Liquidity
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
Edna Villa on the BSP’s shift to a risk-return SAA
The Philippines’ reserves head speaks about the transition to an upgraded strategic asset allocation framework, a broadening of eligible assets, the internalisation of some investments, the upgrade of tech platforms and the role of gold as a strategic…
Reinventing reserve management: governance, risk and agility in a fragmented global financial system
Bank Indonesia’s new total‑portfolio approach tightens governance, risk controls and implementation speed in volatile global markets, writes reserves head Rahmatullah Sjamsudin
Battle of Trafalgar holds lessons on global liquidity – CEPR paper
Newly formed BdF struggled to cope with sudden loss of access to dominant currency
Dollar’s centrality in FX markets makes it more volatile – study
Greenback’s use as ‘vehicle currency’ makes it more sensitive to external shocks, economists say
Geopolitical shifts and the evolution of reserve management: adapting to a new reality
How great power rivalry affects central bank portfolios by the Central Bank of Brazil’s Ricardo da Costa Martinelli
Politics and finance threaten independence – Schnabel
ECB board member says fiscal woes and deregulation may make central banks’ jobs impossible
Book notes: Redefining the monetary standard in the digital age, by Livio Stracca
A comprehensive and readable account of what digitalisation could mean for monetary policy
Japan suspected to have intervened again after yen jumps
Experts say currency would not automatically lose free-floating status with further FX interventions
Trends in reserve management 2026: survey results
101 central banks, responsible for $9.5trn+ reserves, reveal exclusive data on FX interventions, if the US dollar is still seen as a safe-haven currency and approaches to investing in 20+ currencies
Asean+3 to prioritise digital cross-border payment co-operation
Group looking to open joint forum on tokenisation and stablecoins
The Fed’s six-trillion-dollar balance sheet question
Kevin Warsh’s drive to shrink the US central bank’s ledger is unlikely to be a simple task
BoE’s Bailey expects global consensus on FRTB internal models
UK is reviewing proposals from US and EU regulators before finalising its IMA rules
ECB holds and faces dilemma of whether to hike in June
Lagarde says direction is ‘clear’ as Iran conflict worsens outlook for inflation and growth
Podcast: The potential risks of the Genius Act
How the focus on issuers and reserve assets ignores the wider ecosystem
NBFI oversight ‘no longer adequate’, say BdF economists
Researchers call for stronger supervision of non-bank sector ‘before risks actually materialise’
Regulators must adapt to monitor AI risks in payments – paper
IMF authors point to tension between probabilistic agents and payment systems’ deterministic needs
BIS paper sounds alarm on gaps in crypto intermediary regulation
International co-operation a challenge as expanded activities risk contagion, authors say
BoE’s Breeden warns of potential private credit crunch
Deputy governor cautions investors not to regard wobbles as ‘idiosyncratic’
Lane says Blanchard’s Eurobond proposal is ‘feasible’
ECB’s chief economist calls for expanded supply of euro-denominated safe assets
PBoC leaves loan prime rates unchanged for eleventh month
Widely expected move comes after Pan reiterates ‘moderately loose’ policy stance