Fighting inflation fairly and effectively
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
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CAPITAL MARKETS
Analysing events such as the COVID pandemic that have created financial instability to banking and capital markets
The real effects of trade financing by export credit agencies
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 shutdown of the Export–Import Bank of the US (EXIM) from 2015—2019 on firm outcomes
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The first 25 years of the euro: a bird’s-eye view
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
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Beyond money: the euro’s role in Europe’s strategic future
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 infrastructure
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Non-bank risks, financial stability and the role of private credit
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 particular private credit markets fit within it
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The path forward for bank capital reform
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 tailoring
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Tax incidence and deposit relocation risks
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 area
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Unremunerated reserves in the Eurosystem: heads I win, tails you lose
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
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Artificial intelligence and financial stability
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
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Strengthening requirements to make banks safe
The financial system remains fragile. Stephen Cecchetti and Kermit Schoenholtz recommend strengthening capital and liquidity requirements, modifying accounting standards, and improving stress tests
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