United Kingdom
BoE policy-maker flags perils of ‘dynamic leverage’
Market participants need to fully understand the consequences of fund structures, says Jonathan Hall
BoE launches first ‘system-wide’ stress test
Analysis will assess how banks and non-banks interact to amplify shocks
More central clearing could have eased Covid shock – BoE paper
Efficiencies for dealer balance sheets could allow banks to play greater stabilising role, authors say
People: Israel appoints new chief supervisor
IDB appoints chief operating officer; IADI gets new head; and more
People: April to June 2023
A round-up of central bankers in the news and on the move during the past three months
IMF urges caution in UK financial services reforms
Fund says efforts to ease or simplify rules must be “carefully weighed”
BoE adjusting main models after forecast misses
Bailey says policy-makers decided to “aim off” main forecast after repeated errors
Currency round-up: India withdraws 2,000-rupee note
De La Rue replaces chair; Canada and Philippines win currency awards; and more
UK regulator and police raid crypto ATM sites
There are no legally registered crypto ATMs in the UK
BoE raises rates 25bp and ditches UK recession forecast
Central bank predicts inflation will stay higher for longer after MPC splits 7–2 on policy hike
Another financial crisis hiding in plain sight
Steve Kamin analyses how the risks that sank SVB were plain enough to those who looked for them
UK credit stress is rising, BoE official warns
David Bailey says financial firms “need to take action now” to prepare for higher defaults
What economists learned from Covid-19
A rush of work on ‘epi-macro’ yielded breakthroughs and then faded. Will there be lasting benefits?
BoE’s Pill: UK must accept it’s ‘worse off’
Chief economist says declining terms of trade mean purchasing power must fall
BoE’s Broadbent denies money supply is driving inflation
Deputy governor says M4 growth neither driven by QE or particularly linked to inflation
Finance must do more on climate risk, BoE’s Breeden says
Sector using lack of certainty as “an excuse to go slowly,” senior official says
UK inflation still in double digits in March
Analysts think MPC likely to vote for at least one further rate increase
BoE prepares shake-up of UK deposit insurance
Proposals aim to boost efficiency of payouts, as Bailey hints limits could be raised
Bailey raises possibility of setting bigger liquidity buffers
BoE governor says “we can’t assume” current buffers are still appropriate
Megan Greene to join Bank of England MPC
Kroll chief economist will succeed Silvana Tenreyro later this year
Currency round-up: De La Rue issues profit warning
Central African central bank to release new coins; and more
BoE’s Tenreyro urges reframing of QE
Perception that the central bank is “printing money” has been hard to shake
Long-term unemployment can affect inflation – BoE paper
Non-linear Phillips curve helps explain finding that breaks with previous literature
BoE paper explores ‘anatomy’ of gilts crisis
Detailed account of crisis reveals contagion, concentrated risk and role of wider market players