For well over a decade, governments in the developed countries have been borrowing at very low interest rates, sometimes even at negative rates. This is going to end, and probably for a long while.
In response to Russia’s invasion of Ukraine, the U.S. and other Western economies deployed a set of powerful financial weapons against Russia with remarkable speed.
Twenty years ago, the central banks of the euro area promoted the biggest currency changeover in history, reflecting a paramount decision towards greater economic integration of 12 democracies.
In 1935, the Bank of Canada was entrusted by our federal government to centralize the production of bank notes. As Canada’s newly established central bank, one of our first orders of business was to issue a single currency for...
The past decade has taught the central banking community the important lesson that negative shocks can happen more frequently, and the time between the shocks may not be long enough to let central banks regain policy space.
Digital transformation is taking place at a rapid pace, and its consequences for society and the economy are very much in evidence. Virtual meetings, instant messaging and online shopping have become part of our daily life.