Oil
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”
Philippine central bank raises policy rates by 50bp
The BSP revises upwards average inflation for 2022 to 5.4% from 5%
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
Central Bank of Oman warns of climate risks to financial stability
Physical and transition risks identified in the oil-exporting country
Little risk of stagflation in Netherlands, says DNB
Wages are no longer inflation-linked and profits are higher, the Dutch central bank confirms.
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai
US inflation: it’s mainly global
Steve Kamin analyses the pre-existing conditions that impacted inflation in the US and elsewhere
Modelling the short-term economic impacts of climate change
Econometric models can give central banks a clearer picture of short-term climate impacts, says Stephen Millard
IMF approves $4 billion payment for Argentina
Country passes first IMF review, but reserves have declined in recent weeks
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Saudi monarch names first woman to Sama board
Sheila Alrowaily named as one of three new non-executive directors
War in Ukraine raising eurozone stability risks, says ECB
Non-bank sector vulnerable to higher interest rates, financial stability review finds
Algerian president replaces central bank governor
Saleh Eddine Taleb becomes sixth head of Bank of Algeria in as many years
Central bankers have lost sight of inflation
Inflation resurgence comes after central bankers were distracted from their primary task by climate and crypto, combined with an overreliance on new Keynesian approaches
The green agenda dilemma
Central banks face a choice over whether to support national energy independence or climate goals, amid calls from some parties for higher inflation targets
RBI hikes at unscheduled monetary policy meeting
India joins race to tighten policy, amid “vortex” of economic forces
Icelandic central bank implements largest rate hike since 2008
Despite 100bp rate hike, policy-makers signal more tightening will be needed in coming months
PBoC focusing on grain and energy to stem inflation
Price stability in grain production and energy supply key to growth, says governor
Gas investments important for energy security, UK’s Sunak tells BoE
Chancellor of the Exchequer urges officials to support government’s energy security policy
Two Latin American central banks raise rates
Colombia’s two MPC dissenters call for steeper hikes; Dominican Republic raises rates 50bp
Romanian and Zimbabwean central banks raise rates
Zimbabwean figures say inflation has reached 72% but observers say this may be an underestimate