Europe
Corridor systems most used to set monetary policy
Floor systems less popular overall but widely used with asset purchase programmes
Debt issuance powers remain key attribute of most central banks
Proportion of non-debt issuing institutions narrows year-on-year to 6%
Two major lenders tighten limits on Russian transactions
Raiffeisen stops euro payments to Russia, and Bank of China stops yuan payments from Russia
Switzerland and Norway raise rates
Norges Bank expects further increases while SNB does not rule them out
Bank of England adopts ISO 20022
Businesses and consumers may have more data input options by year’s end
Euro remained second reserve currency in 2022 – ECB report
Structural factors continue to hold back the euro as a reserve currency
Why fear, paranoia and distrust swirl around CBDCs
Populists and conspiracy theorists are exacerbating public concern about retail CBDCs. What can central banks do about it?
Liquidity buffers had mixed impact during Covid-19, ECB paper finds
Higher buffers for funds slowed initial fire sales but had less impact during “peak phase”
Schnabel stresses inflation risks and need for tighter policy
ECB needs to err on the side of doing too much rather than too little, says board member
Bank failure déjà vu
New bank capital rules were meant to ensure failures would be less frequent and resolution not involve taxpayer money. Then came the collapse of Silicon Valley Bank and Credit Suisse, writes Jesper Berg
Higher or longer? That is the ECB’s question
Speeches by Bundesbank president and Banque de France governor stake out divergent positions on ECB governing council
ECB raises rates again and signals more tightening
Tight labour market and core inflation surprises have driven forecasts higher, Lagarde says
Cash here to stay, at least as a store of value
Central Banking Summer Meetings: As cash use in payments decline, it may become unprofitable for private actors
Borrower-based measures show value as macro-pru tools
Central Banking Summer Meetings: Central bankers resist pressure to ease buffers at first sign of downturn
Median RTGS system processes nearly $100bn annually
Median value of payments rose by $15bn from the previous benchmark
ECB enters new phase in fight against inflation
Central bank faces stronger trade-offs as economy weakens and it approaches terminal rate
Primary RTGS systems have average $1.65m in operating costs
Majority of central banks increased payments system divisions budgets in the past year
Payments oversight is under-resourced for a third of central banks
Respondents identify shortage of human capital, capacity building and dated technology as concerns
Eurozone’s economy contracts for two quarters running
Economic contraction will be a focal point of ECB meeting on June 15
Few non-banks have access to RTGS systems
Maximum number of institutions reported to have access to one RTGS system was 233
Eurozone carbon tax hike would cause small GDP fall, paper finds
Raising tax to rate consistent with net zero would create only transient inflation, researchers say
Eurozone needs harmonised resolution tools, officials say
Commission proposals could bolster stability and common deposit insurance plans, say supervisors
Most central banks have payment and settlement supervision mandates
Payment system laws contain oversight powers in two-thirds of jurisdictions