Communication
News coverage affects inflation expectations – NBER paper
Authors say bad news has bigger impact on perceptions of inflation
ECB paper finds strong policy can stop expectations de-anchoring
Communicating counterfactual scenarios can help to inform monetary policy decisions
Obituary: Süreyya Serdengeçti, 1952–2025
Governor of Turkey’s central bank whose policies brought inflation down from 75% to single-digit figures
Tailored central bank messaging boosts trust – BoJ study
Citizens are more confident about inflation forecasts when delivered by someone similar to them
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
Forecasting and narratives under uncertainty
Jagjit Chadha argues the Bank of England should deploy better analysis as the basis for clear communication under uncertainty
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants lenders to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Auditors need to make friends and influence people – DNB official
Olaf Sleijpen says central banks’ internal referees need to improve their comms and people skills
Russia’s neighbours work to enable digital offline payments
Central banks in Nordic and Baltic countries prepare back-up plans in event of major internet outages
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
Hungary’s central bank publicly clashes with opposition leader
MNB says unnamed politician failed to comply with inquiry; Tisza head says he is target of smears
The implications of IFRS 18 for central banks
The new accounting rule on presentation and disclosure in financial statements may require changes in reporting practices and systems, complicating consistency and materiality considerations
Vector-based language model can improve forecasts – BIS paper
“Word embeddings” can be used to make better inflation predictions, authors find
AI at the ECB and the need to strengthen internal critical thinking
Carlos Bowles writes that efficiency gains should be shared with staff and efforts made to protect cognitive capacity
Central Banking Awards 2025: second group of winners unveiled
Awards recognise growth-at-risk research, transparency, digital transformation and more
Sama bans banks from using WhatsApp for customer comms
Directive comes amid spike in scams
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
Trust in Fed leads to lower inflation expectations – study
Political alignment shapes perceptions of central bank and views on economic outlook, NBER paper finds
Former BoE division head calls for greater focus on trust
Ex-macro-pru official says policy-makers need to monitor public’s confidence in central banks