Monetary policy
Philippines, Taiwan and Indonesia cut rates; Singapore on watch
Asian central banks continue easing to boost virus-hit economies; Singapore slips into deflation for the first time in a decade
Canadian governor says central bank can buy corporate bonds outright
Poloz’s statement could mean Bank of Canada is considering QE, observers say
A vaccine for the global economy
Olivier Blanchard, Peter Praet and Daniel Alpert discuss shorter- and longer-term actions to tackle the flaws exposed by the Covid-19 crisis
Bank of Mexico cuts rates 50bp in emergency meeting
Analysts expect further cuts as the economy is expected to enter a sharp recession
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements in the safety and soundness of the European banking system
Norges Bank slashes rates to record low of 0.25%
Central bank says workers are being laid off, as Norway faces double shock from virus and oil
BoE ramps up corporate and government bond-buying
Central bank launches new £200 billion package of QE plus rate cut and more liquidity
ECB’s negative rates boosted lending – Bank of Italy paper
Banks increased credit to ex ante riskier firms, but did not see rise in failed loan rates, researchers find
ECB launches €750bn emergency purchase programme
Governing council says new tool will remain active until Covid-19 crisis is over, stands ready to increase it
Riksbank resumes QE by buying government debt
Swedish central bank buys $245 million in sovereign debt and will buy covered bonds on March 25
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
Riksbank backs fiscal stimulus with massive QE programme
Swedish central bank increases loans to banks, cuts overnight lending rate to 0.2%
Bank of Canada steps up Covid-19 response
Bank widens eligible repo collateral, tweaks monetary framework and unveils mortgage market measure
The Tokyo Olympics: downside risks prevail
The Bank of Japan’s latest stimulus effort seems to be weak, and comes at a time when the benefits of hosting the Tokyo Olympics may be overstated – even if the games still take place
Asian central banks rush to roll out easing measures
Japan expands asset purchases; Korea cuts rates to record low; China extends lending and HKMA cuts capital buffer
RBNZ reduces rates by 75bp in emergency meeting
Central bank says future purchases of government bonds preferable to lower rates
Central banks should support demand and bolster confidence – IMF
IMF offers advice to central banks on what measures are appropriate to combat Covid-19
Bank of Israel unveils actions to boost market function
Repo operations and asset purchases designed to tackle high volatility
Richmond Fed paper examines use of discount window
Facility not typically used in “life or death” scenarios, researchers find
ECB strongly criticised by French and Italian leaders
Lagarde’s words spark Italian anger while Macron says first ECB measures are not sufficient
Norges Bank cuts rates 50bp in emergency meeting
Central bank offers extraordinary three-month loans to banks and calls on government to reduce countercyclical buffer
Monetary policy can help buffer Covid-19 impact – RBA’s Debelle
Deputy governor says rate cuts will boost spending despite lag and reduce exchange rate volatility
Coronavirus policy responses raise financial stability threat – IMF official
Policy-makers must be alert to threat of rapid liquidation of risky assets, Tobias Adrian says