Debt
Schnabel takes on Germany’s ‘false narratives’ on ECB policy
Criticism based on “half-truths” imperils trust in single monetary policy and “undermines European cohesion”
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
Twelve countries’ financial sectors under IMF spotlight in 2020
Fund reveals which nations will undergo financial stability assessments, detailing which areas will face greater scrutiny
IMF praises Somali reforms and says debt relief is possible
New agreement between IMF and Somali authorities prioritises central bank development
Fed paper models new transmission channels of forward guidance
Allowing for household borrowing amplifies forward guidance effectiveness, researchers find
Economists call for action on risk of dollar liquidity crunch
Credit to non-banks and currency mismatches have grown, while oversight is “fragmented”, report warns
Ageing populations will keep interest rates low – BdF paper
Housing availability can attenuate decline in rates, authors find
BIS paper: banks may harm customers through ‘steering’
Nudging “naive” households to take decisions can harm their welfare, authors find
Crises are non-linear, beware high debt levels – research
IMF paper warns against complacency on high debt levels
Monetary easing can boost birth rate, BoE paper finds
People had more children after rates were slashed post-crisis, researchers find
Manufacturing leverage weakens ECB monetary policy – BoI paper
Eurozone industrial firms’ response to policy shocks decreases as leverage rises, researchers find
IMF sounds warning over global debt
Debt in both public and private sector may leave many countries at risk in next downturn, IMF says
Government cannot ‘grab’ central bank’s resources – Njoroge
CBK governor reiterates central bank-funded bailouts “never work”, as state agencies are forced to surrender excess securities and Treasury bills
Banks could be stuck with riskiest corporate loans during downturn – Fed paper
Researchers say loan syndication may leave banks unable to offload leveraged debt in downturn
China should bolster macro-pru framework – IMF paper
Lack of accurate credit information weakens macro-prudential measures, researchers say
Climate prudential policies could ‘backfire’, IMF economists warn
Lack of international standards could result in ‘greenwashing’ and increased financial stability risks, economists warn
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?
De La Rue faces uncertain future as profits collapse
Profits plummet 87% as firm scrambles to cut costs
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Emerging markets face growing debt risk – IMF paper
One-third of emerging market debt over-valued as low-income countries set to issue more
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
Bank of Jamaica should ‘modernise’ regulatory framework – IMF
Fund’s recommendations follow completion of country’s second consecutive support programme
New IMF chief maintains focus on unsustainable debt levels
Debt levels at all-time high and well over twice global GDP, Kristalina Georgieva warns