Negative rates
PBoC governor vows to stay away from QE and negative rates
Beijing should maintain “normal” monetary policy, as ultra-low rates in developed markets proved ineffective, says governor
Negative rates not to blame for low eurozone bank profitability – Fed paper
Rates and macroeconomic environment only make up third of shortfall, researchers find
RBA’s Lowe rules out QE in Australia
Governor stresses inflation forecasts converge to target in 2021, and rates could be cut if needed
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
Dutch governor warns of unconventional policy hazards
Knot also argues for expansionary fiscal policy and symmetrical inflation target
De Guindos says ECB ‘implicitly has symmetrical targeting policy’
ECB vice-president backs Macron plan for common eurozone fiscal policy
Italian banks exploit ECB tiering to sharply boost local deposits
Rush to exploit arbitrage opportunity is “interesting showcase” of fragmented markets, says Benoît Cœuré; giving non-banks access to liquidity could help
Swiss governor rules out SNB transfers to pension funds
Negative rates are hurting sector but pension reform is solution, Jordan says
EU leaders pay tribute to Draghi as Lagarde takes ECB helm
Merkel, Macron and Mattarella praise outgoing central bank president as one of the fathers of the European project
Dutch pension funds hit by low interest rates, says DNB
Today, 63% of funding ratios are below the statutory minimum
ECB monetary policy statements should change – Italian governor
Visco rejects idea of putting names to votes as eurozone governors differ on inflation policy
De Cos maps out ‘future path’ for Basel Committee
New chair says four key principles will guide the committee’s approach
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Strong global forces pushing some central banks to buy gold – analysts
Poland’s move and others pushed by negative rates, political uncertainty and changing monetary system, experts say
Riksbank’s Ingves weighs post-crisis policy legacy
“Leaning against the wind” clashing with inflation target, communications challenges and cash’s decline have shaped the last decade
Trichet defends Draghi’s legacy against growing criticism
Former ECB president says unconventional monetary policy measures have helped to avoid deflation
Draghi defends ECB policy
ECB president welcomes debate but insists crisis-fighting policies saved eurozone
New German ECB board member may help unify governing council
Leading candidates seen as capable of playing a more constructive role, as critics become more vocal
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Central bankers without clothes and clout
The focus on the latest actions by central banks is disproportional to their impact on the economy. Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
Orr: RBNZ ‘thinking hard’ about unconventional policy
Governor says tools not likely to be needed, but “we would be remiss not to be prepared”
BIS’s Borio warns of ‘troubling’ negative yields
BIS quarterly review highlights new peaks in negative-yielding debt and examines CLO risks
SNB holds despite recent ECB and Fed easing measures
Swiss central bank increases threshold on banks’ deposits exempt from negative rates