Bank for International Settlements (BIS)
BIS prepares to redevelop HQ
Bank’s biggest building project since the 1970s could see major expansion of main site
‘Fiscal distress’ can reverse exchange rate dynamics – BIS paper
Authors emphasise “contingent nature” of exchange rate response to shocks
El Salvador’s bitcoin currency experiment
Move by first nation to approve bitcoin as legal tender raises important issues
BIS opens Nordic innovation hub
Stockholm office is fifth in hub programme and involves four of the region’s central banks
BoE’s Bailey says CBDCs could be ‘fundamental’
Innovation hub run by BoE and BIS hub likely to concentrate on CBDCs and payments, official says
Basel Committee proposes strict treatment of crypto asset exposures
Crypto assets such as bitcoin will face risk weight of 1,250%
BIS and French and Swiss central banks announce joint CBDC project
Project Jura will link national CBDC initiatives in bid to facilitate cross-border payment
Global recovery is ‘double edged’ for EMEs – Carstens
“Too soon” to say whether inflation will be sustained but markets may overreact, says BIS chief
Financial sector still a headache for central bank modellers
Macro-financial links are difficult to integrate into key models, with progress since the global financial crisis slow. But some central banks are making breakthroughs
Bank of Finland invests in BIS green fund
Central bank invests $300 million in fund supporting renewables and energy efficiency
Powell, Lagarde and Yi call for urgent action on climate change
Lagarde says asset taxonomy is needed soon while Yi says G20 must create disclosure standard
Central banks face legal risk over climate – ECB’s Elderson
NGOs could sue central banks for failure to take suitable action over climate change, says NGFS chair
Firms and supervisors must ‘transform’ climate risk management – regulators
Complexity and uncertainty demand major rethink of risk, say ‘Green Swan’ event speakers
Mandatory climate disclosures needed now – senior central bankers
Greening monetary policy operations should also be a priority, policy-makers say
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
RBI faces dilemma from US policy spillovers – BIS paper
Authors highlight evidence of “contractionary devaluation” when US monetary policy tightens
Inequality can worsen recessions – BIS paper
But authors say there is little evidence that income inequality affects consumption in normal times
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief voices concerns about the timing of stablecoin and CBDC roll-outs, fintech risks for supervisors and monetary policy, and details development plans for eight innovation locations
Emerging markets pass capital flows test
BIS report concludes inflows are broadly positive, as improved EM institutions make them more resilient
Central banks have limited tools to tackle inequality – Carstens
Inequality is an issue for central bankers, but they cannot solve it on their own, says BIS chief
BlackRock research pushes back at concerns over bond ETFs
BIS paper had suggested ETF sponsors may have sold illiquid assets to discourage redemptions amid Covid stress
MAS proposes ‘unbundling digital currency stack’
Layers of governance could allow single common settlement platform for CBDCs
The evolving ‘strategy function’ in central banks
Some institutions participating in a survey of 27 central banks still struggle to fully harness an effective ‘strategy function’, according to the ECB’s Jean-Charles Sevet and Alejandro de la Cuesta
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network