CENTRAL BANK VIEWS

Andrew Bailey reflects on the role that public institutions have played over the last eighty years. As these institutions continue to face challenge to their legitimacy there is a need to reinforce these...

Low growth and increased uncertainty pose new challenges for monetary policy. Luis de Guindos argues that preserving the strength and resilience of euro area banks is crucial in this environment

Monetary policy is being eased as inflation falls. Christopher Waller considers the geopolitical risks that will remain a challenge for central bankers in 2025

Juan Carlos Crisanto, Cris Benson Leuterio, Jermy Prenio and Jeffery Yong explore the potential impact of AI on the financial sector, focusing on operational efficiency, risk management and customer e...

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 geopolitical environment is tilting the threat landscape further towards state actors. Piero Cipollone argues that they have been responsible for the most serious cyber threats, and this is likely...

Europe’s economy must be future proofed against bottlenecks caused by geopolitical tensions, economic fragmentation and climate and nature hazards, Frank Elderson believes

Three years ago the ECB redefined the inflation target. Three crises later Olli Rehn takes stock of how well the revised strategy functioned in a high-inflation environment

What is the end goal of the fintech revolution? Patrick Harker focuses upon the risks of artificial intelligence and machine learning to the financial system

The Federal Reserve should play a minimal, supportive role in payments infrastructure, letting the private sector take the lead, Christopher Waller argues

The macro-financial environment is changing profoundly. Frank Elderson reflects on the first decade of European banking supervision and looks at the path ahead

AI is being used for a wide and increasing range of applications in financial services. Sarah Breeden explores the novel features of Generative AI and how we can uphold financial stability whilst harnessing...

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...

It is critical that bankers, policymakers and supervisors do not forget the lessons from the past. Erik Thedéen considers the Basel III framework, the cornerstone of the response to the GFC

Andrew Bailey discusses global financial stability, emphasising the importance of understanding financial theory and learning the lessons from history, highlighting the need for a macro-prudential app...

Recent research suggests that the impact of climate change on economic output might have been underestimated. Senne Aerts, Livio Stracca and Agnieszka Trzcinska highlight advances in understanding and...

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

Quantum computers may have a profound impact on the financial system. Raphael Auer, Angela Dupont, Leonardo Gambacorta, Joon Suk Park, Koji Takahashi, and Andras Valko explore the transformative potential...

Lesetja Kganyago reflects on progress in modernising payments, and South Africa’s efforts to modernise the payments ecosystem and reduce reliance on cash

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

Climate and nature-related risks are significant financial risks. Frank Elderson argues that they therefore fall within the respective mandates of central banks and supervisors – to preserve price stability...

Innovation, investment and integration. Luis de Guindos discusses the revival of productivity growth in the euro area – a critical challenge that demands urgent attention and collective action

Extreme weather events are bringing devastating consequences for an increasing number of people. Senne Aerts, Livio Stracca and Agnieszka Trzcinska highlight the uncertainties and the importance of continued...

Globalisation is threatened as countries impose trade restrictions, especially against trading partners with large geopolitical differences. Han Qiu, Dora Xia and James Yetman gauge the impact of this...

The global economy is facing rifts comparable to the pressures that resulted in ‘economic nationalism, a collapse in global trade and the Great Depression of the 1920s, Christine Lagarde warns

The Prudential Regulation Authority has published its near-final Basel 3.1 rules. Phil Evans explains why the package of reforms is needed, arguing it supports the UK’s growth, competitiveness and the...

Bank capital is a key component of the financial system. Michael Barr outlines a sweeping overhaul easing two major draft bank capital rules

Jerome Powell addresses the current economic situation and the path ahead for monetary policy, discussing economic events since the pandemic and exploring why inflation rose to levels not seen in a ge...

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...

We are entering an era of new economic challenges, even as the recent ones have yet to be overcome. Lesetja Kganyago discusses how South Africa is responding to the global economic challenges

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...

Victoria Cleland discusses the benefits Legal Entity Identifiers (LEI) could enable for payments, the role that they can play in enhancing crossborder payments, and steps that could be taken to drive their...

