Is the market about to sort?
The anti-ESG backlash could have an unexpected upside for European index fund managers.
Opinion Pieces
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.
Credibility, trust, and perception of authorities’ performance
The credibility of an institution is, almost, synonymous with how well it is trusted. This column uses survey data to examine how trust in various...
How the financial authorities can respond to AI threats to financial stability
Artificial intelligence can act to either stabilise the financial system or to increase the frequency and severity of financial crises. This second...
AI financial crises
The rapid adoption of artificial intelligence is transforming the financial industry. This first of a two-column series argues that AI may either...
Why so many crises happen when we know why they happen and how to prevent them
Financial crises are not complicated, and many claim to know why they happen and how to prevent them. Why then do they happen with such alarming...
Reducing bureaucratic hassle in Ukraine
A reform removing the need for businesses to use a company seal when dealing with government agencies means ‘signed, sealed and delivered’ has become...
The continuing financial fragility of banks
Banks remain fragile, which could be reduced if they held more equity and less debt. Bankers, however, fear this could affect their compensation...
How a regulated utility innovates without breaking things
Safety and stability are essential for public utilities. But they face pressure to innovate to keep up with technological innovation, environmental...
How the financial authorities can take advantage of artificial intelligence
Artificial intelligence will both be of considerable help to the financial authorities and bring new challenges. This column argues the authorities...
When risk models hallucinate
Risk model hallucination happens when models are forced to forecast the likelihood of extreme events in cases where they have not been trained with...
