Europe
Bénédicte Nolens on the latest mBridge developments
The head of the Bank for International Settlements’ Hong Kong Centre speaks about cross-border CBDC governance, ongoing FX challenges and evolving technology
Polymer adoption stalls in 2023
Only two benchmark respondents have concrete plans to change substrate
US sanctions Russia-linked investment bank in Hungary
Orbán government withdraws from lender called “spy bank” by opponent
Central banks maintain average of four cash centres
Figure has remained stable for the last five years
Slightly more central banks have access-to-cash policies
Almost two-thirds of respondents have access policies and nearly half minimum service rules
ECB holds rates unchanged at 4%
Central bank pauses tightening cycle after 10 consecutive rate increases
Majority of central banks maintain currency denominations
Only a few countries removed denominations from active circulation in past five years
Visual aids nearly universal on banknotes
Majority of respondents use four or five features on their paper currency
Central banks report increase in value of banknotes in circulation
Average volume of notes declines by 2.9% year on year
Eurozone budget deficit declined in 2022
Government imbalances declined to 3.6% of GDP from 5.2% in 2021
Central banks report continued fall in cash usage
Share of cash payments remains high in upper-middle income jurisdictions, but falls marginally overall
EU data protection bodies raise concerns about digital euro
EDPB and EDPS request central bank explain how it will process and protect data
EU council appoints Buch head of ECB’s supervisory board
German official will replace Andrea Enria on January 1 for a five-year term
Book notes: Economists in the cold war, by Alan Bollard
A geographically balanced review of key economists that shaped the world economy
ECB launches digital euro preparation phase
Phase includes CBDC rulebook and selection of providers, as well as testing
Higher bond yields makes an ECB pause more likely
Lower inflation and tighter financing conditions reinforce idea 4% rates could be enough
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
Inflation in Germany has peaked, says Bundesbank president
Both CPI and HICP inflation declined sharply in September
Latest ECB rate hike was a ‘close call’, say minutes
A group of officials argued incoming data did not support higher rates
Balance sheet data can help gauge systemic risk, ECB paper says
Researchers present methodology for assessing large and small lenders based on SRisk measure
Cross-border CBDC challenging to deliver, officials warn
But digital currency could tackle “extremely high” remittance costs, says IMF’s Tobias Adrian
PEPP to become ECB’s weapon of choice
Facing high but falling inflation, the governing council is expected to hold rates
A league table for central bank hawkishness
Steve Kamin runs the numbers to assess which central banks have raised rates most aggressively
Germany needs tighter fiscal policy, Nagel says
EU Stability and Growth Pact should have stricter fiscal rules, Bundesbank president argues