Net zero and financial stability
Dirk Schoenmaker and Hesse McKechnie argue that central banks should take a macro approach to managing system-wide risks stemming from the climate transition to net zero
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Finance
Cefi or defi: substitutes or complements?
Christopher Waller discusses the roles of centralized and decentralized finance, and whether they are substitutes or complementary to each other
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Towards a digital CMU
Piero Cipollone argues that recent advancements in digital technology offer an opportunity to create an integrated European capital market for digital assets
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Sustainable finance: from ‘eureka!’ to action
Climate and nature-related risks are significant financial risks. Frank Elderson argues that they therefore fall within the respective mandates of central banks and supervisors – to preserve price stability and ensure the safety and soundness of banks
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Bridging the gap
Innovation, investment and integration. Luis de Guindos discusses the revival of productivity growth in the euro area – a critical challenge that demands urgent attention and collective action
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The end of ‘enjoy now, pay later’
Concerns over government debt have been on the rise. Martin Larch provides a brief history of government debt in the EU and draws attention to some important issues that are normally kept in the background
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Setbacks and strides forward
The global economy is facing rifts comparable to the pressures that resulted in ‘economic nationalism, a collapse in global trade and the Great Depression of the 1920s, Christine Lagarde warns
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Reflecting on recent times
Policymakers’ responses to global events have laid bare the challenges and trade-offs inherent in addressing monetary policy and financial stability shocks. Andrew Bailey discusses what lessons can be learnt
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Pandemic-related economic distortions are fading
Jerome Powell addresses the current economic situation and the path ahead for monetary policy, discussing economic events since the pandemic and exploring why inflation rose to levels not seen in a generation
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A capital markets solution for private companies
Cees Vermaas explains how public markets are underserving many companies, and how the growing private company economy needs an efficient and cost-effective solution for share trading
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