Oil
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Eurozone faces risk of entrenched inflation – Villeroy de Galhau
Banque de France governor says higher core inflation indicates widespread pressures
Opec+ production cut threatens inflation outlook
Higher energy prices were the main factor boosting inflation in 2022
Bank of Guyana rejects FX criticism
Country’s FX reserves fell to 1.4 months’ worth of export cover in the autumn
Easing supply chain pressures could bring US inflation below 4%
But authors with the New York Fed warn a further oil shock could keep inflation near 6% in 2023
RBI continues with gradual monetary tightening
Governor notes continued progress on inflation but core index remains “sticky”
Libyan parliament replaces rebel-held areas’ central bank chief
Move came after relations between civil war-torn country’s central banks worsened
Ghana hikes rates again as inflation passes 40%
Governor says country faces “huge financing gap” as government uses central bank credit
Vietnam’s central bank tells banks to lend to fuel companies
Mounting crisis sees petrol stations running out of fuel as oil and gasoline firms struggle to secure loans
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
Saudi sovereign wealth fund issues first bonds
Public Investment Fund markets $3 billion in “green bonds” for climate investments
US CPI inflation remains high
Headline reading falls slightly, while core inflation continues to rise
IMF publishes sober outlook for 2023
“Worst is yet to come”, says chief economist
Eurozone governments must tackle energy crisis, says ECB
Philip Lane backed 75bp raise against opposition from some dovish members in most recent meeting
Colombian president criticises central bank’s rate increases
Finance minister argues tighter policy could bring recession without reducing inflation
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Nigerian MPC raises rates as inflation reaches highest level since 2005
Governor says inflation is gathering pace and next year’s election is increasing sovereign risk
IMF paper explores second-round effects of oil shocks
Authors find oil shocks have greater impact where inflation is already high
US CPI inflation falls modestly
New York Fed reports “steep declines” in inflation expectations, but core CPI ticks up
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation
Bank of Russia says lenders have lost $24 billion
Central bank issues pessimistic forecast on oil earnings but says lenders are coping with sanctions
Banks shock commodities by 1,000% in stress-test rethink
Energy price spikes force clearing firms to consider extreme or even ‘implausible’ scenarios
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Glapiński accuses Germany of wanting to redraw land borders
Polish governor warns on plans for EU super-state as German foreign office calls claims “absurd”