CB Opinion
Defending the basis
Benefits of additional Treasury liquidity may outweigh potential intervention costs during a hypothetical panic, writes Joseph Wang

Data sharing as a policy intervention
Increasing access to data represents another policy lever regulators can pull to achieve their objectives, writes David Bholat

Yes, Argentina can replace the peso with the US dollar
Steve Hanke and Matt Sekerke explain how dollarisation can succeed despite the BCRA’s limited reserves

Central banks must brace for another energy shock
Conflict between Israel and Hamas adds to the risk of inflation and recession, says Paul Mortimer-Lee
FedNow – at last
The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch
Demand for cash under uncertainty: a global update
Antti Heinonen explores data showing surges in cash demand during periods of uncertainty
A league table for central bank hawkishness
Steve Kamin runs the numbers to assess which central banks have raised rates most aggressively
Stress-testing the banking system: what lies ahead?
Pedro Duarte Neves says stress tests must evolve to capture systemic, liquidity and cyber risks
Will the use of CBDCs improve cross-border payments?
International trials using CBDCs highlight significant architectural and practical challenges, writes Warren Coats
Data privacy and protection: non-negotiable supervisory equations
Manoj Singh says data protection is essential to modern finance, but throws up myriad supervisory challenges
Global growth is stalling: what must be done?
Jagjit Chadha says leaders are failing to make a serious attempt to tackle deepening global problems
A letter to Andrew Bailey
Jagjit Chadha warns the Bank of England governor not to let markets take control
Deposit insurance: what lies ahead?
Proposals to redesign deposit insurance may be neglecting the market’s role, says Manoj Singh
Legislation is needed for future-reliable cash infrastructure
Dutch finance ministry’s recognition of cash’s “very important” role is a welcome step, says Martina Horakova
Another financial crisis hiding in plain sight
Steve Kamin analyses how the risks that sank SVB were plain enough to those who looked for them
Decentralised finance is here to stay
Whatever happens to cryptocurrencies, tokenisation is the future
Banknote themes in motion
Antti Heinonen asks whether the world is about to witness a revolution in banknote images
It is time to rethink the balance of monetary and fiscal policy
Jagjit Chadha says the current moment calls for subtle policy engineering
Why central banks shouldn’t ignore stablecoins
Rapid growth of stablecoins could impair monetary policy transmission
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
US inflation: it’s mainly global
Steve Kamin analyses the pre-existing conditions that impacted inflation in the US and elsewhere
Corporate debt is a growing threat to financial stability
Policy-makers need to take action as tighter financial conditions risk tipping firms into distress