It is interesting how certain constitutions/rulebook restrict powers of the central government.
For instance in case of Canada, the Government does not have the authority to withdraw legal tender status of notes. Thus even some old notes issued since 1935 (when Bank of Canada started) which are barely in circulation remain legal tender. This is different from other countries where the Government can just withdraw legal tender of all possible banknotes.
Bank of Canada updates on this bit:
Interesting speech from Joachim Wuermeling of Bundesbank. It is nice when you read words like Continental Europe being used by central bankers.
He says post Brexit, things are difficult for both Europe and UK. London is poised to lose the several advantages it had pre-Brexit especially in the area of financial services where it was at numero uno position.
In this kind of a setting, can Europe build its own financial centre? History of financial centres suggests one can leapfrog over others:
Interesting paper by Matteo Accornero and Mirko Moscatelli of Bank of Italy. They analyse the impact of Twitterati on bank deposits:
We investigate the relationship between the rumours on Twitter regarding banks and deposits growth. The sentiment expressed in tweets is analysed and employed for the nowcasting of retail deposits. We show that a Twitter-based indicator of sentiment improves the predictions of a standard benchmark model of depositor discipline based on financial data. We further improve the power of the model introducing a Twitter-based indicator of perceived interconnection, that takes into account spillover effects across banks.
Need to figure the methodology of this research…
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