Bank of England (BoE)
BoE tells firms to prepare for negative rates
Preparation is not a signal that negative policy rates will be adopted, Bailey stresses
BoE paper seeks origin of systemic risk
Network analysis tool can overcome problems with other approaches, authors say
Central clearing proved resilient in ‘dash for cash’ – BoE’s Segal-Knowles
Challenge now is to “sustain and strengthen” the system, says executive director
BoE paper explores macroeconomic impact of macro-pru
Authors build DSGE model featuring “detailed banking sector” and sticky interest rates
BoE scolded for carbon-heavy investments
Parliamentary committee says current bond buying undermines “diplomatic leadership” on climate change
BoE adjusts stress-testing framework
Tests this year will be based on 2020’s reverse stress test, as banks face “ongoing operational challenges”
Banque de France pledges to drop coal-linked assets by 2024
French central bank will also cut oil and gas exposures, and oppose new fossil fuel projects
People: Philippines governor recovering after medical procedure
Benjamin Diokno steps back from duties temporarily, plus appointments in UK, Singapore and more
BoE reassures foreign banks on post-Brexit booking models
EU banks that lost passporting rights after Brexit are unlikely to have to establish UK subsidiaries
Debt-service ratio limits have greatest welfare benefit – BoE research
Authors find macro-prudential tools can also boost the transmission of monetary policy
Book notes: The currency cold war, by David Birch
Pleasant and interesting read on whether digital money will jeopardise the US dollar’s dominant role in global trade and finance
BoE must improve understanding of QE – report
Lack of understanding has prevented BoE’s ability to build public trust in new policy tool, report says
BoE’s Tenreyro says negative rates likely to work in UK
Looser monetary policy might help limit “scarring” to the economy, says MPC member
Some firms need to provide ‘better’ information to BoE – David Bailey
Executive director says BoE must have sufficient influence over supervisory outcomes post-Brexit
Terms of trade shocks not symmetric – BoE paper
Developing countries particularly vulnerable to export shocks, study finds
Central banks must become ‘market-makers of last resort’ – BoE’s Hauser
Measures used in Covid-19 crisis are insufficient for the long term, BoE official says
BoE officials welcome stronger post-Brexit regulatory powers
Andrew Bailey says UK must not become a “rule-taker” on financial services
BoE’s Bailey explores future of balance sheet policy
Question of whether QE is “state contingent” could impact how it is deployed through the cycle
Covid-19 likely harms productivity – BoE paper
Private sector could lose 5% of its productivity in Q4 this year, authors estimate
BoE’s inflation target may hamper response to no-deal Brexit – IMF
Report urges BoE to bolster market communication in the event no deal is reached
BoE’s MPC says UK outlook is ‘unusually uncertain’
Outcome of Brexit talks and evolution of pandemic leave future cloudy, BoE says
The long-term impact of Covid-19 on banknote demand
The coronavirus pandemic has challenged cash usage assumptions at a time when central banks make only limited use of longer-term forecasts
BoE considering legal action over hoax press release
Group calling themselves the ‘Yes Men’ claimed credit for the fake
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