Monetary policy
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
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 its new government gives the go-ahead, chairman of foundation says
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 that shape the environment in which all central banks operate
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