Bonds
Dutch former governor attacks PM for blocking eurobond
Nout Wellink says Netherlands must prevent further debt crisis in Southern European countries
ECB makes record sovereign bond purchases
Central bank ramped up purchases under the PSPP programme in the week to March 27
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic and financial collapse
ECB drops bond-holding limits for crisis response
€750bn stimulus programme will not be subject to previous limits on holding countries’ bonds
Sarb to buy government bonds
South African central bank also broadens refinancing operations to boost liquidity
Bank of Israel to buy $13bn in government bonds
Central bank also supplying $15bn to banking sector to meet “very high” demand
Riksbank to buy covered bonds; Iceland enters secondary market
Central banks unveil new forms of unconventional purchases
Fed commits to unlimited bond purchases in massive new programme
FOMC announces radical new measures and calls on other policy-makers to act aggressively
RBNZ launches $30bn government bond-buying programme
MPC asked to vote on package via email to ensure social distancing
Riksbank resumes QE by buying government debt
Swedish central bank buys $245 million in sovereign debt and will buy covered bonds on March 25
Croatian central bank starts bond-buying programme
HNB also holds repo auction and may relax banks’ capital buffers in response to coronavirus
Bank of Israel unveils actions to boost market function
Repo operations and asset purchases designed to tackle high volatility
South Korean central bank tests blockchain for bond markets
Bank of Korea is the latest to test DLT-based system for transactions
Did the Riksbank abandon negative rates too soon?
In January, a key inflation measure dropped sharply. Policy-makers face difficult choices if inflation does not recover
Do low rates spur investment?
Many believe low interest rates spur investment, but there appears to be little hard evidence to support such claims, writes former IMF head Jacques de Larosière
Why Bulgaria needs to deepen its currency board
The BNB’s currency board rules should be extended to transaction deposits at commercial banks, which could in turn issue digital currencies, even in the event of euro adoption
IMF staff say Argentina’s debt is unsustainable
Report calls for haircut for private creditors as Argentine government demands IMF debt forgiveness
Interview: Luiz Awazu Pereira da Silva
BIS deputy general manager talks about the obstacles central banks face with regard to climate change and why the status quo needs to evolve
BIS’s Pereira says green QE could distort market
Central banks should focus on financial stability mandate not green QE, says deputy general manager
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits
Yield curve models overstate chances of US recession – ECB research
Models need to account for effects of QE asset purchases on bond premia, authors say
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
Global markets award: HSBC
The UK-headquartered bank is a leader in green finance and helped its clients navigate the low-rate environment over the past year
Eurozone banks increase illiquid assets after solvency shocks – DNB paper
Shift in asset holdings could create asset price distortions after banking crises, researchers say