Stablecoins: Policy, sovereignty and backstops
No jurisdiction can ignore stablecoins. They can be banned outright only in the most effectively authoritarian countries, or accommodated and even...
Opinion Pieces
The geopolitics of stablecoins
Stablecoins are private digital money pegged to a fiat currency, overwhelmingly the US dollar. Dollar stablecoins reinforce American monetary and...
Stablecoins are run-optimised instruments
Stablecoins are private digital money designed to trade at par with a fiat currency, usually the US dollar. This column argues that stablecoins are...
The paradox of perfect supervision
Each financial crisis brings more financial supervision, more models and larger buffers – but still fragility persists. The paradox of perfect...
How financial authorities best respond to AI challenges
Artificial intelligence is transforming finance faster than the authorities can adapt. This column argues that while AI enhances the financial system...
Of AI bubbles and crashes
Warnings of an AI stock market bubble abound. Should investors and policymakers be concerned? This column argues that innovation-driven bubbles can...
The surprising leadership effect accelerators have on startup employees
Entrepreneurship training programs across the world aim at boosting the success of startups. But even when startups fail, these programs bring...
How central banks can meet the financial stability challenges arising from artificial intelligence
The growing use of artificial intelligence (AI) poses difficult challenges for the financial authorities. AI allows private-sector firms to optimise...
Five systemic threats and what to do about them
Systemic financial risk has both internal and external drivers. So, when we focus too strongly on preventing internal crises, such as the 2008 Global...
Is the market about to sort?
The anti-ESG backlash could have an unexpected upside for European index fund managers.
Stewardship revisited
The Financial Reporting Council has got it about right with its revised UK Stewardship Code.
Artificial intelligence and stability
Financial institutions are rapidly embracing AI – but at what cost to financial stability? This column argues that AI introduces novel stability risks...
Who benefits from Russia’s war in Ukraine
While tens of millions of Europeans have suffered from Russia’s war in Ukraine, a few Russian businesspeople have gotten richer from it. This column...
The one-in-a-thousand-day problem
Financial crises usually inflict the most damage when banks suddenly shift from pursuing profits to survival. This column argues that such drastic...
Patterns in sanctions on Russian individuals
Russia’s invasion of Ukraine in early 2022 opened a new chapter in unilateral and multilateral sanctions: the imposition of financial and travel...
Net zero, lawyers, and fiduciary duty
A recent paper from the Net Zero Lawyers Alliance does little to resolve the underlying dilemmas for fiduciaries in relation to climate change.
