Liquidity
More NBFI liquidity data could aid financial stability – ECB study
Research recommends active margin call monitoring for non-banks
Hong Kong’s FX interventions came at right time, say economists
Experts believe the resulting fall in interest rates has provided welcome stimulus
Former OCC chief on the sting of peeling the Basel III ‘onion’
Michael Hsu warns successors not to cut bank capital or neglect rate risks that destroyed SVB
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Central banks explore migration to quantum-proof financial system
BIS partners with monetary authorities in initiative aimed at protecting data and transactions
Most supervisors monitor banks’ exposure to non-banks
But majority do not apply Pillar 2 requirements specific to non-bank exposures
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Book notes: The young Fed, by Mark Carlson
A thoughtful book on an important topic and a less widely studied period of US financial history from which every central bank economist could learn
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
FSB warns of liquidity stress in CRE markets
Opaque valuation and high leverage among vulnerabilities in $12 trillion property sector
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants lenders to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
Credit lines help firms absorb tariff shocks – BIS bulletin
Banks can stabilise economy during crises by offering on-demand liquidity, researchers say
High profits to cushion against bank losses – Danish central bank
Lenders in good position to deal with tariff turmoil, says National Bank of Denmark
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
Bank Indonesia to inject $4.8bn into country’s economy
Cut to liquidity buffer amid slowing growth aims to give banks greater flexibility in managing funds
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Pension funds hesitate over BoE’s buy-side repo facility
Reduced leveraged and documentation ‘faff’ curb appetite for central bank’s gilt liquidity lifeline
US Basel equivalence questioned as EU patience wears thin
MEPs say unfaithful US implementation of Basel III could trigger review of access to EU markets
SNB introduces new liquidity provision framework
Reformed facility will be less “emergency” in nature and accept broader pool of collateral
BoE plans to link system-wide and individual stress tests
Meanwhile, ECB wants to broaden system-wide stress models to include central counterparties
Rate hikes and financial stability can coexist – IMF panel
Policy-makers can ease lenders’ stress with short-term liquidity when tightening policy, say speakers