Opinion/Our Take
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
A new climate of change
Central banks are warming up to address climate risks just as US interest cools
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains
A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the 'singleness of money'
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others
A troubling trilemma
Central banks need to tread a fine line as they serve as the economy’s police, fire brigade and paramedics
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
Fractures in the monetary system
Seizure of Bank of Russia assets likely to have long-term implications for international system
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to one another
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
A bellwether moment for CBDC plans
The launch of the ‘sand dollar’ may herald a new era of CBDCs as the Fed and ECB step up their preparations
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Central Banking’s strategic changes for a new era
New institute, benchmarks, virtual training and online event weeks launched
Covid-19: a watershed moment for China’s BRI?
China faces a delicate balancing act when it comes to forgiving and restructuring Belt and Road Initiative debt while preserving the soundness of its financial institutions
High US inflation should not be ruled out
A prolonged health crisis raises the risk that supply-side factors, monetary expansion and rising personal savings could stoke hidden inflationary pressures
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
Global carbon taxes are coming: central banks must prepare
The next financial crisis could be a green one. Are central banks doing enough to prepare?
Inflation targets back in the spotlight
Monetary policy can do little to offset the impact of Covid-19