Articles by Christopher Jeffery
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
The Belt and Road Initiative 2021 Survey – The impact of Covid‑19 on the BRI
The fourth annual Belt and Road Initiative survey reveals that the Covid‑19 pandemic has disrupted many projects despite China remaining committed to financing the initiative, which is expected to support future economic growth and environmental…
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief voices concerns about the timing of stablecoin and CBDC roll-outs, fintech risks for supervisors and monetary policy, and details development plans for eight innovation locations
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy managing director speaks about the fund’s perspectives on CBDC operating frameworks, regulating big tech and macrofinancial oversight in a digital world
A bellwether moment for CBDC plans
The launch of the ‘sand dollar’ may herald a new era of CBDCs as the Fed and ECB step up their preparations
Mário Centeno on monetary-fiscal interaction in the eurozone
Bank of Portugal governor says ECB is not being overrun by former finance ministers, must improve the definition of its inflation target and has no need for yield curve control. Centeno believes NextGenerationEU fund could serve as template for a future…
Ulrich Bindseil on the launch of the digital euro
The ECB’s director-general for market infrastructure and payments speaks about the functionality, tiering approaches, privacy policies, ledger technology and ecosystem impact of the eurozone's planned CBDC
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
Central Banking’s strategic changes for a new era
New institute, benchmarks, virtual training and online event weeks launched
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
DNB president talks about the temporary nature of unconventional policies, the importance of inflation target ‘bands’, the role of central banks as ‘circuit-breakers’ and ECB decision-making under Christine Lagarde
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Fears rise over breakdown in Basel and IFRS standards
Bretton Woods institutions worried about growing divergence in capital and accounting standards as credit impairment tsunami looms; US and many emerging economies skirting the rules
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load
BoE launches package of Covid-19 response measures
UK central bank cuts policy rate and countercyclical capital buffer, and unveils measures to support lending
Inflation targets back in the spotlight
Monetary policy can do little to offset the impact of Covid-19