The shape of things to come
Jon Cunliffe looks at four areas where the tokenisation of money is now being explored, examining the BoE’s work to ensure these new forms of money are robust and uniform
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Finance
Are cryptoassets a threat to financial stability?
Cryptoassets and markets are a relatively recent innovation in finance. Claudia Buch says there is a need to monitor and take preventive action against risks in these markets
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Climate regulation and financial risk
Berg et al argue that it would be welfare-enhancing if policy changes were to follow a predictable longer-term path, and suggest a role for financial regulation in the transition
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Bringing European public goods to the centre of the policy debate
Marco Buti, Alessandro Coloccia and Marcello Messori argue that a well-functioning economic union needs a permanent central fiscal capacity
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Trade fragmentation matters for bank credit supply
Claudia Buch, Linda Goldberg and Björn Imbierowicz discuss new evidence from the International Banking Research Network on how trade uncertainty can be amplified through the supply of credit
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Central Bank independence and the mandate—evolving views
Jerome Powell makes a strong case for limited independence within a democratic framework, warning against a Central Bank widening its remit and scope too far
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The innovation imperative: modernizing traditional banking
Michelle Bowman discusses innovation in the US financial system, the emerging trends that are shaping the industry, and the influence of regulatory approach on this evolution
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Time to step up policy coordination in the euro area
The euro area economy has shown impressive resilience. Nevertheless, Reinhard Felke and Nicolas Philiponnet argue that policymakers should sustain vigilance and action
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Will a digital pound be needed by the end of this decade?
Jon Cunliffe discusses why a digital pound is needed, what the model could look like and how the digital pound may sit within the digital payments landscape
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If it doesn’t trade, is it really marketable debt?
Rebecca Christie says Europe’s bond markets are essential infrastructure, just like the power grid
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