Fiscal policy
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact
Nigerian senate confirms governor and deputies
President’s nominees took over as acting officials last week after former deputy governors resigned
Bolivian reserves reaching critical levels, say experts
Central bank is depleting gold stocks to pay debt while monetary financing continues
Ghanaian MPC holds rates while Guinea opts for 50bp rise
Addison says Ghana’s growth will outstrip IMF forecast but reserves remain extremely low
South Africa and Egypt both hold policy rates
Sarb governor says job of fighting inflation “is not yet done”
Second Ecuador candidate promises to spend reserves
Both candidates now plan to raid central bank funds, despite 2021 law
Carney derides UK ex-PM’s economic policy
Former BoE governor says cutting taxation does not automatically lead to growth
ECB criticises Italy’s windfall tax on banks
Central bank warns measure could hamper monetary transmission and weaken lenders
Momentum builds to end RBNZ dual mandate
Think-tank calls for abolishing deposit insurance and creating new prudential regulator
Prospects for Palestinian economy ‘bleak’, IMF says
Fiscal crisis and “volatile” security situation undermine hopes of recovery
Milei will meet with IMF ahead of board decision on loan
Argentine opposition leader calls central bank “thieves” and repeats pledge to abolish it
Ecuadorean candidate promises to spend central bank reserves
Measure could imperil central bank independence
Argentine central bank intervenes after Milei win
BCRA hikes rate 2,100bp and devalues peso after central bank opponent leads primary elections
Italy’s government changes bank windfall tax proposal after outcry
Banking executives criticise plan’s design and say new proposals are still unclear
Bank of Ghana clarifies losses after Reuters report
Research director explains $5.4 billion loss for 2022 mainly due to debt restructuring
Argentina reaches provisional agreement with IMF
Fund may continue loan despite non-compliance and ease reserve targets
Canada opposition leader repeats promise to fire governor
Poilievre accuses government of interfering in central bank
Russian central bank raises rates and warns of more to come
Nabiullina says inflationary pressures are rising and warns of effects of bigger fiscal deficit
Book notes: Forks in the road, by C Rangarajan
A memoir by one of India’s most distinguished governors, who presided over the balance-of-payments crisis
Nagel calls on German government to tighten fiscal stance
Public spending needs to fall to lower inflation, says Bundesbank president
IMF approves $3 billion short-term loan for Pakistan
Saudi Arabia and UAE provide $3 billion more as country tries to overcome crisis
Egypt announces ‘record’ inflation
Inflation continues rising despite monetary tightening and could trigger IMF consultation
Hank model sheds light on fiscal theory of the price level – paper
Adding heterogeneity allows FTPL models to reflect persistent government deficits, economists find
Uganda passes Islamic banking law
Parliament removes provision for sharia advisory council at the Bank of Uganda