Opinion/Financial Stability
The next financial crisis may start outside the banks
The warning signs are multiplying and the window for preventive action is narrowing, writes Stijn Claessens
The life insurance industry’s transformation: financial stability implications
Gaston Gelos and Frank Packer examine an industry that is increasingly complex and interconnected
A not-so-stable Genius Act?
New stablecoin rules raise monetary sovereignty and financial stability concerns
Bailey, the IMF and the fundamental asymmetry problem
The IMF must address sovereign asymmetry and transform surveillance into a tool for mutual accountability, argues Biagio Bossone
The foundations of sovereign finance are quietly evolving
Digital settlement infrastructure is taking shape. Now SSA issuers must decide how, not whether, to participate, argues Domenico Nardelli
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
Key lessons from 15 years of macro-prudential policy
Pedro Duarte Neves reviews how macro-prudential tools can be used for maximum effect
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Liquidity risk: finding the right balance amid growing challenges
2023 banking turmoil is leading to a rethink of liquidity requirements, writes Manoj Singh
Central banking amid uncertainty and Trump 2.0
Deglobalisation set to challenge the central banking orthodoxy of the past 40 years
Climate stress tests are cold comfort for banks
Flaws in regulators’ methodology for gauging financial impact of climate change undermine transition efforts, argues modelling expert
Running the numbers on Barr’s Basel III endgame revisions
Fed vice-chair’s plan to ease capital requirements for big banks still lacks critical details
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons
Artificial intelligence: key questions for financial supervisors
Manoj Singh outlines what supervisors need to be asking as they learn to interrogate machines
Getting Chiang Mai right
Asia’s emergency infrastructure is on the right track, but there is still room for improvement
A new climate of change
Central banks are warming up to address climate risks just as US interest cools
Central banks, FMIs and the ‘green’ agenda
Collective efforts are needed to transform the environmental footprint of payment networks, writes Biagio Bossone
Europe’s half-baked benchmark switch leaves some dissatisfied
Users frustrated by narrow scope of euro transition, but replacing Euribor was never a euro group objective
Regulating data use: implications of data sitting in the middle
Regulators need to take action to ease tensions created by the growing use of data, says Manoj Singh
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains