Fiscal policy
Iranian court sentences former governor to 10 years in prison
Valiollah Seif convicted of currency offences, but reportedly remains free pending appeal
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight
DNB calls on government to calm Dutch housing market
Tax reforms and greater supply needed to deal with “too much money and too few houses” – Knot
People: US Senate confirms CFPB head
Israel adds new member to MPC; Swiss deputy governor will undergo heart surgery
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Bank of Mexico makes third consecutive rate raise
Board says inflation risks are tilted to upside and raises fourth-quarter inflation forecast
Czech central bank raises rates despite government pressure
Board votes to increase repo rate 75bp as inflation rises above 4% for first time since 2008
Yellen warns of ‘catastrophic’ effects of not raising debt limit
Treasury secretary says failing to raise ceiling would be a “manufactured crisis”
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
The BIS general manager speaks about policy trade-offs at critical time, tackling NBFIs and the dearth of ‘green’ assets, tech collaboration, and why he favours Biden’s $3.5trn infrastructure bill
BIS’s Borio urges return to fiscal-monetary separation
Action was necessary in crisis but could lead to “instability trap”, official says
OECD urges RBA to review policy framework
Recommendation comes just weeks after governor dismissed the idea
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Bank of Zambia governor resigns
Mvunga leaves following change in presidents, amid high inflation
Norges Bank given new macro-prudential responsibilities
Government assigns central bank power to set countercyclical capital buffer
Norwegian government may split SWF from Norges Bank
Committee will assess future governance of world’s largest sovereign wealth fund
Colombian president’s central bank appointment draws strong criticism
Opposition politicians allege ex-finance minister’s place on board endangers independence
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Bolivian ex-governor warns pension law poses bank risk
Current governor has stayed silent on risks posed by measure, former governor Morales says
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
Chilean governor opposes new pension withdrawals
Congress considering authorising fourth drawdown as stimulus measure
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
Bank of Thailand calls for additional $30 billion borrowing
Debt totalled 54% of GDP by June, putting pressure on the 60% ceiling
Belize governor resigns after 19 weeks
Central bank offers few details, but country has suffered sharp economic blows
Julio Velarde set to accept new term as Peruvian governor
New left-wing president said in June he intended to re-appoint long-serving governor