What roles should the private sector and the Fed play in payments?
The Federal Reserve should play a minimal, supportive role in payments infrastructure, letting the private sector take the lead, Christopher Waller argues
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Finance
Quantum computing and the financial system
Quantum computers may have a profound impact on the financial system. Raphael Auer, Angela Dupont, Leonardo Gambacorta, Joon Suk Park, Koji Takahashi, and Andras Valko explore the transformative potential to the financial system, including the potential benefits as well as the main risks
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The one-in-a-thousand-day problem
Financial crises usually inflict the most damage when banks suddenly shift from pursuing profits to survival. Jon Danielsson argues that this can’t be regulated away
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Monetary policy in response to tariff shocks
Trump’s victory has re-ignited a debate over the macroeconomic effects of tariffs and the appropriate monetary policy response. Paul Bergin and Giancarlo Corsetti discuss the optimal monetary policy responses
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Fintech, AI, and the changing financial landscape
What is the end goal of the fintech revolution? Patrick Harker focuses upon the risks of artificial intelligence and machine learning to the financial system
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Taking stock and looking ahead
The macro-financial environment is changing profoundly. Frank Elderson reflects on the first decade of European banking supervision and looks at the path ahead
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Engaging with the machine
AI is being used for a wide and increasing range of applications in financial services. Sarah Breeden explores the novel features of Generative AI and how we can uphold financial stability whilst harnessing its potential benefits for economic growth
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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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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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