Central bank digital currency
BoE and Treasury’s ‘productive tension’ over stablecoins
Experts say Reeves’s bullishness and Bailey’s more bearish stance on assets may be all to the good
Book notes: Central banking at the frontier, by Thammarak Moenjak
This well-structured book provides a comprehensive overview of the challenges digitalisation poses for finance and includes possible actions for central banks
RBA announces private partners for wholesale tokenisation project
Central bank to issue CBDC on third-party platforms and work with Australian dollar stablecoin issuers
Lagarde renews calls for digital euro
ECB president tells lawmakers to “rapidly” introduce legislation for CBDC launch
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
BoK expresses ‘grave concern’ over Korean economy
Governor says stimulus needed, but cautions against expecting too much from rate cuts
A fireside chat with BIS head Agustín Carstens
The lifetime achievement award-winner speaks with Chris Jeffery about how experiencing inflation shaped his career, gaps in economic theory and macro-pru governance, the future of money and the importance of international co-operation
Digital yen must be as robust as cash – BoJ deputy governor
Uchida says Japanese CBDC will need to retain public trust to same degree as notes and coins
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Dollar stablecoins would reintroduce credit risk – Cipollone
ECB board member makes renewed case for digital euro, announces collateral management system
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
Project Agorá ‘faces fragmentation challenges’
Conference hears how netting and liquidity-saving mechanisms are often at odds with T+0 settlement
ECB launches digital euro ‘innovation platform’
Bank garners around 70 private “pioneers” and “visionaries” to discuss CBDC
Next phase of BoE RTGS project aims for atomic settlement
New platform settled £778 billion on first day of operation, deputy governor says
ECB makes quarter point cut amid ‘exceptional uncertainty’
Lagarde says anyone who thinks world is “shock-free” needs “their head examined”
Rewriting the monetary balance sheet
Biagio Bossone and Massimo Costa write that a new accounting approach is needed for central banks and commercial money in the digital age
‘Liberation day’ was not peak uncertainty – Schnabel
EU was “not born to screw the US, but to make Europe thrive”, says ECB board member
Buch: geopolitical risk is ‘our new business as usual’
ECB supervision chief tells EU parliament there is no trade-off between growth and effective supervision
Bank of Russia to allow wealthy investors to trade crypto
Bank says proposal follows direct instructions from Putin, but reiterates risks