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Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
Take foreign policy veto away from EU members, says Lagarde
ECB president makes case for qualified majority voting in an apparent rebuff to Hungary
Riksbank reshuffles strategic asset allocation
Dollar-denominated holdings increase while euro takes backseat in new “holistic approach"
Benchmarking
LatAm policy transmission matches historical norm – paper
Pass-through stronger in consumer and corporate lending, Bank of Spain study finds
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
Policy uncertainty ‘exceptionally high’ – de Guindos
Prudence needed as evaluating likely outcomes “no longer possible”, ECB vice-president says
World Bank says Nepal’s economy will grow, despite shocks
Benign inflation and loose monetary policy to aid growth, says institution
Kganyago continues push to lower Sarb inflation target
Economists back South Africa’s central bank governor, but finance minister remains sceptical
Rehn: ‘Last thing we need is a trade war between allies’
Bank of Finland governor criticises Trump administration’s tariffs and “appeasement” of Russia
Fernando Restoy on supervision, geopolitical risks and the rise of non-banks
FSI chairman shares his plans for the organisation and discusses the latest policy issues, including AI oversight, collateral pre-positioning and capital resilience
Awards
Central Banking Awards 2025: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
Lifetime achievement award: Agustín Carstens
A driver of strategic change, respected in both emerging and developed economies
Central bank of the year: Bank of Thailand
The Thai central bank has countered government interference while fulfilling its mandate and striving to future-proof the financial sector
Governor of the year: Aleš Michl
The Czech National Bank head brought inflation down from 18% to 2%
Editor's choice
Agent-based models come of age
Central banks are increasingly modelling the economy as a complex system
Can central banks cut remittance fees to sustainable levels?
More action is needed to reach the UN’s 3% global average cost target. But central banks face limits on what they can do
Fintech Benchmarks 2025 – model banks analysis
Data breakdown reveals differences in CBDC research, AI use and adoption of the cloud
Do central bank governors make good prime ministers?
Mark Carney is the latest to make the leap, but the record elsewhere has been mixed
Benchmarking
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
Central Banking Spring Meetings 2025
Working group minutes: facing up to CBDC adoption challenges
Participants at Cape Town meeting saw drawbacks to digital currency versus other payment methods
Trump 2.0 piles pressure on reserve managers
Speakers at Central Banking Spring Meetings discuss positioning, interventions and impact of lost aid
Technology needs to keep up with crypto regulation – panel
Panellists discuss AML/CFT risks arising from virtual assets during Central Banking Spring Meetings
Conservatism in central banking ‘may not exist in 10 years’
Reserve managers at Spring Meetings 2025 share frustrations and discuss new strategies
Book reviews
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
Book notes: A fly on the RBI wall: an insider’s view of the central bank, by Alpana Killawala
Book notes: The bankers’ new clothes, second edition, by Anat Admati and Martin Hellwig
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