Benchmarking
Communications departments get involved in key policy decisions at varying stages
Early communications involvement in policy decisions raises effectiveness
EME central banks favour social media, AE institutions prefer traditional channels
Central banks actively manage four social media platforms on average
What economists learned from Covid-19
A rush of work on ‘epi-macro’ yielded breakthroughs and then faded. Will there be lasting benefits?
Central banks most effective in monetary policy communications
All participating central banks monitor media to gauge effectiveness of communications
Email, events and seminars top tools for internal communication
But few central banks have a mobile app for staff communication
Risk Management Benchmarks 2023 – presentation
Specialist Victor Mendez-Barreira discusses market volatility, cyber security and progress on climate change
Most AE central banks split internal and external communications
But those in emerging market economies tend to assign the tasks to a single team
Most central banks have centralised communications teams
Result broadly similar across central banks in advanced and emerging market economies
Most communications teams outsource tasks to external providers
Outsourcing more common among central banks in emerging markets
Email and social media most common two-way channels
Central banks in emerging market economies prefer social media to email
Governance Benchmarks 2023 – executive summary
Data shows EMEs and advanced economies differing in profits, appointments and policies
Governance Benchmarks 2023 report – the frameworks that underpin central banks
Data reveals differences in profits, appointments and policies among EMEs and advanced economies
Few central banks report recruitment difficulties
Central banks from emerging market countries more likely to say they face problems finding staff
Advanced economy central banks more likely to make profits
Majority of central banks report profits in most of last five years
Central banks differ on profit-sharing agreements
Advanced economy central banks more likely to have formal agreements on profit distribution
Most central banks satisfied with policy autonomy
EME central banks say they are more likely to face pressure over monetary policy
Some internal policies differ by country income
Central banks likely to have ethics codes and whistleblower policies regardless of national income
Boards’ make-up differs across jurisdictions
Emerging market economy boards more likely to include government officials and ministers
Towards legal CBDCs
Officials at the Bank of Thailand and Bank of Jamaica on how their CBDC design choices interact with the law
Countries vary on governor appointment powers
Poorer countries more likely to combine powers, while richer ones split responsibilities
Central banks’ roles differ by national wealth
Few central banks have task of overseeing sovereign wealth funds
Most governments can change mandates without consulting central banks
Most jurisdictions’ central bank laws either limit or forbid monetary financing
Central banks differ over board term limits
Nearly half of responding central banks impose no term limits on board members
EME governors more likely to leave role early
Emerging market economy countries also less likely to limit number of terms governors can serve