Opinion/Comment
YCC, carry trades and the changing role of the yen
Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials
Is this the end of dollar dominance?
Steve Kamin tracks evolving investor attitudes to the US in the wake of 'Liberation Day'
Why Europe cannot afford to delay the digital euro
CBDC would counter the erosion of sovereignty as cash recedes, substitution by foreign digital monies and weaponisation of access, argue Biagio Bossone and Céu Pereira
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
The voice of the central bank in times of uncertainty
The NBU’s monetary policy head Volodymyr Lepushynskyi explains the importance of transparent communications in maintaining trust and managing expectations
The ‘EuroLiber’ for depoliticised payments
Biagio Bossone explains how Europe could provide a neutral anchor to support international payments
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
The next step for Africa’s digital economy: fast, inclusive payments
Central banks should lead policy for a payments transformation that benefits all levels of society, argue Jean Pesme and Michael Wiegand
Climate risks still on the fringe of monetary policy in Asia
Notwithstanding efforts by the PBoC and BoJ, there is still a need to observe persistent and measurable impacts on inflation and output before climate change truly influences interest rate policy, argues Sayuri Shirai
The foundations of sovereign finance are quietly evolving
Digital settlement infrastructure is taking shape. Now SSA issuers must decide how, not whether, to participate, argues Domenico Nardelli
Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Forecasting and narratives under uncertainty
Jagjit Chadha argues the Bank of England should deploy better analysis as the basis for clear communication under uncertainty
Central banks must rethink their accounting treatment of money
Biagio Bossone and Massimo Costa call for money to be accounted for as equity for the issuer and as a public asset for the economy
The cost of ‘US liberation’
Stephen Millard outlines NIESR’s latest analysis of the Trump tariffs, as risks tilt to the downside
Time to worry about Japanese debt?
The transition to positive rates means Japan may need to re-examine its huge public debt burden, argues Sayuri Shirai
Rewriting the monetary balance sheet
Biagio Bossone and Massimo Costa write that a new accounting approach is needed for central banks and commercial money in the digital age
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
Key lessons from 15 years of macro-prudential policy
Pedro Duarte Neves reviews how macro-prudential tools can be used for maximum effect
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Central banks’ words matter for climate
Line between EMEs speaking about greening finance and AEs being wary of climate risks are blurring, argues Emanuele Campiglio
Liquidity risk: finding the right balance amid growing challenges
2023 banking turmoil is leading to a rethink of liquidity requirements, writes Manoj Singh