Changes to the Eurosystem collateral framework to foster greater harmonisation

02/13/2025 European Central Bank Central banks

The collateral framework for Eurosystem credit operations contributes to an effective, robust, flexible and efficient implementation of the ECB’s monetary policy. The framework has evolved over time, primarily in response to economic and financial market developments, supporting bank lending and the provision of liquidity. Recent Governing Council decisions will increase the harmonisation of the framework, while simultaneously preserving a broad collateral basis.

From press conferences to speeches: the impact of the ECB’s monetary policy communication

02/13/2025 European Central Bank Central banks

Monetary policy communication is important for managing policy expectations and enhancing the effectiveness of central bank policy decisions. The prevalence of topics in the ECB’s communication has shifted over time with the focus of its work: from the creation and introduction of the euro to addressing financial crises with new policy instruments, and more recently, to tackling the effects of the 2021-22 inflation surges.

FEDS Paper: Heraclius: A Byzantine Fault Tolerant Database System with Potential for Modern Payments Systems

02/12/2025 Federal Reserve Central banks

James Lovejoy, Tarakaram Gollamudi, Jeremy Kassis, Narayanan Pillai, Jeremy Brotherton, and Eric ThompsonModern payments systems are critical infrastructure for the US and global economy, and they all utilize computing systems to facilitate transactions. These computing systems can be vulnerable to failures and an outage of a payment system could cause a serious ripple effect throughout the economy it supports.

FEDS Paper: Research in Commotion: Measuring AI Research and Development through Conference Call Transcripts

02/12/2025 Federal Reserve Central banks

Paul E. SotoThis paper introduces a novel measure of firm-level Artificial Intelligence (AI) Research & Development—the AIR Index—derived from the semantic similarity between earnings conference call transcripts and leading AI research papers. The AIR Index varies widely across industries, with sustained strength in computer and electronic manufacturing, and accelerating growth in computing infrastructure and educational services seen after the introduction of ChatGPT in November 2022.

IFDP Paper: Geopolitics Meets Monetary Policy: Decoding Their Impact on Cross-Border Bank Lending

02/12/2025 Federal Reserve Central banks

Swapan-Kumar Pradhan, Viktors Stebunovs, Előd Takáts, and Judit TemesvaryWe use bilateral cross-border bank claims by nationality to assess the effects of geopolitics on cross-border bank flows. We show that a rise in geopolitical tensions between countries — disagreements in UN voting, broad sanctions, or sentiments captured by geopolitical risk indices — significantly dampens cross-border bank lending.

‘Multiple red flags’: ASIC’s court case against Star executives shows the risks of complacency

02/12/2025 The Conversation News & Comments

This week the corporate regulator is taking on executives and directors of Star Entertainment in the Federal Court, in a landmark case for Australian corporate governance.

ASIC will allege that despite multiple red flags that should have prompted internal investigation, directors at Star sat on their hands while accepting the considerable perks of the office.

Pages

Subscribe to Front page feed