Negative rates
BoE’s Vlieghe: central bankers must speak up about economic fragility
Outgoing MPC member says impact of debt and inequality is “stark”, but goes beyond central banking
Macro-pru can help avoid ‘reversal interest rate’ – Bundesbank paper
Use of capital ratios can aid eurozone monetary policy, researchers say
BIS paper warns against ‘timid’ QE and ‘debt-averse’ fiscal policy
Policy mistakes at zero lower bound can worsen economic problems, authors say
ECB adopts 2% symmetric inflation target
Central bank chooses not to follow Federal Reserve’s lead on average inflation targeting
Central banks will need new tools if low rates persist – Rogoff
Governments must clamp down on crypto assets while central banks develop CBDCs, economist says
ECB policy paper says unconventional policy worked
Paper says QE purchases explain “lion’s share” of changes to eurozone yield curves
EU common debt to boost euro’s international role – ECB
Currency still faces negative rates, fragmented debt market and lack of triple-A assets
Central banks remained net gold buyers in Q1
Rate of gold buying down on first quarter of 2020, as Hungary leads purchases
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy MD speaks about the fund’s views on CBDC operating frameworks and macrofinancial surveillance
Sweden’s pension funds curb inequality, official says
Riksbank’s Ohlsson says collective funds mean high asset prices benefit wider population
Hungary’s central bank triples gold holdings
MNB says inflation risk and higher government debt played “key role” in decision
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
BoJ adjusts easing measures amid market distortion fears
Central bank announces lending incentives and more flexibility in yield curve control and ETF buys
National Bank of Denmark simplifies monetary framework
Central bank aims to reduce excess liquidity effect on money market rates
US spillovers might increase need for UK easing, says Hélène Rey
Andrew Bailey says policy will be “state contingent” but negative rates are possible
Bundesbank retains profits to build up risk provisions
Weidmann says risk provisioning is “first step” due to increased exposure on policy portfolio
Mário Centeno on monetary-fiscal interaction in the eurozone
Bank of Portugal governor says ECB is not being overrun by former finance ministers, must improve the definition of its inflation target, and has no need for YCC
Eurozone needs fiscal stimulus – ECB’s Schnabel
ECB board member says raising eurozone inflation needs fiscal evolution and structural reform
New Zealand’s banking system operationally ready for negative rates
Central bank will lower rates below zero lower bound if required, MPC says
Monetary innovation required to respond to next crisis – Riksbank’s Breman
Deputy governor thinks fiscal and monetary policy co-ordination will be increasingly important
BoE tells firms to prepare for negative rates
Preparation is not a signal that negative policy rates will be adopted, Bailey stresses
Ulrich Bindseil on the launch of the digital euro
ECB’s payments head speaks about the functionality, tiering and technology of the eurozone’s planned CBDC
BoE’s Tenreyro says negative rates likely to work in UK
Looser monetary policy might help limit “scarring” to the economy, says MPC member
BoE’s Saunders mulls dual interest rates for UK
Funding banks at less than the policy rate could be a useful tool, MPC member says