Yellen’s Treasury to-do list, Power and globalisation at the Bank of England, and more
THE WEEKEND REVIEW – OMFIF
Latest opinion and analysis from OMFIF around the world
23-27 November 2020, Vol.11 Ed.46
Five key tasks for Yellen at the Treasury: President-elect Joe Biden is set to nominate Janet Yellen as Treasury secretary – the 78th in US history and the first woman. Given her strong economic credentials and tenure as chair of the Federal Reserve, she is extraordinarily well qualified. Mark Sobel, US chairman of OMFIF, takes a close look at Yellen’s to-do list. It includes Covid-19, climate change, China, reasserting Treasury primacy over exchange rate policy, and the role of the US on the international stage. Welcome to 15th Street, Madam Secretary. Read more.
| CommentaryPower and globalisation at the Bank of England: At the launch of Harold James’ Making a Modern Central Bank, leading policy-makers from the UK, US and Europe examined the Bank of England’s restructuring and operational independence in 1979-2003 – and the consequences for today. The message was: the toughest tests are still to come, write David Marsh and Ellie Groves. Read more and watch the recording.ReportEnabling financial inclusion in APAC through the cloud: In an OMFIF survey of central banks and financial regulators, 73% of respondents identified financial inclusion as an explicit target for their institution. Cloud computing could provide the impetus which has so far been lacking. It can support more accessible, cost-effective and flexible delivery of digital financial services. Download the report. |
| MeetingThe future of payments: Policy-makers are more aware than ever of the need for more efficient digital payments systems. There have been notable innovations in electronic payments and interest in central bank digital currency is growing. For the launch of the OMFIF Digital Monetary Institute report on the future of payments, a panel discusses the challenges ahead for public-private partnerships. Read more.CommentaryModern monetary theory would produce chaos: Modern monetary theory sets down that central banks will print all the money governments need. But it is an illusion. In principle an independent central bank can end the purchase of government bonds any time. But with increasing public debt, the consequences of rising interest rates on public finances would be dramatic, writes Otmar Issing. Read more. |