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

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...

Agustín Carstens and Nandan Nilekani lay out a vision for the Finternet, a user-centric, unified and universal financial ecosystem that is inclusive, innovative, participatory, accessible and affordable,...

Europe’s prosperity, competitiveness, and its market power are derived from the single market. Kristalina Georgieva argues that preserving Europe’s competitive edge will require a well-thought out, multi-pronged...

Amid geopolitical shifts Piero Cipollone argues Europe needs to further develop the infrastructure for making crossborder payments in euro with key partners

Michelle Bowman focuses on financial technology innovations and the developing financial regulatory framework, which should be dynamic and one that can accommodate new technology and services

Recent developments in technology and AI provide huge potential for innovation and productivity growth. Randall Kroszner discusses the opportunities and risks of financial technology and AI

Bulgaria meets all the nominal convergence criteria, except the one of inflation. Dimitar Radev examines the benefits in joining the eurozone as quickly as possible

To foster payment system safety and efficiency, as well as support responsible innovation, Christopher Waller advocates an open and transparent standards development process, where participants adopt standards...

Financial technology is evolving. Michelle Bowman discusses how technology can enhance financial services in a manner that is consistent with operating in the highly regulated banking industry

The growing digitalisation of the banking sector has increased the exposure of financial institutions and their customers to cyber risk. Pablo Hernández de Cos calls for collaboration among financial institutions,...

The operational resilience of Financial Market Infrastructures is crucial to UK financial stability. Sasha Mills outlines some key expectations for FMIs to meet the Bank of England’s policy in this ar...

Innovative, integrated and independent retail payments are crucial components of our monetary system. As payments transition into the digital era, Piero Cipollone discusses taking the Single Euro Payments...

The history of human progress has been defined by technological breakthroughs generated by ideas. Christine Lagarde argues we need the right conditions that allow them to reach their full potential

Cecilia Skingsley proposes a framework to help central bankers in embracing innovation and at the same time solve some of the challenges confronting the central banking and regulatory communities

We are at a pivotal moment in the evolution of money. Eddie Yue says regulators must remain open-minded, responsive, and prudent when considering CBDCs

Amidst the prospect of significant technological change in payments, Sarah Breeden sets out how the Bank of England seeks to deliver trust and support innovation, both as a provider and as a regulator...

Failure to meet the Paris climate goals poses economic challenges that have an impact on central banks’ work, argues Frank Elderson. To avoid long-term policy mistakes, policymakers must address the resulting...

Bank regulators are planning to introduce a package of liquidity regulations later this year in response to last year’s bank failures. Michelle Bowman discusses potential changes to improve liquidity for...

Christine Lagarde outlines what needs to be done to become sufficiently confident to start dialling back the ECB’s restrictive policy stance

Trust is essential for the success of public policies. Agustín Carstens argues that policymakers' success in dealing with recent crises was due to the trust they had built over the years, which allowed...

Michelle Bowman discusses the role of tailoring in the regulation of banks, and how it allows the safety and soundness of the banking system and US financial stability

Isabel Schnabel emphasises the euro area’s strengths in social protection and environmental initiatives, and advocates measure to close the euro area’s technology gap

Bitcoin has failed on the promise to be a global decentralised digital currency. Ulrich Bindseil and Jürgen Schaaf argue that the latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable...

The Federal Reserve’s bank supervisory function is integral to a safe and sound banking system. Michael Barr argues that the Fed’s supervision must change and adapt with it, just as the banking system...

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

Payments are a vital part of the global and interconnected financial ecosystem. Michelle Bowman considers the evolving payments landscape

Andrew Bailey gives an overview on the state of the banking sector, focusing on the future issues that are important for banks themselves and for broader monetary and financial stability

The payments system is being transformed. Piero Cipollone argues that central banks need to be at the vanguard of digital transformation to ensure financial stability

Bank management and directors face significant challenges in preparing for an unpredictable future. Michelle Bowman suggests a different way of thinking about the long-term challenges and opportunities...

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...

