Subject: One ledger or eight: the design choice that will shape cross-border money

VIEWPOINT
TOP STORY
One ledger or eight: the design choice that will shape cross-border money
Two rival tokenised settlement networks have both expanded. The contest between them is not primarily about technology, and not yet about currencies. It is about who keeps the ledger, argues Marcello Minenna
  24 Jul 2026   |  Opinion
Governance
Institutionalising change: the challenge for Argentina
Martín Redrado sets out what is needed for a meaningful and resilient new ‘charter’ for the Central Bank of Argentina
22 Jul 2026   |  Opinion
Fintech
Tokenisation: making space for financial inclusion and consumer protection
Manoj Singh says potential benefits of tokenisation are being overlooked
03 Jul 2026   |  Opinion
Cyber
Myths and realities of AI hacking
New artificial intelligence models raise serious concerns about the future security of the international monetary system
17 Jun 2026   |  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
03 Jun 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
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
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

i

LinkedIn Apple Android X Facebook