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A defining characteristic of the past two years has been the rise of protectionist rhetoric in key advanced markets like the US and UK. Other parts of the world, though, remain committed to the globalisation agenda, led by China and greater integration in emerging markets in Latin America, Africa and Southeast Asia.
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As the world shifts its attention to Fintech, central banks are examining the potential economic impact of digital currencies, including the benefits and risks. They are considering the use of decentralised ledger technology for clearing and settling payments.
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Central banks have greatly expanded their powers since the 2008 financial crisis, moving beyond monetary into fiscal policy as well as credit allocation and financial supervision. Major reserve banks, in Britain, the euro area and US, face a new challenge as they look to normalise monetary policy after years of unorthodoxy.
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A new Franco-German alliance is taking shape in the wake of Emmanuel Macron’ ascent in France, the UK’s European Union exit talks, and Angela Merkel’s election victory in Germany. The French and German leaders face marked challenges on further European integration, amid difficult coalition-building efforts in Berlin.
Podcast
Promoting investments that combat climate change through ‘green’ technologies and enhanced economic sustainability is increasingly important for public and private sector asset managers. Higher real returns from such investments can mitigate the effect of low and negative interest rates.
FOCUSAngela Merkel's difficulties in assembling a cohesive coalition in Berlin after yesterday's election will greatly complicate Germany's and Europe's tasks, writes David Marsh. Political fragmentation has intensified, with the leading parties scoring record low voting shares and the radical right-wing AfD entering parliament.
In Saturday's New Zealand election, the incumbent National-led coalition government looks to have won a fourth term. But the make-up of the next government will be decided in intricate coalition-building, with a potential alliance between Bill English's National Party and Winston Peters' (photo) populist NZ First.
Central banks must guard against falling 'behind the curve' in normalising interest rates in spite of low inflation – and must consider potential threats on financial markets. That was the warning from Claudio Borio of the Bank for International Settlements, speaking at an OMFIF City Lecture in London.
In her speech today in Florence, Theresa May must set out an uplifting vision of a UK with a global role, writes Gerard Lyons. Brexit means the UK will leave both the single market and customs union – a 'clean Brexit' – and will increase the UK's ability to tap opportunities in the world economy beyond Europe.
Angela Merkel looks likely to be dubbed the 'Queen of Europe' after Sunday’s German elections, yet her crown will sit uneasily, writes David Marsh. Merkel's reduced manoeuvring room in parliamentary coalition-building and waning hold on power have big implications for the ECB's quantitative easing programme.
Chancellor Angela Merkel's coalition between conservative and social democratic parties has 'run its course', according to Prof. Volker Wieland of the German Council of Economic Experts, speaking in OMFIF's podcast on Sunday's German elections and the difficulties Merkel will face in forming a new government.
In her speech this Friday in Florence, Theresa May should try to make some sense of the mess which her Conservative party has so far made of Brexit, writes Antonio Armellini in Rome. The EU27 are perplexed, but are equally confident that this is ultimately a British problem, not theirs.
Carl-Ludwig Thiele, member of the German Bundesbank executive board, spoke on cryptocurrencies and central bank-issued digital currencies at an OMFIF roundtable. Thiele said private digital currencies lack trust, have no intrinsic value, and that their governance structure is opaque, making them infeasible.
OMFIF City Lecture with Andrew Bailey, CEO at the Financial Conduct Authority
Fri 29 Sep 2017
CITY LECTURES AND LAUNCHES | London
A roundtable briefing with Jan Smets, Governor of the National Bank of Belgium
Fri 29 Sep 2017
BRIEFINGS | London
OMFIF City Lecture with Andreas Dombret, Deutsche Bundesbank Executive Board
Mon 2 Oct 2017
CITY LECTURES AND LAUNCHES | Singapore
Long-term growth and banking reform in Spain and Europe
Tue 3 Oct 2017
POLICY | Madrid
OMFIF and the World Bank Treasury's annual seminar on reserve management.
Thu 12 Oct 2017
CITY LECTURES AND LAUNCHES | Washington DC
Central bankers discuss the current issues impacting emerging market economies
Thu 12 Oct 2017
CITY LECTURES AND LAUNCHES | Washington DC
A seminar and book launch of 'Six Days in September: Black Wednesday, Brexit and the making of Europe' by William Keegan, David Marsh and Richard Roberts. This is the fifth publication from OMFIF Press. The discussion focused on the lessons of the 1992 ERM crisis for Britain, Europe and the world.
The ECB's QE programme has played an important role in supporting economic recovery in the euro area. GDP across the currency union grew by 2.2% year-on-year according to the latest data for the second quarter of 2017, unemployment is down, and the threat of deflation has receded.
Latest figures for July show that, for the fourth month in a row, German bonds bought under the European Central Bank's public sector purchase programme fell short of the amount allowed by the 'capital key' allocation.
The rights of EU nationals living in the UK has been one of the most controversial issues since Britain voted to exit the bloc in June 2016. Around 3m EU nationals live in the UK, comprising 7.3% of total UK employment.
Fed policy-makers see the slowdown in economic growth in the first quarter as 'transitory', and will be watching to see if the downturn in inflation is temporary too. Further dovish inflation data for May have added to the sense of caution.
This month's advisers network poll focuses on the leadership of the ECB. Members of the network were asked: 'After Mario Draghi steps down as president in November 2019, who will replace him?' Jens Weidmann, Bundesbank chief, found most favour.
