Andrew Bailey reflects on the reforms made to the financial system since the 2008 financial crisis. He addresses the challenges these reforms face in an ever-changing world and says the regulatory system of the future must be constantly assessed and adapted as needed
Read more
Christine Lagarde states we can take comfort in having overcome a large inflation shock after the pandemic, and in how the economy has coped so far with an upheaval in trade relations, but warns we must remain alert to possible new shocks that may still lie ahead
Read more
Stress testing is vital for supervising the safety and soundness of the largest banks and preserving the stability of the financial system. Michael Barr has concerns over changes to the stress test system being considered by the Fed
Read more
The US willingness to weaponise trade makes clear that transatlantic economic relations have become entirely transactional. Luis Garicano argues that Europe must respond to US tariffs with economic strength: faster productivity growth, cheaper energy, a genuine continental market, and tech leadership
Read more
Innovation in money and payments is happening at pace. Sarah Breeden sets out her vision for a ‘multi-money’ system where different forms of money including traditional and tokenised commercial bank deposits, stablecoins and central bank money are freely exchangeable
Read more
Rule of law is not the enemy of autonomy; it is its foundation. Christine Lagarde says the EU can pursue its policy choices because they are framed by legal commitments that others recognise and respect
Read more
The US administration’s approach to financial markets mixes deregulatory policies with a range of other policies that are largely without precedent. Gary Gensler, Lev Menand and Joshua Younger catalogue the relevant policy shifts and consider how these shifts may impact financial stability, capital markets, and the global dollar system
Read more
The US economy has shown resilience in a context of sweeping changes in economic policy. Jerome Powell says inflation and the hiring slowdown are creating challenging conditions and that balance of risks is changing
Read more
The payment system is experiencing a technology-driven revolution. Christopher Waller outlines how the Fed is exploring the integration of emerging technologies such as tokens, smart contracts and AI into the payments system
Read more
US trade deficits will have to be reduced to prevent a crisis down the road. Vijay Joshi and David Vines argue that fiscal consolidation, in association with a weaker dollar, appears to be the right way for the US to improve its trade balance
Read more