Advanced economies
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Social media: an essential tool for central bank communication
Strategies to secure popularity, comprehensibility and reputation as new media takes centre stage
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Monetary Policy Benchmarks 2022 report – a pandemic legacy
Benchmarks data offers insights into how Covid has impacted policy frameworks, plus governance, market operations and policy transparency
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs related to remuneration and usage limits could have on the banking system, including during times of stress*
Holding the line: the right response to war and Covid
Jagjit Chadha offers advice to policy-makers struggling to navigate between economic shocks
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
BIS economists see ‘limited’ evidence of wage-price spiral
But institutional shifts and changing expectations could set stage for greater price increases
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
Andrew Bailey acknowledges risk of ‘over-tightening’
Senior economists discuss how to avoid stagflation during a fragile moment for the global economy
PBoC on hold as Fed signals steeper rate rises
Policy-makers face worsening pandemic, rising inflation and tighter global financial conditions
AML supervision at central banks: 2022 survey
Kroll explores why many central banks are investing in skills and data to tackle money laundering, but resourcing constraints are preventing stronger action, as Central Banking’s survey data reveals.
MAS’s Tharman urges investor action on global instability
War, stagflation risk, climate crisis, pandemic and uneven growth create “perfect long storm”
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
Rethinking sovereign risk
‘Risk-free’ assets now include the possibility of complete confiscation with no recourse
US Treasury opposes ending IMF surcharges
Biden administration rejects initiative championed by Democratic progressives
Picking up the pieces: how to tackle the next phase of the Covid crisis
The global economy is heading into dangerous territory, writes Jagjit Chadha. Central banks must honour their commitments to price stability
Minority of central banks define project risk appetite
Institutional risk and delegated risk appetites defined more often