Central banks

Monetary policy transmission and non-bank financial intermediation

07/06/2026 European Central Bank Central banks

The growing importance of non‑bank financial intermediaries (NBFIs) also has important implications for the transmission of monetary policy in the euro area. It alters the composition of credit supply and strengthens the role of market‑based finance for the corporate sector. In the aggregate, NBFIs tend to amplify the transmission of monetary policy within the financial sector. In particular, intermediaries with uninsured short‑term funding amplify monetary transmission to credit.

Monetary policy transmission through the financial system to households

07/06/2026 European Central Bank Central banks

This Occasional Paper reviews evidence from the ChaMP Research Network on the transmission of monetary policy to households in the euro area – an area of monetary policy that has attracted less attention among researchers. It highlights thecentral role of banks and non-bank intermediaries in shaping how policy affects borrowing, saving and consumption.

Monetary policy transmission via banks to firms

07/06/2026 European Central Bank Central banks

This Occasional Paper reviews evidence from the ChaMP Research Network on the transmission of monetary policy to firms in the euro area. Overall, transmission to firms remains effective, including during the 2022-23 tightening cycle. However, new results show that this transmission is neither uniform nor mechanical. The pass-through from policy rates and other instruments to corporate financing conditions is shaped by multiple layers of heterogeneity that may, in some cases, have aggregate implications.

FEDS Paper: The Standards Are in the Mail: Comparing Credit Card Supply Indicators

07/02/2026 Federal Reserve Central banks

John C. Driscoll, Benjamin S. Kay, Geng Li, and Cindy M. VojtechWe provide the first lender-level analysis linking two independently constructed credit supply measures: the Federal Reserve's Senior Loan Officer Opinion Survey (SLOOS) and credit card mail offers from Mintel Comperemedia.

Minutes of the London FXJSC Main Committee Meeting – 26 March 2026

07/02/2026 Bank of England Central banks

The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

Minutes of the London FXJSC Legal Sub Committee Meeting – 17 March 2026

07/02/2026 Bank of England Central banks

The Bank of England provides the Secretariat to the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

Minutes of the London FXJSC Operations Sub-Committee Meeting – 18 March 2026

07/02/2026 Bank of England Central banks

The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

Statistical Notice 2026/06 - Form PL - updates to definitions

06/30/2026 Bank of England Central banks

Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder

FEDS Paper: Cyclical Fluctuations, Financial Frictions, and Productivity Differences across Firms

06/26/2026 Federal Reserve Central banks

Luca Guerrieri, Jinill Kim, and Arsenii MishinWithin narrowly defined industries, the most productive firms produce far more than the least productive from the same inputs, and this dispersion widens in downturns. We build a tractable representative-agent model in which financial frictions—adverse selection and moral hazard—make firms sort endogenously into lenders, strategic defaulters, and producers.

The Retail Payments Infrastructure Board launches consultation on the next generation UK payments infrastructure

06/25/2026 Bank of England Central banks

Today marks a major milestone in the modernisation of the UK's payments landscape, with the Retail Payments Infrastructure Board (RPIB) launching a consultation on the future design of the UK's next-generation retail payments infrastructure.

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