Central Banking
ECB to publish new reference rate in October
New rate should fully replace Eonia by beginning of 2022, ECB says
Brazil’s Campos Neto calls for independent central bank
President Jair Bolsonaro promised formal central bank independence during 2018 campaign
US agencies move to protect swaps after week of Brexit chaos
Legacy swaps can be transferred without facing onerous requirements, Fed says; week of parliamentary wrangling produces little progress on a final agreement
Argentina toughens monetary targeting on higher inflation
Government to send bill to parliament to prohibit central bank from financing the Treasury
Canada’s Wilkins calls for non-bank stress testing
Portfolio flows are now the dominant source of capital movements, but asset management risks are not well understood, says deputy governor
Fed official suggests reforms to tackle ‘credit deserts’
Brainard advocates greater geographical flexibility in banks’ obligations; FDIC chair appears to agree
Regulators might not allow cash to circulate were it invented today – panellists
Anonymity of cash poses risks for the financial system, some central bankers say
BIS to launch ‘innovation hub’ – Carstens
New medium-term strategy focuses on technology and other innovations
Bank of Jamaica pushes banks to meet full LCR this year
The central bank also plans to introduce other liquidity management standards in coming years
DNB says house valuations need reform
“Systematic overvaluation” of Dutch housing is limiting effectiveness of macro-pru policy – DNB
ECB’s chief economist takes to Twitter
Praet expresses scepticism about dual mandate and rejects ‘modern monetary theory’
Developed world needs fiscal boost – Romanian deputy governor
Once wages recover pre-crisis level, inflation will rise fast, research finds
Libyan central bank issues first polymer banknotes
One of the country’s rival central banks collaborates with De La Rue
Turkey’s monetary policy will depend on fiscal caution, central bank says
Minutes say MPC could further tighten policy if the government fails to deliver on promises
People: Rajan keeps options open on BoE top job
Rajan leaves open possibility of taking on BoE governorship; Al Hamidy reappointed at Arab Monetary Fund; government observer joins RBNZ MPC meetings; and more
IMF paper looks at central banks’ use of forex reserves
Reserves used more for liquidity than for investment in decade since financial crisis, researchers find
Central Banking Awards 2019 – as it happened
Live blog of events at this year’s Central Banking Awards
Slovakian president says new governor must give up party ties
Finance minister Peter Kažimir says he will resign parliamentary seat soon
Supervisory compliance weaker on 55% of Basel III principles – IMF
FSAP reports uncover potentially worrying trend on financial supervision since mid-2013
Summers and Rachel set out fresh evidence on secular stagnation
Policy-makers may need to rethink their approach in a world of ultra-low real rates, authors say
Triple reserve managers safeguard Singapore’s stability – Ravi Menon
Menon explains the separate roles of the three institutions managing national financial resources
Basel Committee clarifies ‘expectations’ on crypto
Banks must meet certain minimum standards if they want to trade crypto assets; more details on prudential expectations to follow
Yi Gang makes People’s Congress debut as dilemmas grow
Governor says he sees smaller room for cutting reserve requirement ratios in 2019 but does not rule out the possibility
Experts debate regulatory support for energy-hungry technology
Blockchain requires a vast amount of energy, which could become detrimental for the planet should the technology be adopted more quickly