Europe
Blockchain-based payment systems lack ‘capacity and efficiency’ – DNB
DNB tests show blockchain improving security but increasing costs and slowing speed
Central bank-issued digital currency threatens privacy – BoI official
CBDCs may not be compatible with rights of individuals, says Bank of Italy’s Panetta
Book notes: Edge of chaos, by Dambisa Moyo
John Chown applauds Moyo’s analysis of how the current democratic framework is failing
Europe needs banking union to counter slower growth - Danish governor
Ageing population may slow GDP growth by 0.5% annually in coming years, Rohde says
DNB develops new instant payment network
Banks will be able to process payments within seconds by mid-2019, the central bank says, but evolution of cash infrastructure will continue
Banque de France paper sketches policy routes for post-crisis central banks
“New orthodoxy” would see unchanged policy goals, but more freedom to lower interest rates
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make payments
Cash usage in Switzerland below eurozone average – SNB survey
SNB’s first payments study finds 70% of transactions processed in cash in 2017
Dutch government re-appoints Knot as DNB governor and boosts board
Two board members re-appointed and new member for resolution named
People: BoE’s Fried promoted; Vlieghe reappointed
Bradley Fried to take over as Court chair; Gertjan Vlieghe gets new term; Anneli Tuominen to serve additional term at Esma; Israel appoints technology chief
Have central banks created a ‘debt trap’? No, but ...
Tougher regulation has helped ensure extraordinary monetary policy has not caused a dangerous rise in private debt
Italian governor warns country must not abandon EU rules
Former IMF official named as interim prime minister by Italy’s president
ESM should have simpler decision-making process – Olli Rehn
“Reinforced majority” voting would mean quicker reactions in crisis, says incoming Finnish governor
EBA and ECB hit out at capital hurdles to banking union
Top regulators frustrated by push to ring-fence capital and liquidity in EU subsidiaries of EU banks
Nominal exchange rates can be forecast on ‘back of a napkin’ - ECB paper
Flexible exchange rates in advanced countries have two regularities, researchers find
ECB welcomes draft Cyprus law changing governance of central bank
But ECB advises government to resolve confusion over reserve levels
Constancio says EU countries are ‘moving the goalposts’ on risk sharing
ECB vice-president says sovereign bonds should have positive risk weightings
EU Council aims to limit bail-in debt rules
Leaked BRRD text reveals Greek and Portuguese banks could escape subordinated debt regime
Regulatory efficiency or rollback?
Team USA’s new clarion call for regulatory “efficiency” comes with a worrying undertow, particularly related to regulatory rollback and ‘light-touch’ supervision of algorithms
Italian and Spanish sovereign bond yields respond to ECB policy – researcher
Central Bank of Ireland letter says response to ECB announcements impaired during crisis
No reason for public to have central bank accounts – Cœuré
ECB executive board member sees no current need for central bank digital currency, but says it could act as an alternative to cash in future
Draghi renews calls for wider economic union in Europe
ECB head recommends fiscal backstop for resolution fund criticised by German policymakers
Philip Lane on systemic risk, transparency and Brexit
The Central Bank of Ireland governor speaks with Dan Hardie and Chris Jeffery about transparency, shadow banking, ECB succession and tackling systemic banking risk in the eurozone
ECB stresses protectionist risks in economic bulletin
US administration announced plans to impose tariffs on steel and aluminium in March