Opinion
Stress-testing Brazil’s credit co-operative safety net
Rapid growth in credit co-operatives has made a public test of FGCoop’s liquidity, replenishment and resolution capacity necessary, argues Gustavo Pessoa
The Fed enters a new epoch
Chair Kevin Warsh takes his first steps to transform the US central bank
The ECB’s geopolitical stress test needs a price
Only a market can say how much it should cost to insure against losses from a geopolitical risk event, and none exists, argues academic
The implications of AI on monetary policy
AI advances represent a demand pressure today and a potential positive supply shock tomorrow, argues the National Bank of Romania’s Leonardo Badea
Tim Young on why UK is on edge of a fiscal crisis
In his final op-ed, the ‘rebel economist’, who passed away earlier this month, outlines the challenges Andy Burnham and the BoE will have to deal with
Reconsidering the role of money in monetary policy
Euro policy architect Otmar Issing argues that central banks must improve their flawed inflation targeting frameworks
Implications of the 2026 Middle East war
Gavin Bingham, Paul Fisher and Andrew Large detail the monetary policy, financial stability and international co-operation challenges for central banks
One ledger or eight: the design choice that will shape cross-border money
Two rival tokenised settlement networks have both expanded – mBridge into Macau and Mongolia, Agorá to Canada. The contest between them is not primarily about technology, and not yet about currencies. It is about who keeps the ledger, argues Marcello…
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
Have regulators gone soft on enforcement? (And should we care?)
US agencies are scaling back punishments for technical rule breaches, raising concerns that small but crucial risks may be ignored
Tokenisation: making space for financial inclusion and consumer protection
Manoj Singh says potential benefits of tokenisation are being overlooked
EUR vs USD stablecoins is the wrong debate
Market structure and regulatory cohesion is at the centre of the stablecoin liquidity evolution, says Flow Traders’ digital assets head
Myths and realities of AI hacking
New artificial intelligence models raise serious concerns about the future security of the international monetary system
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 role of high-denomination banknotes
High-value notes are an important store of value and remain in demand during crises
Supply-side shock stuns central banks
The partial closure of the Strait of Hormuz raises fresh challenges for central bank policy-makers
For collateral, can TINA become TIA?
US Treasuries’ dominance as collateral in repo and derivatives is no longer set in stone, argues economist
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
Dancing between raindrops: tackling an Iran-related supply shock
Comms will be critical as central banks face yet another global shock, says Jagjit Chadha
Why Trump’s latest Truth should make TradFi twitchy
Wall Street is becoming the villain in US president’s crypto movie
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