G20
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
FSB outlines crypto and defi risks to financial stability
Future work will map “oracles”, “bridges” and other links with traditional finance
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
IMF opens long-term lending initiative
Resilience and Sustainability Trust will offer 20-year packages to mitigate long-term problems
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
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
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
Knot says financial stability risks are growing
FSB chair says emerging economies are particularly vulnerable as financial conditions tighten
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
Climate change, invasion, recession: policy-makers flag mounting risks
Christine Lagarde and Jerome Powell discuss “ripple effects” of war in Ukraine, while the Barbadian prime minister highlights need for reform at global institutions
G20 creates fund to guard against future pandemics
WHO says there is a $10.5 billion annual funding gap
IMF launches vehicle for SDR transfers
Fund’s aim for $45 billion in transfers seems to fall short of earlier ambitions
Mitigating regulatory risks of mobile payments
Third-party payment providers need to give up data to supervisors to prevent fraud
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
The BIS general manager speaks about policy trade-offs at critical time, tackling NBFIs and the dearth of ‘green’ assets, tech collaboration, and why he favours Biden’s $3.5trn infrastructure bill
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments and the creation of a ‘digital SDR’, to support a large allocation of ‘official’ IMF SDRs, writes Warren Coats
CBDCs provide ‘clean slate’ for cross-border payments, says report
International bodies urge central banks to bolster CBDC co-operation
BIS’s Luiz Pereira on tackling the climate crisis
Deputy general manager highlights the challenge posed by radical uncertainty, the benefits of carbon budgeting, and the case for acting now
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
The Belt and Road Initiative 2021 Survey – The impact of Covid‑19 on the BRI
The fourth annual Belt and Road Initiative survey reveals that the Covid‑19 pandemic has disrupted many projects despite China remaining committed to financing the initiative, which is expected to support future economic growth and environmental…
FSB sets targets to tackle cross-border payments issues
Proposals are “foundational step” in G20 initiative to improve global payments
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