International
‘Pricing cascades’ crucial to post-Covid inflation – study
ECB researchers say speed and interdependencies were key components to shock
Derivatives hedging can weaken effect of capital rules – BIS paper
Banks increase use of credit default swaps when counter-cyclical buffers rise, study finds
Trade fragmentation still favours west over east – BdF study
Authors says US-led bloc better placed to win over neutral states than China-aligned grouping
China’s interest-bearing CBDC a world first, experts say
E-CNY now more integrated with commercial banking, thus solidifying country’s two-tier system
Sticky fears about sticky inflation
Survey finds investors are not yet ready to declare victory on inflation – with good reason
Collateral velocity is disappearing behind a digital curtain
Dealers may welcome digital-era rewiring to free up collateral movement, but tokenisation will obscure metrics
CBDCs versus instant payments
Are technological and ecosystem advances using CBDCs and instant payments complementary or substitutes?
Book notes: The London Consensus, by Tim Besley, Irene Bucelli and Andrés Velasco
The authors set out guidelines to address shortcomings linked to the Washington consensus, but implementation will be a challenge
Villeroy de Galhau warns of ‘Americanisation’ of money
Tokenisation and geopolitics are new disruptive forces, BdF governor says
Baltics announce nominees for de Guindos’s position at ECB
Estonia proposes central bank governor, while Lithuania nominates finance minister
Bulgaria becomes 21st member of the eurozone
Joining currency bloc is a “sign of belonging”, says governor Radev, as peers offer welcome
2025: The year in central banking
A look back at the biggest and most popular stories of the year
National central banks hold rates across Europe
Albania, Czech Republic, Hungary, Norway and Sweden all leave policy unchanged
Richard Doornbosch on central banking in a tempestuous climate
The president of the Central Bank of Curaçao and Sint Maarten speaks to Christopher Jeffery about addressing legacy financial scandals, transition to a Caribbean guilder, tapping gold holdings and managing a currency peg at a time of US policy uncertainty
China to continue ‘moderately loose’ monetary policy in 2026
PBoC plans to work with other agencies in effort to boost consumption
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
Water scarcity threatens economies, IMF and BIS warn
Studies say impacts on growth, inflation, fiscal policy and balance of payments are likely to worsen
Is this the end of dollar dominance?
Steve Kamin tracks evolving investor attitudes to the US in the wake of 'Liberation Day'
People: October to December 2025
A round-up of central bankers in the news and on the move during the past three months
IMF opens third China office in Shanghai
Institution and PBoC say new hub will conduct research into Asia-Pacific’s emerging economies
The prospects for retail CBDCs
Open instant payments systems offer a quicker route to financial deepening, for now