While announced as a temporary measure, the Bank of England’s purchases of long-dated gilts is another reminder of how central banks will struggle to reduce bloated balance sheets. Japan’s quantitative easing rumbles on, and the US and euro area are still at the nascent stage of addressing their central bank’s finances. QE globally has been no panacea, and the BoE has been quick to differentiate financial support from QE. Yet, by trying to suppress bond yields and signalling that money printing can be used to finance fiscal spending, it suggests fiscal considerations have in QE countries become a more potent force behind monetary decisions as rates rise. In the UK, ‘the kindness of strangers’ will increasingly hinge more on yield, currency and ratings considerations compared to Japan.
Is the UK a test case for others, what are the problems and where do we go from here? Neil Williams, chief economist, and Taylor Pearce, economist, OMFIF, discuss.
US dollar dominance: Is there no alternative?
Geopolitical risks: What’s at stake for investors?
Greece’s landmark debt restructuring – What happened and why it matters
The history of dollar dominance and weaponisation
Pre-validation: combatting fraud and minimising errors in payments
Analysing Romania’s landmark debut green bond
Why gender equality in financial institutions is macro-critical
Global public investor outlook 2024: Another ‘rollercoaster’ year?
Safeguarding the future: why organisations need ESG data
Next steps for the EU’s evolution in bond markets
Argentina's sovereign debt litigation disaster
Risk, policy and investment models for transition finance
Establishing a new framework for international climate finance
Navigating the new norm: the long-term outlook for inflation and implications for investors
Unlocking the benefits of smart contracts for retail CBDCs
The International Monetary Fund’s role in Ukraine’s economy and financing
Improving grant delivery and management for emergency responses
Enhancing retail government bond programmes to improve diversification
How European DMOs are embracing the return of retail investors
Investment needs for the energy transition
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