Monetary policy
Eurozone inflation remains at -0.3%
Persistent deflation will be key focus at next ECB policy meeting on December 10
Zambia MPC holds rates despite stability concerns
New governor notes a cut to interest rates would have been “expected”
Iceland cuts rates to new record low of 0.75%
Central bank revises down 2020 GDP forecasts by more than one percentage point to -8.5%
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
Eurozone must not cut fiscal support too soon – IMF official
Environment favours public investment, but spending must be transparent, says fiscal affairs director Vítor Gaspar
A 19th century bank failure holds lessons for stablecoin era – BIS paper
Bank of Amsterdam’s early “stablecoin” fell apart as the bank lent more freely, authors say
Lagarde signals Covid-19 stimulus will remain active for longer
Asset purchases and bank lending programmes will be key ECB tools; rate cut not mentioned
Weak banks could reverse effects of policy rate cuts – ECB paper
Countercyclical buffers play crucial role in preventing “reversal interest rate” events, researchers find
Turkish finance minister quits after president fires governor
Finance minister resigns before new governor signals he will consider raising policy rates
Currency Benchmarks 2020 report – the data behind the cash cycle
Perspectives on staffing, circulation, forecasting, fraud, substrate choice, outsourcing and climate risk
IMF staff suggest review of Mexico’s inflation target
Mexican government needs to abandon restrictive fiscal policy, many IMF directors say
Fed holds rates as US recovery falters
Powell calls for fiscal stimulus and says further Covid-19 wave is hitting poor hardest
Norges Bank holds rates due to Covid fears
Norwegian central bank thinks the spread of Covid-19 likely to slow down recovery
Riksbank governor criticises proposed central bank law
Lawmakers’ proposal would damage ability to deal with crises and reduce independence – Ingves
RBA cuts rate and ramps up yield curve control
Economy is rebounding but central bank is worried about high unemployment
ECB slows down PEPP purchases
Purchases reached €12.6 billion in the week to October 30, the lowest level since PEPP was launched
Asia issues the most banknotes by volume and value
Asian central banks issue 62.3 banknotes worth $1,852 per person
Bank of Canada ‘recalibrates’ QE programme
Central bank changes programme’s focus as Covid-19 cases climb
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