Dan Hinge

Yeah she definitely throws some shade their way!

Towards a new Eurosystem balance sheet The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...

Full speech here: www.ecb.europa.eu/press/key/da...

Quick summary is more use of repo to supply reserves, eventually running QE portfolios down to zero and replacing (some of?) these assets with short-term securities that are more policy neutral.

ECB to tilt future QE to shorter-term bonds – Schnabel - Central Banking Collateralised lending to play key role in Eurosystem asset composition

Really interesting Schnabel speech today on the future of the ECB balance sheet. Here's @lkoro.es's write-up: www.centralbanking.com/central-bank...

I did wonder about that, but there doesn't seem to have been any suspicious activity. Very grateful to him if he's been paying our water bill all this time though

Cannot think for the life of me how they got into financial troubles!

The situation has come about because Thames Water somehow managed to register a (possibly non-existent) Polish man by the name of Maciej at our address.

As someone who has just manually downloaded and shared 51 utility bills in a bid to persuade Thames Water to let me pay them some money, I think the UK's digital ID can't come fast enough

The Musk Partisan Effect on Tesla Sales Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

Tesla's sales could have been as much as 83% higher without Musk's political shenanigans, this paper reckons www.nber.org/papers/w34413

Entirely on brand, I loved this. Also entirely on brand I’m going to use it as an opportunity to talk about my PhD. One of the excellent things about writing a PhD about uncertainty (in the guise of ‘indeterminacy’) is that it’s readily applicable to *literally* everything!

Chinese tech giants pause stablecoin plans after Beijing steps in Regulators raise concerns about the rise of privately controlled currencies

This is really interesting. So what is it about a bank that means it is allowed to create money (M1 at least) but a tech company can't? I guess lack of regulation, but that is being solved in some jurisdictions. Competition with e-CNY maybe a bigger reason? www.ft.com/content/8bc1...

The snail farmer of London, his mafia friends, and a £20m vendetta against the taxman Terry Ball runs elaborate mollusc-based tax avoidance schemes that are costing London councils millions of pounds. Yet when London Centric tracks him down, an even stranger story emerges.

If you read one thing today, you obviously have to make it @jim.londoncentric.media's story about the mafia snail farmers open.substack.com/pub/londonce...

The world has become dangerously dependent on American stocks, Gita Gopinath writes for @economist.com. Gita’s striking, if alarming, take is really worth reading

Idealist and/or materialist theories of economic growth [FREE TO READ] Nobel committee: ¯\_(ツ)_/¯

Thing by me on today's Econ nobel in @alphaville.ft.com : www.ft.com/content/b8aa...

In defence of digital ID Well-designed, it could strengthen the protection of important liberties

Tim Harford v good on digital ID www.ft.com/content/b7c2...

*important caveat to the above: the US dollar is very much dominant still in both the exchange-traded rate derivative market (bigger than OTC) and the FX market.

Also quite interesting, the euro is now top dog in the OTC interest rate derivatives market, overtaking the US dollar. The market as a whole has taken a big pivot away from the US and also grew 59%, with sterling and yen also registering massive rises.*

This may have been a tiny bit influenced by the fact that the BIS collected the data in the middle of April's 'liberation day' fun and games. We'll have to wait until December for the BIS to publish their full assessment of what's driving the numbers.

Pleased to confirm that the gobsmackingly huge number is $9.6 trillion daily FX turnover www.centralbanking.com/central-bank...

ECB’s Evelien Witlox on design choices for the digital euro - Central Banking The digital euro’s program director speaks about holding limits, waterfall arrangements, programmability, blockchain usage and offline ‘secure elements’ for

@lkoro.es spoke to the ECB’s Evelien Witlox about the digital euro. Lots of really interesting detail in here about the sorts of design choices that are now getting close to being finalised www.centralbanking.com/fintech/cbdc...

ECB sheds light on uses for a digital euro - Central Banking ‘Sandbox’ participants speak of largely positive experiences with prototype CBDC

ECB publishes report on use cases for digital euro www.centralbanking.com/fintech/cbdc...

Swift to build blockchain-based global payments infrastructure - Central Banking Partnership with 30 banks will be ‘pivotal’ for global finance, payments messaging network says

I usually roll my eyes when someone says the word 'blockchain' but Swift has a huge network so this is worth keeping an eye on www.centralbanking.com/central-bank...

Türkiye's Homemade Crises Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

Turkey has tied itself in knots trying to avoid having to do standard inflation targeting. The result has been some very innovative (and equally foolhardy) policies... www.nber.org/papers/w34287

Logan says FOMC should cut ties with federal funds rate - Central Banking Dallas Fed chief says repo markets are better alternative to ‘outdated’ target

Interesting idea from Logan here - target the triparty GC repo rate rather than the federal funds rate www.centralbanking.com/central-bank...

Love Louise Hayward's etchings of London. Here's one we have of scaffolding on Trellick Tower

Given that a lack of transparency was a big part of the spectacular screw-up that just took place, the appointment of a top official from one of the world's most transparent central banks is probably not an accident. The RBNZ has some serious reputational damage to repair.

Pullquote with the text "It's bloody difficult to sue the Bank of England for anything", a quote from John Gieve, former BoE deputy governor

Fun pullquote in this story on central bankers' legal immunity www.centralbanking.com/benchmarking...

Riksbank’s Breman chosen to head RBNZ - Central Banking New Zealand central bank’s first female governor recruited from Sweden following Orr debacle

Riksbank's Anna Breman is the new governor of the RBNZ, the first time a woman has held the role: www.centralbanking.com/central-bank...

Monetary policy operational frameworks - a new taxonomy A new BIS taxonomy explores how central banks' operational frameworks influence banks' incentives, liquidity management and financial system outcomes.

Original article here: www.bis.org/publ/qtrpdf/...