Central banks have embarked on the largest and most synchronised global monetary policy tightening in a generation. Agustín Carstens reflects on the year ahead and the journey towards price stability

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...

Luis de Guindos provides an overview of the latest economic developments and discusses the outlook for the euro area economy for the coming months

Paschal Donohoe, Christine Lagarde, Roberta Metsola, Charles Michel and Ursula von der Leyen look back at the success of the euro and assert that the world needs an integrated Europe

Michelle Bowman urges a return to regulatory tailoring to avoid the impulse to crank regulatory dials to their highest level for all firms

Technological change has been fast and foundational. Cecilia Skingsley discusses innovation and the future of central bank digital currencies

Climate change will have a significant impact on our economies and financial systems. Ravi Menon discusses the NGFS’ efforts to support a successful transition towards net zero

Monetary policy in the climate and nature crises. Frank Elderson considers more frequent climate and nature events and their greater impact on the economy

International governance has brough indisputable benefits, but mistrust has grown. Christine Lagarde calls for policymakers to focus on citizens’ priorities whilst being courageous and accountable

Monetary policy is too important to rely on trial and error. Klaas Knot argues that central banks need data and research to fulfil their mandate, so that they can do the best possible job

The digital transformation will continue. Joachim Nagel discusses productivity, competition and stable money in the digital age

Luis de Guindos provides an overview of the euro area economy, and argues that it is vital to reform the EU’s economic governance framework in order to anchor expectations and support fiscal disciplin...

Andrew Bailey describes the benefits of openness and the risks posed by fragmentation for the world economy and financial stability

Jon Cunliffe recalls Facebook’s announcement in 2019 that it was launching a digital currency, and discusses the three areas where this galvanised more urgent action by authorities

Agustín Carstens discusses the lessons from the bank failures that occurred in March 2023, and argues that robust and proactive supervision is essential

Elisabeth Stheeman discusses how the threat of cyber-attacks has become an increasingly important consideration for maintaining financial stability in the UK, describing how the FPC is working to improve...

Laura Papi argues that seeing off inflation and pivoting to longer-term reforms have important implications for the trajectory of inflation, competitiveness, and growth in the future

Innovations in money and payments continue to be of primary importance. Michelle Bowman cautions against solutions that could disrupt and disintermediate the banking system

Sam Woods discusses the 2023 banking failures, the lessons learnt and how the regulatory framework is doing its job

The recent macroeconomic experience has presented both monetary policy and financial stability challenges for central banks. Michelle Bowman discusses how central banks can these vulnerabilities

Sabine Mauderer argues that reducing uncertainty about climate change will help us to embrace the opportunities of the green transition

Lisa Cook discusses the benefits of generative AI, which can fuel economic growth, but also considers the potential disruptions

The world has experienced an unprecedented series of shocks. Christine Lagarde says clarity, flexibility and humility will be three key elements of robust policymaking against this backdrop

Agustín Carstens says with the global economy at a critical juncture, it is a time for resolute and realistic policy

A series of shocks have dramatically changed the global landscape. Christine Lagarde argues that the CESEE economies have the resilience to flourish

Lesetja Kganyago argues that capital flows should be welcomed, and we should control risks and nurture institutions that can deliver productive investment choices

Victoria Cleland discusses the difference to people and economies worldwide that enhancing crossborder payments would make

The regulatory framework is evolving. Michelle Bowman urges regulators to focus on novel banking activities, including banking as a service and digital assets, to prevent a regulatory void

Crypto has failed to deliver on its promises. Fabio Panetta argues that the public sector should establish a comprehensive regulatory framework that addresses the risks with crypto

Cryptoassets and markets are a relatively recent innovation in finance. Claudia Buch says there is a need to monitor and take preventive action against risks in these markets

In light of the recent bank failures Michelle Bowman discusses supervision, regulation, bank management culture, and technology, and how each of these changes the dynamics of building a stronger and more...

Christopher Waller explores financial risks associated with climate change, and cast doubt on the need for special focus on how banks are preparing for climate change risks

Carolyn Wilkins talks about the three main design principles for a CBDC, it should focus on core public policy objectives, identify and mitigate financial stability risks, and set high standards for t...

