Euro
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
European rates: Norway expects more tightening next year
Switzerland raises rates 50bp and Denmark raises rates in line with ECB
Capturing moral hazard: the Scarlet Pimpernel of finance
Moral hazard exists in many contexts, but can be ‘damned elusive’ to capture, writes Jesper Berg
Proportionality in bank regulation: striking the right balance
The ‘final’ Basel III framework contains elements designed to make the rules fairer while reducing regulatory arbitrage. This means careful analysis is required when making any proportionality adjustments in the EU single rule book, writes Maurizio…
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
BdF to achieve 1.5°C climate goals by 2026, governor says
De Galhau calls for mandatory climate disclosure, green capital requirements and collective ecological governance
Independence white paper outlines possible Scottish central bank
Proposals map out “the process of establishing a Scottish pound”
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
French Pacific monetary authority raises rates
IEOM orders 75bp increase in deposit rate to combat inflation
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Norges Bank, Riksbank and SNB expected to raise rates
High inflation and ECB tighter policy stance put pressure on eurozone’s neighbours
Irish central bank will still exchange old banknotes and coins
Authorities take opportunity to remind public that UK paper £20s and £50s are expiring
Digital euro should co-exist with commercial bank money, BdF official says
Nicolas de Labarre highlights further details of the CBDC project
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation
ECB expected to deliver first-ever 75bp rate hike
Record-high inflation of 9.1% in August and a weak exchange rate put pressure on divided governing council
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Hungary raises interest rate to 11.75%
Central bank official cites inflation and dispute over rule of law
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
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
Glapiński accuses Germany of wanting to redraw land borders
Polish governor warns on plans for EU super-state as German foreign office calls claims “absurd”