ERM
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Favours risk-management approach to policy and less emphasis on baseline forecasts that give false assurances
Half of fintech benchmarks respondents use AI/ML tools
Richer nations more likely to use artificial intelligence
Minority of central banks define project risk appetite
Institutional risk and delegated risk appetites defined more often
Minority of central banks use GRC platforms
RSA Archer and SAP named as providers
ISO 31000, COSO-ERM are influential risk management approaches
IOWRG, Basel and NIST also used by central banks
Over half of central banks modified collateral policies during the pandemic
Most reduced haircuts on banks’ collateral
The longest book ever written?
The Single Rulebook on EU financial regulation is a serious contender for the prize of the longest book ever written. But will it deliver a safer and better financial system?
Podcast: central banks’ data models going granular
Vizor Software’s chief technology officer, Ryan Flood, provides an update on changes to central banks’ regulatory data models
An assessment of the ECB’s strategy review
A number of aspects of the new framework raise challenges for implementation and credibility, while the inclusion of climate change may politicise the institution, writes euro architect Otmar Issing
Fed launches standing repo facilities
Facilities to be open to foreign central banks and domestic primary dealers; FOMC keeps policy on hold
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
The ECB’s monetary policy strategy review
The ECB’s founding monetary policy architect, Otmar Issing, offers some initial perspectives on the ECB’s strategy review
The RBI’s next big question: how to normalise monetary policy?
India’s central bank needs to plan an exit from its efforts to manage the ‘impossible trinity’
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
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
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
Book notes: The power of money, by Robert Pringle
Economists would benefit from reading this “remarkable” book, which contains “brilliantly written snapshots” about money’s historical and social roles
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
Creating trust in money in a data economy
The NDB’s compliance chief, Srinivas Yanamandra, speaks about the need for new approaches to regulating digital currencies, distributed ledgers and deep-learning algorithms
Purists lament as most cheer Lagarde as next ECB chief
Lagarde expected to adopt similar philosophy to Draghi at ECB, making the central bank the ‘only game in town’ – at least for a while