Fiscal policy
Government cannot ‘grab’ central bank’s resources – Njoroge
CBK governor reiterates central bank-funded bailouts “never work”, as state agencies are forced to surrender excess securities and Treasury bills
IMF approves new credit line for Mexico as fiscal outlook darkens
Central bank’s success in reducing inflation may be compromised by fiscal weakness
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Sri Lanka’s Coomaraswamy to step down
Governor to leave in December, over two years ahead of term end
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Lagarde says eurozone must end export dependence
Call to boost demand is likely to be seen as aimed at German policy-makers
Bank of Zambia cuts rates as food crisis mounts
Zambian central bank calls for better government policy as drought causes a sharp rise in food prices
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
People: Riksbank appoints new executive board member
Swedish central bank promotes Cecilia Skingsley to first deputy governor; FCA appoints three new board members; Nigerian president appoints former deputy governor as special adviser
Uncertainty is lessening monetary policy effectiveness, Fed president says
Policy-makers at risk of not getting same “bang for the buck”, Tom Barkin says
Bank of Thailand cuts interest rate to record low
Bank of Thailand cuts rate to all-time low and relaxes forex rules
Germany’s tight fiscal policy may hamper ECB normalisation – IMF research
Sustained budget surpluses have reduced debt issuance and contributed to ever-lower yields
SBP looks back on tough year for Pakistan
Lack of fiscal consolidation hampered central bank’s crisis response, annual report says
Global economic problems beyond scope of central banks – Hubbard
Economist calls for government-led structural reforms in Chicago Fed discussion
IMF draws links between transparency and debt accumulation
Fund praises efforts taken by Tunisia and Uzbekistan, and urges others in the region to improve accountability of fiscal institutions
Eurozone fiscal policy needs to change – DNB governor
Klaas Knot says evidence points to need for aligning monetary and fiscal policy
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
IMF chief sends strong warning on trade in first speech
US-China trade war could cost global economy the GDP equivalent of Switzerland, Kristalina Georgieva warns
Bank of Israel proposes measures to stabilise social security system
Benefit payments set to rise faster than GDP in the coming decades, warns central bank
BIS authors offer advice on escaping low inflation trap
Luiz Pereira da Silva and co-authors say “snapback” unlikely, given changing labour markets
Israel’s Yaron calls for targeted spending as elections draw near
Governor says fiscal policy must seek to boost living standards while maintaining discipline
Asset bubbles play role in macro-prudential policy – IMF research
Their size may determine optimal tax levels to address credit imbalances
Lagarde calls for eurozone-wide fiscal capacity
Eurozone nations should have counter-cyclical fiscal instrument and common treasury – Lagarde
Summers and Stansbury warn of ‘black hole’ as central bankers debate solutions
Economists say they hope for revolutionary thinking at Jackson Hole conference – “but we are not holding our breath”