Stablecoins have emerged as a major innovation with broad implications for payments and international finance. Richard Portes explores the risks such stablecoins pose to financial stability and measures that could contain these risks

Andrew Bailey reflects on the reforms made to the financial system since the 2008 financial crisis. He addresses the challenges these reforms face in an ever-changing world and says the regulatory system of the future must be constantly assessed and adapted as needed

Christine Lagarde states we can take comfort in having overcome a large inflation shock after the pandemic, and in how the economy has coped so far with an upheaval in trade relations, but warns we must remain alert to possible new shocks that may still lie ahead

Stress testing is vital for supervising the safety and soundness of the largest banks and preserving the stability of the financial system. Michael Barr has concerns over changes to the stress test system being considered by the Fed

The US willingness to weaponise trade makes clear that transatlantic economic relations have become entirely transactional. Luis Garicano argues that Europe must respond to US tariffs with economic strength: faster productivity growth, cheaper energy, a genuine continental market, and tech leadership

Innovation in money and payments is happening at pace. Sarah Breeden sets out her vision for a ‘multi-money’ system where different forms of money including traditional and tokenised commercial bank deposits, stablecoins and central bank money are freely exchangeable