Risk
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…
Fed’s climate risk guidance splits governors
Consultation on climate risk principles criticised by two Fed governors
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
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…
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
Gambia’s central bank hacked
Server compromised but ‘mission-critical’ systems operational
Climate analysis likely understates risk, say FSB and NGFS
Study finds scenario analysis struggles to capture more complicated dynamics
The long road to 24-hour RTGSs
Extended hours would help international payments but some central banks challenge the business case
Riksbank develops model to stress-test banks’ corporate lending
New model is based on microdata on all Swedish non-financial corporations
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
OCC to create fintech office
US regulator will appoint chief financial technology officer to lead regulation of sector
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
Podcast: the effect of monetary policy on reserve management
Global rise in inflation is having an impact on central banks' reserve strategies
‘Shouting on the phone’: BoE officials shed light on gilt market intervention
Crisis sparked by UK government’s plans needed unprecedented action, officials tell parliament
DNB advises pension funds to boost liquidity – report
Following UK crisis, Dutch central bank asks funds to monitor stress signals and review liquidity rules
Armenian governor argues for ‘paradigm shift’ in forecasting
Base case should be abandoned in favour of multiple scenarios, says Martin Galstyan
World has ‘very little space’ for policy, says Georgieva
Carney, Georgieva, Donohoe and El-Erian agree room is limited and mistakes are punished harshly
Menon urges policy-makers to take a longer term view
Climate change is “the mother of all supply-side shocks”, MAS chief says
BoE’s Pill says government must ‘respect’ independence
Government and central bank have clashed over causes of UK’s gilt market turmoil
BoE sticks to bond-buying deadline amid strains on UK non-banks
Bailey restates cut-off date for asset purchases despite spike in margin calls and redemptions