Negative rates
Stefan Ingves on leadership, prudential oversight and transparency
Riksbank veteran talks about Basel III, policy lessons and CBDCs
Nominal interest rates strongly affect savings – ECB paper
Simple models based on real rates do not accord with eurozone data, researchers find
ECB will not consider QT until rates back to normal – Lagarde
Central bank holds close to €5 trillion in eurozone securities, over €4.2 trillion in public assets
SNB abandons negative rates
Jordan says Swiss central bank’s use of negative rates was effective
Denmark raises rates to maintain euro peg
National Bank of Denmark increases rates by 50bp as inflation rises to highest level since 1983
ECB surprises markets with a 50bp rate hike
Central bank unveils new instrument to prevent sharp increases in sovereign bond spreads
ECB readies first hike since 2011 as it faces policy ‘trilemma’
Central bank forced to choose among price stability, fragmentation risk and market functioning
Riksbank was right to use negative rates, say former central bankers
As ECB loosened policy, Swedish central bank lacked any credible alternative, Flug and Honohan conclude
Lagarde says ECB likely to abandon negative rates in September
Central bank would need to confirm end to asset purchases in June, and hike in July and September
2021: The year in review
Central Banking looks back at the stories that made the biggest impact in 2021
Has the SNB accepted a stronger franc?
Swiss central bank reduces FX interventions as currency breaks 1.05 ceiling against the euro
Lane makes case that inflation surge is transitory
ECB chief economist stresses weak mid-term inflation dynamics in the eurozone
German tabloids ramp up personal attacks on Lagarde
ECB board member Isabel Schnabel says “inciting hatred” is “unacceptable”
Is the ECB policy framework suited to tackling higher inflation?
Officials and academics reflect on the two monetary regimes the central bank has faced since its creation
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
Is the ECB’s strategy review enough?
Reformed framework may allow greater stimulus to tackle weak inflation expectations, but Governing Council is already divided
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