Conduct
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
Book notes: O Governador, by Luis Rosa
Documents Carlos Costa’s clashes with Portugal’s elite during the eurozone sovereign debt and banking crisis
Senad Softić on governance, currency boards and EU convergence challenges
Central Bank of Bosnia and Herzegovina governor speaks about improving governance in a political vacuum, managing a currency board amid rip-sawing euro rates, resolving Gazprom’s local units, modernising payments and meeting EU convergence criteria
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
The allure of private markets
SWFs have piled into the asset class while reserve managers remain wary, writes Blake Evans-Pritchard
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
The IMF’s financial counsellor speaks to Christopher Jeffery about bank runs and emergency interventions, market and oversight failings, and the need for action on run rate assumptions, interest rate risk, deposit insurance, crypto regulation and a ‘weak…
Central bank negative equity: a risk governance perspective
Janet Cosier explains how risk planning, recapitalisation and transparency are key as central banks incur financial losses
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Governance Benchmarks 2023 report – the frameworks that underpin central banks
Data reveals differences in profits, appointments and policies among EMEs and advanced economies
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral payments
Bank of Jamaica to regulate non-bank sector after fraud scandal
Central bank takes over from commission after alleged crime that targeted Usain Bolt
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
FTX collapse: what went wrong?
Regulators close in as downfall of major exchange rips through crypto sector
BdF to achieve 1.5°C climate goals by 2026, governor says
De Galhau calls for mandatory climate disclosure, green capital requirements and collective ecological governance
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Social media: an essential tool for central bank communication
Strategies to secure popularity, comprehensibility and reputation as new media takes centre stage
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Book notes: Can’t we just print more money?, by Rupal Patel and Jack Meaning
A genuinely readable but non-neutral introduction to economics
Book notes: The Fed unbound, by Lev Menand
Instead of the Fed expanding its tasks to meet shadow banking needs, this book calls for charter-like oversight of NBFIs
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex