Monetary policy
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
Turkish central bank holds rates despite currency’s slide
MPC attempts indirect tightening again as expert claims official figures hide true inflation rate
EU sees huge appetite for new triple-A asset
‘Sure’ bonds offer the ECB a less controversial option for asset purchases
Lagarde and Weidmann clash over EU recovery fund
ECB president wants it to become a permanent fiscal tool, Bundesbank president thinks it should remain a one-off
Bank of Spain sets out research priorities for 2020–24
Central bank will focus on long-term trends including climate change, digitalisation, ageing and more
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Lawmakers propose reducing Bank Indonesia’s independence
Proposed law change could see finance minister sitting on rate-setting committee
Information drives transatlantic policy spillovers – ECB paper
Tighter ECB policy often causes financial easing in US due to “information effect”, researcher argues
ECB will consider dropping market neutrality – Lagarde
Policy review will consider abandoning principle guiding asset purchases, but Bundesbank’s Weidmann is opposed
SF Fed’s Daly calls for major action on US inequality
Fed can use new policy framework to cut inequality but Federal government must do more, says Daly
Marshall Islands readies to make waves in digital currency
Island nation ready to issue blockchain-based national currency if new government gives the go-ahead
Spanish governor in favour of extending support to non-financial firms
Hernández de Cos favours grants and equity injections over debt issuance
Banking sector resilience ‘likely to be tested’ – IMF’s Adrian
Fund’s stability report says vulnerabilities are high and rising, creating difficult policy choices
Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas
Turkish central bank tries to tighten policy without hiking rates
Currency continues to slide as data shows central bank’s FX reserves fell by one-sixth in 12 months
IMF staff praise new Argentina stabilisation plans
Buenos Aires requested a new support programme in August
Lagarde calls on governments to prolong fiscal support
ECB president thinks measures are needed to boost post-pandemic recovery
Argentina’s central bank attempts monetary balancing act
Central bank tries to increase government access to pesos while raising repo rate
Carstens warns QE strengthens ‘fiscal-monetary nexus’
BIS chief warns central banks over using up “credibility capital” by their Covid-9 responses
RBI chooses to ‘look through’ above-target inflation
New committee chooses to focus on growth as supply factors push up inflation
Carbon tax could help monetary policy – ECB paper
But tax will only improve welfare if alternatives to carbon-based power are available, say researchers
Riksbank defends corporate bond purchase programme
Central bank says increasing reliance on bond issuance warrants intervention
Fed minutes reveal debate over forward guidance
Some FOMC members warned stronger forward guidance in new framework would tie Fed’s hands
Powell says economy faces risk of downward spiral
Risks from aggressive policy action are much smaller than risks due to inaction, Fed chair says