Trade
Bank of England floats ‘quasi-IMA’ in FRTB standardised method
Dealers welcome new route to capitalising residual risk, but it could fragment global ruleset
Sri Lanka holds rate as US tariffs loom
Central bank keeps policy rate at 7.75% amid domestic economic and global trade uncertainties
BoC survey finds ‘buy Canadian’ trend amid tariff threats
More than half of respondents plan to spend less on US goods and avoid holidaying below 49th parallel
Regional trade key for Africa’s growth – BIS bulletin
Closer ties between states will help shield continent from US tariff shocks, researchers say
Judy Shelton on gold, tariffs and where the Fed went wrong
The potential successor to Jerome Powell discusses why she thinks the Fed is too powerful, why her stance on gold is not a ‘crank’ position, and why she feels events have vindicated her and president Trump on the need for rate cuts
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Economists say rate cuts unlikely to solve China’s deflation woes
CPI grows slightly, but production price index posts largest year-on-year decline since 2023
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Fragmentation could lead to deflation in eurozone – panellist
Chinese and European exports are converging, firms need to decide between resilience and efficiency
Closer eurozone integration vital in today’s world – ECB paper
Competition from China and US tariffs cited among reasons for closer co-operation between members
Book notes: Our dollar, your problem, by Kenneth Rogoff
An excellent overview of the evolution of the world economy during the last seven decades, and a warning against complacency
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Thailand holds rates as trade talks with US continue
Central bank says tariffs are among reasons for projected economic slowdown in 2025
Bowman is latest Fed member to call for July rates cut
Vice-chair for supervision joins Waller in saying risks to growth outweigh risks to inflation
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
Tariffs do not solve tensions but erode global growth – Lagarde
In speech to the PBoC, ECB president says countries with surpluses and deficits must both try to find solutions
BoK expresses ‘grave concern’ over Korean economy
Governor says stimulus needed, but cautions against expecting too much from rate cuts
A fireside chat with BIS head Agustín Carstens
The lifetime achievement award-winner speaks with Chris Jeffery about how experiencing inflation shaped his career, gaps in economic theory and macro-pru governance, the future of money and the importance of international co-operation
Book notes: The measure of progress: counting what really matters, by Diane Coyle
The book offers important insights into national income data compilation that are frequently ignored by economists