly half minimum service rules
ECB holds rates unchanged at 4%
Central bank pauses tightening cycle after 10 consecutive rate increases
Majority of central banks maintain currency denominations
Only a few countries removed denominations from active circulation in past five years
Visual aids nearly universal on banknotes
Majority of respondents use four or five features on their paper currency
Central banks report increase in value of banknotes in circulation
Average volume of notes declines by 2.9% year on year
Eurozone budget deficit declined in 2022
Government imbalances declined to 3.6% of GDP from 5.2% in 2021
Central banks report continued fall in cash usage
Share of cash payments remains high in upper-middle income jurisdictions, but falls marginally overall
EU data protection bodies raise concerns about digital euro
EDPB and EDPS request central bank explain how it will process and protect data
EU council appoints Buch head of ECB’s supervisory board
German official will replace Andrea Enria on January 1 for a five-year term
Book notes: Economists in the cold war, by Alan Bollard
A geographically balanced review of key economists that shaped the world economy
ECB launches digital euro preparation phase
Phase includes CBDC rulebook and selection of providers, as well as testing