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
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
PBoC announces policies to help pandemic-stricken economy
Package of 23 measures echoes actions taken in 2020
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
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. But will it deliver a safer and better financial system?
Podcast: central banks’ data models going granular
Vizor Software’s CTO provides an update on changes to central banks’ regulatory data models
An assessment of the ECB’s strategy review
Aspects of the framework raise challenges for implementation and credibility, while climate change inclusion may politicise the institution
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
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’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Lifetime achievement: Charles Goodhart
LSE and BoE veteran has influenced central banking policy practices and frameworks all around the world
Why Bulgaria needs to deepen its currency board
Bulgaria’s currency board rules should be extended to transaction deposits at commercial banks
Stability versus solvency
There is still far too much regulatory forbearance on troubled bank debt
Book notes: The power of money, by Robert Pringle
Economists would benefit from reading this “remarkable” book about money’s historical and social roles
The challenges facing Christine Lagarde
New ECB chief needs to lead a successful review of the ECB’s monetary and communications policy
Creating trust in money in a data economy
NDB’s compliance chief speaks about new approaches to regulation
Purists lament as most cheer Lagarde as next ECB chief
Lagarde expected to adopt similar philosophy to Draghi at ECB