Capital markets

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

Europe needs to refocus efforts on a capital markets union. Rather than the current piecemeal approach, Christine Lagarde argues that there are three key issues to tackle

The EU has large investment needs to meet its key priorities. Kalin Anev Janse and Roel Beetsma argue that a first step would be to use existing resources to finance European public goods that benefit...

Digitalisation has had and will continue to have a fundamental impact on the global economy. Cecilia Skingsley explains why central banks care about change and innovation and why that matters to us al...

Christopher Waller discusses the roles of centralized and decentralized finance, and whether they are substitutes or complementary to each other

Piero Cipollone argues that recent advancements in digital technology offer an opportunity to create an integrated European capital market for digital assets

Cees Vermaas explains how public markets are underserving many companies, and how the growing private company economy needs an efficient and cost-effective solution for share trading

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...

The financial sector is a key enabler for the realisation of high growth with inclusiveness during the next decade and beyond. Shaktikanta Das discusses current issues in the Indian banking and financial...

Financial integration and financial stability are key to ensuring a resilient and prosperous future for Europe. Luis de Guindos discusses the pivotal issues shaping the financial landscape of the EU

The Basel III ‘endgame’ standards are to be implemented. Michelle Bowman considers the potential consequences of bank capital reform measures, both in the United States and around the world

Central banks have engaged in large-scale asset purchase programmes, significantly increasing the size of their balance sheets. Stephen Cecchetti and Jens Hilscher consider the implications

In their fight against inflation, central banks have raised interest rates. Paul De Grauwe and Yuemei Ji examine the new operating procedures of the Bank of England and the subsidies to the banking se...

Jean-Baptiste Gossé and Camille Jehle argue that stock market investors’ could benefit from the facilitation of crossborder investment and from the development of stock markets, especially in Central and...

Jon Danielsson argues that failures in regulation is a key reason for financial crises, and proposes that the financial authorities instead adopt diversification to build a more resilient financial sy...

The dollar is by far the dominant currency. Christopher Waller does not expect to see the US dollar lose its status as the world’s reserve currency anytime soon

A two-tier system of reserve requirements is needed to reduce the size of transfers to banks. Paul De Grauwe and Yuemei Ji answer their critics

Trade finance subsidies, usually provided by export credit agencies, are the predominant tool of industrial policy. Poorya Kabir, Adrien Matray, Karsten Müller and Chenzi Xu discuss the effect of the effective...

At 25 the euro area has shown extraordinary resilience. Marco Buti and Giancarlo Corsetti articulate a set of reforms to complete the euro area architecture

To ensure the euro’s role in Europe’s future Fabio Panetta argues that we need effective macroeconomic stability, a fully-fledged banking and capital market union, and a dynamic payments and market in...

Over recent years private credit has become an important source of funding for some corporates. Lee Foulger sets out the FPC’s approach to assessing financial stability risks, and where non-banks and in...

Michelle Bowman considers the proposed Basel III reforms, and sees a path forward if the proposal was revised to address its two greatest shortcomings: over-calibration and a lack of regulatory tailor...

Unremunerated reserves in the Eurosystem. Robert McCauley and Julien Pinter argue that imposing unremunerated reserves on euro area banks would likely push bank intermediation offshore out of the euro...

Unremunerated reserves in the Eurosystem. Robert McCauley and Julien Pinter argue that turning huge remunerated excess bank reserves into zero-yielding required reserves is a tax on banks

The use of artificial intelligence is accelerating. Jon Danielsson argues that although AI will bring considerable benefits, it also raises new challenges and can even destabilise the financial system

The financial system remains fragile. Stephen Cecchetti and Kermit Schoenholtz recommend strengthening capital and liquidity requirements, modifying accounting standards, and improving stress tests

Streamlining of the company listing process is welcome, but more fundamental reform is needed to revive the EU’s flagging equity markets, Alexander Lehmann discusses

Francesco Papadia says regaining price stability is difficult but doable, but the bigger problem facing central banks is economic uncertainty, not managing the trilemma

Anat Admati, Martin Hellwig and Richard Portes argue that US authorities should acknowledge the evident banking crisis and suggests reforms to address the underlying solvency problems

The Commission’s Crisis Management and Deposit Insurance proposal has the potential to improve bank resolution in the European Union, Mathias Dewatripont, Peter Praet and André Sapir suggest

The US and Swiss bank collapses show the importance of strong capital and liquidity positions and should signal to the EU the benefits of closer adherence to Basel III, Nicolas Véron believes

Alexander Lehmann says investors need tools to evaluate whether climate transition plans are credible

China’s leadership has made financial risk a core priority. Martin Chorzempa and Nicolas Véron discuss the regulatory reforms

Willem Buiter, Stephen Cecchetti, Kathryn Dominguez and Antonio Sánchez Serrano summarise central bank policy frameworks used when stabilising financial markets

Tilman Bletzinger, William Greif and Bernd Schwaab evaluate the prospects of EU-issued bonds for becoming a supranational euro-denominated safe asset

Isabel Schnabel argues that unprecedented investments are needed in technical innovations and renewable energy to protect our planet

Alex Edmans argues that ESG shouldn’t be put on a pedestal compared to other intangible assets that affect both financial and social value

Don’t look only to Brussels to increase the supply of safe assets in the European Union, Francesco Papadia and Heliodoro Temprano Arroyo argue

Rebecca Christie says Europe’s bond markets are essential infrastructure, just like the power grid

High-quality, reliable, and comparable gauges are lacking. Charlotte Gardes-Landolfini and Fabio Natalucci on how to close the data deficit

The crypto markets are in turmoil. Karel Lannoo believes the proposed regulatory framework is not the right remedy

Jon Cunliffe discusses the impact that crypto technologies could have on post-trading infrastructure

To accelerate the low-carbon transition in capital markets investors need trustworthy sustainability data. Alexander Lehmann says regulators should remain alert to misconduct in capital markets

René Karsenti and Apostolos Thomadakis argue that financing the energy transition requires a comprehensive shift in how the financial system works

Alexander Lehmann says the proposed EU green bond standard will be less prone to ‘greenwashing’, and the widest possible set of issuers and jurisdictions should be encouraged to use the standard

Rebecca Christie considers special-purpose acquisition vehicles, and believes they could fill a gap in European equity markets and lure risk-averse investors off the sidelines

Christine Lagarde considers the European Union’s transition towards a sustainable economy that will be backed by the growth of sustainable finance

Andrew Bailey looks at the benefits of a global financial system and talks about the UK’s current and future role in it. He argues that these benefits are global, not regional in nature. So global cooperation...

The phase of greatest Brexit-related uncertainty for the European financial sector ended on 1 January. Nicolas Véron believes it is increasingly apparent that London will be less dominant than before

The ECB will contribute within its mandate to tackling climate change, acting in tandem with those responsible for climate policy, says Christine Lagarde

The EU needs a liquid market in bonds to fund the recovery programme. Alexander Lehmann argues green bonds would complicate matters

COVID-19 has exacerbated a challenging financial situation. Cosmina Amariei says it is paramount to strengthen the EU policy framework for retail investors

The last decade has seen a continued accumulation of debt. Charles Goodhart, Tatjana Schulze and Dimitri Tsomocos argue that the fundamental issue of the effects of ‘low for longer’ on the resilience of...

Alexander Lehman and Mark Plant discuss low-carbon transition challenges and consider the EU agenda for coordinating with emerging markets

Luis de Guindos, Fabio Panetta and Isabel Schnabel outline priority areas for reform to foster European capital markets