Conduct
MNB puts sectoral buffers in place as real estate pressure mounts
Subsidised loans have increased demand for property significantly, central bank finds
Is independence compatible with climate action?
Lessons from China indicate relationship between governments and central banks may need to change, argues Mathias Larsen
Stress-test transparency: how much is too much?
The transparency drive to disclose bank stress-test results comes with costs
RBNZ plans to relax lending restrictions for home purchases
New Zealand central bank says moves will make borrowing easier for first-time buyers
Central bankers’ compromised immunity
Just how much legal protection should officials have from spurious lawsuits or wrongful dismissal?
Lagarde says US-EU deal lowered uncertainty ‘considerably’
ECB president voices concern over Fed independence, French debt
Supervisors to work with tech sector on AI transparency project
HKMA, FCA and BIS will also engage with the banking industry over the next 12 months
Economists lambast Cook’s ‘firing’ for lack of due process
Expert says if Trump succeeds it will be the end of Fed independence; governor sues to void presidential order
Climate risks still on the fringe of monetary policy in Asia
Notwithstanding efforts by the PBoC and BoJ, there is still a need to observe persistent and measurable impacts on inflation and output before climate change truly influences interest rate policy, argues Sayuri Shirai
More independent central banks take on greater risk – ECB paper
Low rates, tighter fiscal policy and good growth accompanied by higher risk-taking on balance sheets
Book notes: Beyond banks, by Dan Awrey
The book proposes thoughtful reforms to establish the same reliability for new monetary IOUs as currently exists for bank IOUs
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
Book notes: The young Fed, by Mark Carlson
A thoughtful book on an important topic and a less widely studied period of US financial history from which every central bank economist could learn
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
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
Regulatory confusion hinders euro stablecoins, says DRW founder
Conflicting interpretations of EU rules will divert more capital away from euro assets, says Don Wilson
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
Governance Benchmarks 2025 – executive summary
Data shows strong independence with threats in some areas, and sheds light on staffing, mandates and more