Central Banking’s June recap
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Hello from Central Banking,
Central bankers and finance professionals gathered at the Central Banking Summer Meetings in London on June 11-12. Ale? Michl of the Czech National Bank discussed reducing inflation from 18% to 2%, while Masaaki Shirakawa reflected on crisis management. The event culminated in the Central Banking Awards, celebrating achievements of central bankers and their service providers in the past year.
Scammers utilised AI to create a misleading video featuring the Central Bank of Luxembourg's Governor Gaston Reinesch and journalist Mariette Zenners, prompting a public warning by the central bank.
The Bank for International Settlements predicts that AI could contribute to inflation over time, driven by increased economic capacity and wages, leading to heightened demand for capital and labour.
With inflation surging post-Covid-19, doubts arise about the effectiveness of traditional 2% inflation targets amidst geopolitical uncertainties and economic disruptions.
The Czech National Bank has notably reduced inflation from 18% to 2% since the pandemic, attributing its success to innovative economic indicators and enhanced communication strategies.
Former Bank of Japan Governor Masaaki Shirakawa raised concerns at the Summer Meetings regarding the potential destabilising effects of rigid inflation targets on financial stability.
The BIS proposal to expand non-bank access to real-time gross settlement systems (RTGS) aims to enhance cross-border payment efficiency, but raises concerns about increased financial risks.
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The European Central Bank explores the possibility of battery-powered smart cards to facilitate offline transactions for a digital euro, emphasising usability akin to cash with privacy safeguards.
The People's Bank of China announces plans to shift focus towards the seven-day repo rate, aligning its monetary policy framework more closely with other major economies.
Recent bank failures prompt calls for reassessment of crisis management strategies, focusing on capital, liquidity, and deposit insurance measures.
The Central Banking Awards in London honoured institutions and individuals for excellence in payments, market infrastructure, communications, reserve management, technology services and many more .?
Register now for the Central Banking Autumn Meetings 2024 to join your peers, and discover how central banks are leading through uncertainty.
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