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
Read more
Finance
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more