Euro
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
Rethinking sovereign risk
‘Risk-free’ assets now include the possibility of complete confiscation with no recourse
Navigating the digital transformation at Deutsche Bundesbank – an update
Joachim Wuermeling explains how the Covid-19 pandemic and other developments have affected the German central bank’s digital transformation during the past two years
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?
Central bank social media trends in the ‘Instagram age’
Uptake of visual social media platforms rises, as Facebook usage plateaus
Podcast: Oliver Wünsch on a solution to eurozone fragmentation risks
A common fiscal authority could offer stability, but would require sharing more sovereignty
Book notes: Shades of sovereignty, by Paul Wilson
An essential and stimulating read for central bankers thinking about the monetary history of their state in relation to its historical perspective and broad international trends
Currency Benchmarks 2021 report – executive summary
Perspectives on staffing, circulation, forecasting, note security and composition, outsourcing and more
ECB to choose new euro banknote designs by 2024
Banknote designs will be chosen by governing council, but public input will be vital