Fabio Panetta argues that making a digital euro both available to everyone and easy to use requires a good design and an adequate regulatory framework

Sarah Breeden reflects that we haven’t yet reached the tipping point in an unavoidably uncertain transition. Governments, business, finance and central banks all have unique roles to play to get us th...

Jon Cunliffe looks at four areas where the tokenisation of money is now being explored, examining the BoE’s work to ensure these new forms of money are robust and uniform

Andrew Bailey shares a series of recent lessons for monetary and financial stability, looking at how they all fit together and the challenges they pose

Financial turmoil will not stand in the way of further rate rises says Andrew Bailey, who stresses that the banking system is in a sound position and well placed to support the economy despite some global...

Christine Lagarde says the dynamic between profits and wages risks continuing to drive up prices, and warns of danger of ‘tit-for-tat’ inflation

Abebe Aemro Selassie discusses the impact of COVID-19 on African countries, the financing challenge, implications for long-term investment, and how it can best be navigated

Michelle Bowman discusses innovation in the US financial system, the emerging trends that are shaping the industry, and the influence of regulatory approach on this evolution

Following the recent turmoil in the crypto sector Michael Barr discusses the Federal Reserve’s approach to supervision and regulation of banks’ crypto-related activities

Agustín Carstens considers a monetary system that embeds the best of new technology in the solid foundations of the current two-tiered structure

Agustín Carstens considers the reach of large technology in the finance sector and the implications for public policy

Jon Cunliffe discusses why a digital pound is needed, what the model could look like and how the digital pound may sit within the digital payments landscape

Klaas Knot considers three structural shifts in the global economy: NBFI, cryptoassets and climate change, which affect the resilience of the global financial system

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

Olli Rehn discusses the ECB handling of interest rates, and believes that a highly restrictive monetary policy shock can be avoided in the future

Jerome Powell makes a strong case for limited independence within a democratic framework, warning against a central bank widening its remit and scope too far

The UK economy has been buffeted by large disturbances in the last couple of years. Andrew Bailey sets out the key elements of monetary and financial stability policy

Lael Brainard considers the lessons learned from the pandemic, supply shocks, inflation, and the challenges for monetary policy

Cryptoassets promise radical change in how people pay, save and invest. Fabio Panetta considers the bursting crypto bubbles and the destiny of digital finance

The EU has adopted the European Climate Law. Frank Elderson considers how the European Central Bank will be affected

Jon Cunliffe reflects on recent crypto market developments, and discusses the work that authorities are doing on the regulation of crypto stablecoins and a potential CBDC

Victoria Cleland looks at the progress of the G20 plan to make crossborder payments cheaper, faster and more transparent

Recent turbulence has exposed vulnerabilities in the crypto space. Lael Brainard argues that for stability it is important to ensure the regulatory perimeter encompasses crypto finance

Jon Cunliffe sets out what he thinks are the lessons from the recent instability and losses in crypto markets – also called the ‘crypto winter’

Investment banks have operated in easy economic conditions over the last decade. Nat Benjamin says these banks must act now to prepare for challenges

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

Fabio Panetta argues that bringing cryptoassets safely into the regulatory perimeter would promote innovation, whilst avoiding a new bubble

Aggregate supply tailwinds are turning into headwinds, raising inflationary pressures and calling for a policy reset, argues Agustín Carstens

The Great Moderation was a period of prosperity. Isabel Schnabel argues that it is up to central banks whether today’s challenges will lead to the Great Volatility

Adapting central bank balance sheets to a world of digital currencies. Andrew Hauser argues that we need to understand these impacts and build them into the design of CBDCs

The BoE recently tested the UK’s largest banks and insurers on how prepared they are for financial risks caused by climate change. Sam Woods reviews the results

Jon Cunliffe reflects on the key lessons he has learnt about financial stability and highlights longer-term issues such as climate change and crypto

Agustín Carstens takes inspiration from Germany’s literary giant Goethe to reflect on the soul of money in the digital era

