In need of further thinking
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
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Finance
Hungary’s new beginning
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
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Can US banks have it all?
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
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Preparing Europe for digital finance
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
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Nature in decline, economy on the line
Nature is the economy’s life support system, and it is under strain. Frank Elderson calls for stronger global cooperation to tackle nature related financial risks
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The cause of economic stagnation
Economic growth depends on free market policies. Patrick Minford argues that the UK’s economic stagnation is not caused by Brexit but by damaging government policies
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What will AI mean for the labour market?
AI looks increasing likely to become what technologists call a general-purpose technology. Michael Barr discusses the rapid evolution of AI and the potential impact of generative AI on the labour market and the economy
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Europe and monetary sovereignty
Europe must not take its monetary sovereignty for granted in a world undergoing geopolitical and technological changes, says Piero Cipollone. Reducing excessive dependencies in payments and finance is key for resilience, competitiveness and economic security
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Measure, model, tackle, tailor
Climate and transition shocks increasingly shape the macroeconomic outlook and financial risks. James Talbot sets out the Bank of England’s approach to assessing and managing climate impacts across its core objectives
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The world today
The global economy has shown resilience despite heightened uncertainty, supply side shocks, and geopolitical risks, but downside risks remain significant. Andrew Bailey says that sustaining growth and financial stability will require innovation, openness, international cooperation, and strong global institutions
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