Debt
Central banks may have to become ‘dealers of last resort’ – BIS economists
EMEs have not overcome “original sin” by deepening local currency bond markets, authors warn
Is the ESM the eurozone’s best weapon against Covid-19?
Eurobonds face economic and political hurdles, say former officials
China cuts rate on excess reserves for first time in 12 years
PBoC levels up stimulus, cutting rate on excess reserves while reducing RRR for the third time this year
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
Dutch former governor attacks PM for blocking eurobond
Nout Wellink says Netherlands must prevent further debt crisis in Southern European countries
Cares Act a very good start, but US may need bigger fiscal response – Rosengren
Boston Fed president warns pandemic could have significant impact on real estate market
Some thoughts on CBDC operations in China
People’s Bank of China deputy governor Fan Yifei outlines why he favours an indirect approach to introducing a CBDC in China
Fed opens dollar funding to majority of central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Failure to curb ‘binge borrowing’ could worsen downturn – Yellen
“Excessively” high corporate borrowing may trigger a “wave of corporate defaults” in the coming months, former Fed chair warns
Sarb consults on Covid-19 regulatory easing
Central bank mulls lowering Pillar 2A capital requirements
Is credit policy the new normal for the Fed?
Three former senior Fed officials look back on an unprecedented month of policy action
Fed selects BlackRock to manage asset purchases
Fed taps into firm’s experience in corporate debt management in move reminiscent of 2008 crisis
Fed commits to unlimited bond purchases in massive new programme
FOMC announces radical new measures and calls on other policy-makers to act aggressively
US regulators offer more guidance on loan restructurings
Any modified loans remain eligible collateral for discount window, Fed says
Fed expands lending facility to support municipal bond market
Political pressure mounting to support local governments; senator proposes bill to broaden QE powers
Dollar crunch eases as central banks step up swaps action
Core swap recipients will offer daily dollar auctions; cross-currency basis narrows
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
Dutch economy more volatile than European peers – DNB research
Changes to pension system, mortgage markets and budgets could reduce volatility, paper argues
Ghana’s Addison on banking reform, innovation and the future of the eco
The Bank of Ghana governor speaks about the next steps in banking reform and why West Africa may need more time to start using a common currency
Costa Rican central bank pulled into fiscal debate
Government split on how fiscal rule should be calculated as fiscal deficit continues upward trend
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
Stability versus solvency
There is still far too much regulatory forbearance on troubled bank debt. More on-site inspections and genuine writedowns are needed to fix the banking system
Zimbabwean central bank optimistic but currency falls
Central bank fails to say whether debt repayments will be in US dollars or how long they will take