The cause of economic stagnation
Economic growth depends on free market policies. Patrick Minford argues that the UK’s economic stagnation is not caused by Brexit but by damaging government policies
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REGULATION
Reviewing financial regulation or supervision of financial institutions that is aimed at maintaining the stability and integrity of the financial system
Talking ’bout next generation
The international and technological frontier for retail payments is advancing. Sarah Breeden sets out how the Bank of England is leading the design of the UK’s next generation retail payments infrastructure, while also supporting private sector innovation in the interim
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Central bank digital currency and monetary sovereignty
Calls for a digital euro increasingly invoke monetary sovereignty. Lucrezia Reichlin argues that an effective defence of monetary sovereignty will continue to depend on regulation, fiscal capacity, and the ECB’s willingness to absorb risk when it matters
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Modernizing supervision and regulation: 2025 and the path ahead
Regulators must foster a financial system that allows each bank to thrive and support a vibrant economy and financial system. Michelle Bowman discusses banking regulations, emphasising the importance of regulatory tailoring and the promotion of innovation
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The EU fiscal framework undermines innovation and security
EU member states may now exceed deficit limits if the borrowing finances defence. Paolo Surico proposes exempting innovation-related expenditure, rather than procurement, to raise long-run growth while maintaining fiscal responsibility and strategic autonomy
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Artificial intelligence and systemic risk
AI offers substantial benefits to society. Stephen Cecchetti, Robin Lumsdaine, Tuomas Peltonen and Antonio Sánchez Serrano discuss significant concerns regarding risks to the financial system and propose a mix of competition and consumer protection policies address these vulnerabilities
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Promoting innovation while guarding against financial stability risks
The financial landscape is evolving rapidly. Randy Kroszner sets out a ‘practical guide’ for promoting innovation and supporting growth in the economy, while maintaining financial stability
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The paradox of perfect supervision
Each financial crisis brings more financial supervision, more models and larger buffers – but still fragility persists. Jon Danielsson argues that resilience should be the organising principle of supervision, rooted in the basic idea that has long governed finance itself: diversification
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Nations must strengthen digital rails to secure financial sovereignty
Governments globally have been ramping up initiatives to modernize their digital payment and financial systems. S Yash Kalash writes that nations must guard, strengthen digital rails to secure financial sovereignty
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How financial authorities should tackle AI challenges
AI is transforming finance faster than the authorities can adapt. Jon Danielsson argues that while AI enhances the financial system’s efficiency, it also poses new, poorly understood risks, and ineffective supervision will mean a higher risk of financial crisis
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