Euro
Book notes: The Fed unbound, by Lev Menand
Instead of the Fed expanding its tasks to meet shadow banking needs, this book calls for charter-like oversight of NBFIs
Is money growth really the main inflation culprit?
Jakob de Haan and Jan-Egbert Sturm take a closer look at inflation in the eurozone and Switzerland
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
Denmark raises rates to maintain euro peg
National Bank of Denmark increases rates by 50bp as inflation rises to highest level since 1983
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
GFXC launches tool to spur buy-side adoption of FX code
Standard-setter aims to overcome “lukewarm” buy-side response with web-based prototype tool
Hungary makes shock 185bp rate increase
Central bank responds to inflation and weak forint with largest increase since 2008
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies, despite all the research and trials. Isn’t it time to get the lawyers involved?
North Macedonia makes third 25bp hike
Central bank moves to increase local currency deposits, while inflation reaches double digits
ECB emergency meeting pledges sovereign bond support
Governing council says eurozone will accelerate efforts to create “anti-fragmentation mechanism”
MAS launches asset tokenisation and DeFi project
First pilot on bond transactions will involve state-owned firms and JP Morgan
Peter Nicholl on rebuilding Bosnia’s central bank
The former RBNZ deputy governor speaks with Dan Hardie about how he tackled financial instability in the aftermath of a war
IMF boosts dollar and renminbi weights in new SDR valuation
Euro records largest drop, while yen and sterling decline slightly
ECB renews repo line for Romanian central bank
Move comes after ECB creates liquidity facility for Poland and renews four other repo lines
How high can the ECB take interest rates?
Despite rising inflation, eurozone central bank is seen as unlikely to take rates over 1.5% in coming years
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
Lagarde sees risks in ‘new global map of economic relations’
ECB president says fragmentation through “friend-shoring” and regionalisation is rising
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
ECB opens €10 billion swap line with National Bank of Poland
Central bank extends repo lines with non-eurozone counterparts until January 2023
West African central bank denies devaluation
CFA franc has been pegged to European currency since establishment
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
SNB profits rise to $28.5 billion
Central bank reaffirms pledge to halt appreciation of the franc