Fiscal policy
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
Fed should reorganise and speak to counter Trump – Eichengreen
Professor says five-year lag for publication of forecasts is ‘excessive’ in current context
Book notes: Crisis cycle, by John H Cochrane, Luis Garicano and Klaus Masuch
This book ought to be read by anyone with an interest in or influence on the future development of the Emu
France’s fiscal ills may require ‘targeted taxes’ – BdF head
Villeroy de Galhau warns citizens there is no ‘magic tax’ that only others will pay
India maintains wait-and-see approach with rates hold
RBI’s governor says effects of previous easing cycle and US tariffs have yet to play out
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Signalling sizeable spending spooks stock markets – ECB study
Larger-than-expected fiscal measures in times of uncertainty could backfire on governments
BIS warns of elevated equity prices amid ‘sanguine’ markets
High stock valuations “sit oddly” with fiscal sustainability concerns, according to quarterly review
Fiscal expansion raises concerns for BI’s independence
Central bank says it will align policy to reduce cost of government spending programmes
Britain’s ‘knife-edged’ economy is dividing BoE rate-setters
Chief economist and deputy governor for monetary policy both outvoted on MPC for first time since 2007
Monetary policy alone will not solve Korea’s problems – paper
Study calls for structural changes to tackle ageing population, high debt and low growth
More independent central banks take on greater risk – ECB paper
Low rates, tighter fiscal policy and good growth accompanied by higher risk-taking on balance sheets
Russia cuts rates by 200bp, citing moderation in inflation
Experts say central bank waited until expectations had moderated and cut may support country’s lenders
China’s policies reduce risk of ‘Japanification’ – study
Bank of Spain research compares country’s economic challenges with its Pacific neighbour’s in 1990s
IMF disburses additional $500m to Ukraine
Central bank governor welcomes “positive news from Washington” as country passes latest EFF review
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
Central bankers discuss policy-making amid high uncertainty
Flexibility, caution and financial stability analysis can support monetary policy, panellists say
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Trust allows ‘decisive’ policy action – Carstens
BIS general manager says more work is needed to secure trust in financial stability and fiscal policy
Eurozone fiscal policies grew real GDP, dampened inflation – ECB
However, Covid-era policies led to higher deficits and debt in years following pandemic, research finds
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
Bank of Israel governor criticises budget
Yaron says tax rises will not be enough to offset increased military spending and lower debt ratio
BNM governor: trade uncertainty creates obstacles to growth
Central bank cannot be complacent amid “unpredictable” external environment, says Rasheed