International
Monetary Policy Benchmarks 2022 report – executive summary
Benchmarking data sheds light on some of the key aspects of central bank operating frameworks
People: World Bank appoints Gill as chief economist
Two members join Bank of Japan board, and senior IMF officials Lester and Rice step down
Monetary Policy Benchmarks 2022 report – a pandemic legacy
Benchmarks data offers insights into how Covid has impacted policy frameworks, plus governance, market operations and policy transparency
Corporate debt is a growing threat to financial stability
Policy-makers need to take action as tighter financial conditions risk tipping firms into distress, says Pedro Duarte Neves
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
People: Saudi Central Bank appoints two vice-governors
BIS names heads of key committees; senior officials quit US Office of the Comptroller of the Currency
Knot says financial stability risks are growing
FSB chair says emerging economies are particularly vulnerable as financial conditions tighten
Swift gears up for innovation around digital currencies
Head of innovation at global payments messaging provider is focused on CBDCs, tokenised securities and artificial intelligence
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges
CPMI creates framework for linking payments
Linking and use of APIs could cut need for long chains of correspondent banks, report says
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
Big tech links are ‘policy blind spot’, says FSI
Basel-based institute says tech firms are “increasingly intertwined” with financial sector
FSB cross-border payments work hampered by data problems
Measuring progress “will not be straightforward”, working group says
Quarterly forecast updates are the norm at central banks
Forecasting tends to be a collaborative exercise between staff and policy-makers
Labour market power can explain ‘wageless recovery’ – IMF paper
Monetary policy can cut unemployment without raising wages where bargaining power is weak
IMF set for governance reform in wake of ‘Doing Business’ controversy
Board to make changes to data integrity, whistleblower protection and dispute resolution
Basel Committee proposes capital add-ons for crypto exposures
Committee tightens proposed rules in several areas following high-profile crypto failures
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
BIS balance sheet buffeted by market turbulence
Institution still turned a profit in the year to March 2022
IMF paper proposes ‘policy space index’
Authors try to quantify countries’ room to respond to a “black swan” event
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies, despite all the research and trials. Isn’t it time to get the lawyers involved?
BIS unveils ‘post-quantum cryptography’ project
Innovation Hub centres will also explore climate disclosures and CBDC security