ERM
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
PBoC announces policies to help pandemic-stricken economy
Package of 23 measures echoes actions taken in 2020
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
Half of fintech benchmarks respondents use AI/ML tools
Richer nations more likely to use artificial intelligence
Minority of central banks define project risk appetite
Institutional risk and delegated risk appetites defined more often
Minority of central banks use GRC platforms
RSA Archer and SAP named as providers
ISO 31000, COSO-ERM are influential risk management approaches
IOWRG, Basel and NIST also used by central banks
Over half of central banks modified collateral policies during the pandemic
Most reduced haircuts on banks’ collateral
The longest book ever written?
The Single Rulebook on EU financial regulation is a serious contender for the prize of the longest book ever written. But will it deliver a safer and better financial system?
Podcast: central banks’ data models going granular
Vizor Software’s chief technology officer, Ryan Flood, provides an update on changes to central banks’ regulatory data models
An assessment of the ECB’s strategy review
A number of aspects of the new framework raise challenges for implementation and credibility, while the inclusion of climate change may politicise the institution, writes euro architect Otmar Issing
Fed launches standing repo facilities
Facilities to be open to foreign central banks and domestic primary dealers; FOMC keeps policy on hold
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
The ECB’s monetary policy strategy review
The ECB’s founding monetary policy architect, Otmar Issing, offers some initial perspectives on the ECB’s strategy review
The RBI’s next big question: how to normalise monetary policy?
India’s central bank needs to plan an exit from its efforts to manage the ‘impossible trinity’
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
Why Bulgaria needs to deepen its currency board
The BNB’s currency board rules should be extended to transaction deposits at commercial banks, which could in turn issue digital currencies, even in the event of euro adoption
Stability versus solvency
There is still far too much regulatory forbearance on troubled bank debt. More on-site inspections and genuine writedowns are needed to fix the banking system