International
Fifth review: done. How Ukraine set a record in passed IMF reviews
NBU governor Andriy Pyshnyy says unlocking funding has become a matter of survival for his country
ECB should cut rates earlier, says BdF governor
French government has failed to reform since 2015, Villeroy de Galhau says
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
Lagarde warns fragmented world could be inflationary
“Multipolarity” could also raise global co-ordination challenges, ECB president says
BSP governor says Fed should be ‘more caring’
But Felipe Medalla says Philippines accepts reality of having to react to US monetary policy
Tech could shake up international monetary system – IMF paper
Inertia likely to maintain status quo in near term, but impact of technology “highly uncertain”
Georgieva backs flexible credit line for Morocco
IMF executive board to consider request for $5 billion facility
IMF raises borrowing limits amid ‘challenging’ environment
Managing director calls on members to contribute more resources
Stability under the 2% inflation standard is a chimera
An inflexible standard of value that lets the market decide how much money to produce would be superior, write Brendan Brown and Robert Pringle
RBA and BoK lengthen swap deal
New swap agreement will be effective for five years
BoE paper finds non-banks act as global stabilisers
Non-bank firms help dampen the impact of US monetary policy spillovers, authors find
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
Development banks need to change amid global threats – Yellen
“Extreme stress” and global threats demand rethink, says US Treasury secretary
ECB and PBoC extend currency swap deal for three years
Central banks keep the size of the swap line unchanged
US and Korea agree to set up liquidity facilities if necessary
It is still unclear whether the facilities would involve a currency swap line
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion