Central Bank Monitoring

Central Bank Monitoring provides a quarterly overview of the latest monetary policy developments, strategies and communications at eleven central banks, including the CNB. Each issue features a Spotlight section covering a current topic and a selected speech given by a prominent foreign central banker. The selected banks are the US Federal Reserve System, the European Central Bank, the Bank of England, the Reserve Bank of New Zealand, Norges Bank in Norway, Schweizerische Nationalbank in Switzerland, the Bank of Canada, Sveriges Riksbank in Sweden, Magyar Nemzeti Bank in Hungary and Narodowy Bank Polski in Poland.

CBM
March 2024
Most central banks kept their rates unchanged at their recent meetings, while MNB and CNB lowered them. The Fed announced the discontinuation of the liquidity support programme in the banking sector introduced one year ago. Spotlight focuses on Danish monetary policy and the specificities of its approach with currency pegged to the euro and the ERM II membership, while Denmark has negotiated a permanent opt-out from the euro adoption. In our Selected Speech, BoC Governor Tiff Macklem discusses what monetary policy is capable of and what we should not expect from it. Details (pdf, 590 kB).