Christopher Waller emphasises the need for the Federal Reserve to modernise its operations to adapt to a changing world. This includes reducing costs, effectively managing risk, and delivering value to the American taxpayer

The global asset management industry is simultaneously growing and consolidating. Dirk Schoenmaker argues that US firms’ rise in EU asset management may weaken sustainable finance, making tougher stewardship, ESMA supervision and autonomy urgent

Andrew Bailey argues that modern central bank independence is well-defined for monetary policy but incomplete, and highlights the challenges for a central bank’s financial stability mandate

The long-awaited change of government gives Hungary an opportunity to tackle tough economic and social challenges while re-aligning with Europe. Zsolt Darvas considers what tight fiscal constraints will mean for Hungary’s priorities

Uuriintuya Batsaikhan discusses the outline plan to reduce stigma associated with short-term borrowing from the Federal Reserve, and argues that the reform package may be doing banks too many favours, and risks amplifying liquidity risk, potentially threatening more bank failures

A new phase of digital finance is taking shape, says Piero Cipollone. The ECB aims to achieve an integrated European market for digital assets, with safe central bank money as the backbone of the system