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 03 Jun 2026   |  Opinion

Financial Stability For collateral, can TINA become TIA? US Treasuries’ dominance as collateral in repo and derivatives is no longer set in stone, argues economist 27 Mar 2026   |  Opinion

Banknotes The role of high-denomination banknotes High-value notes are an important store of value and remain in demand during crises, says Antti Heinonen 10 Apr 2026   |  Opinion

International Supply-side shock stuns central banks The partial closure of the Strait of Hormuz raises fresh challenges for central bank policy-makers 31 Mar 2026   |  Opinion

Unconventional monetary policy YCC, carry trades and the changing role of the yen Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials 26 Mar 2026   |  Opinion

Financial Stability Repeat of past mistakes fuels risk of new crisis Jesper Berg and Hans Geeroms argue that bank lobbying has succeeded in securing a dangerous softening of rules 13 Feb 2026   |  Opinion

Financial market infrastructure AI and tokenised finance are reshaping financial trust Amro’s CEO Yasuto Watanabe argues that sustained policy attention is needed to ensure the foundation of trust remains resilient amid financial transformation 26 Jan 2026   |  Opinion

Digital currencies CBDC or tokenised reserves? Sayuri Shirai explains why central banks are taking different paths towards the same goal 19 Jan 2026   |  Opinion

Monetary Policy Time to make doves cry Jagjit Chadha warns of the perils of discretion as UK inflation is not securely converging on the target 15 Dec 2025   |  Opinion