Lael Brainard pits the case for the role a US CBDC could play in bolstering financial stability as other countries issue their own CBDCs

Gordon Liao and John Caramichael the huge growth of stablecoins and consider the broad impacts on the financial system

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

Andrew Bailey looks at the varying forces currently acting on the British economy and what they mean for monetary policy

Carolyn Wilkins talks about cryptoassets and the ‘financial ecosystem’ they are a part of. She looks at the risks and opportunities decentralised finance may bring and the regulatory response to these

Christopher Waller reflects on stablecoins, and raises the risks and benefits they have, in particular the lack of a regulatory and supervisory framework

Jon Cunliffe looks at the impact of ‘crypto’ on the stability of the UK’s financial system and asks whether the world of ‘crypto finance’ poses risks to financial stability

The digital euro is an ambitious goal that can improve the efficiency of the financial system. Fabio Panetta says we must make it a driver of stability and inclusive progress

Andrew Bailey sets out the work the Bank of England is doing on climate change to ensure firms address climate risks, using the power of disclosure to incentivise change

Silvana Tenreyro says global supply chains benefits are not evenly spread across sectors

Christine Lagarde says the ECB will not let this phase of high inflation feed into economic behaviour and create a lasting inflation problem

The payment system is changing in profound ways. Christopher Waller asks if a CBDC would address any of the problems

There is a global rush to roll out CBDCs. Randal Quarles suggests this is akin to the 1980s parachute pants fad and the fear of missing out

The Bank of England has issued banknotes for over 300 years. Jon Cunliffe talks about future of money in the UK in an increasingly digital world

Christina Segal-Knowles talks about stablecoins. She looks at how they could be regulated if they are used as a form of payment

Dave Ramsden talks about how the BoE supports the safe development of fintech services

Philipp Hartmann and Glenn Schepens provide selected takeaways from the ECB’s online Sintra Forum, including whether globalisation is reversing and the role of fiscal policy for the post-COVID recover...

Technology is driving dramatic change in the US payments system. Lael Brainard provides an update on CBDCs and a digital dollar

Andrew Bailey talks about the work central banks have done on climate change, and how it will need to evolve

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...

Does the economy need digital currencies? Agustín Carstens asks who should issue them, how should they be designed and what are the implications for the monetary system?

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

Crossborder payments are at the heart of the international monetary system. Tao Zhang considers the implications for monetary and financial stability of new forms of digital money

The digital transformation is triggering a revolution in the financial sector, which will bring innovation but also risks, says Fabio Panetta. The ECB strategy provides a forceful policy reaction

Developments in digital finance could transform how consumers and businesses make payments and raise finance. This could help revitalise the UK economy, says Andy Haldane.

Europe successfully absorbed the shock of COVID-19. Christine Lagarde says the second wave presents new challenges and risks, but the blueprint for managing it is the same

Andy Haldane looks at the UK’s recovery from the economic impacts of COVID-19, and says it’s important not to be over-pessimistic because there has been greater robustness and resilience than expected

Victoria Cleland says faster, cheaper, more transparent, and more inclusive crossborder payment services will have widespread benefits for citizens across the globe both directly and through supporting...

The understanding of the economy has evolved in ways that are central to monetary policy. Jerome Powell says it is time for pro-growth policies, and softens the Fed’s approach to inflation

Lael Brainard remains optimistic about the power of technology and innovation to deliver payments safely, immediately, and efficiently when the appropriate safeguards are in place

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

Andrew Bailey looks at recent innovations in payments and the challenges they bring, reiterating the Bank of England’s interest in CBDCs and stablecoins

Sarah Breeden shares lessons we have learned from designing and applying climate scenarios, as well as some thoughts on their future, including the vital contribution research needs to make

Global stablecoins signal the need for change, but they can pose serious risks, says Fabio Panetta

New technologies are disrupting every corner of the financial sector. Benoît Cœuré focuses on the role that central banks are playing in ensuring that technological innovation is a force for good

Denis Beau argues it is unlikely that banks will be erased from a future payments landscape in which stablecoins and central bank digital currency dominate