European Systemic Risk Board Press Release The European Systemic Risk Board (ESRB) has published a report on three issues central to the crypto-asset ecosystem: stablecoins, crypto-asset investment products and multi-function groups. In particular, the report emphasises the risks stemming from stablecoins issued jointly by EU and non-EU entities. Link: ESRB Press Release
IMF Working Paperby Emine Boz, Anja Brüggen, Camila Casas, Georgios Georgiadis, Gita Gopinath, Arnaud Mehl “This paper presents the most comprehensive and up-to-date panel dataset on global trade invoicing currency and examines recent pattern shifts with a focus on geopolitical alignment. Using data for 132 countries from 1990 to 2023—including new coverage of the Chinese[…]
New York FED Liberty Street Economics – Blog Entryby Linda S. Goldberg and Samantha Hirschhorn “Global factors, like monetary policy rates from advanced economies and risk conditions, drive fluctuations in volumes of international capital flows and put pressure on exchange rates. The components of international capital flows that are described as global liquidity—consisting of cross-border[…]
BIS Quarterly Review by Tracy Chan, Goetz von Peter and Philip Wooldridge The period since the Great Financial Crisis has seen a shift in debt financing from loans to bonds. This article provides an overview of how the BIS debt securities statistics can be used to examine the size and structure of bond financing, including its sectoral and[…]
Keynote speech by Claudia Buch, Chair of the Supervisory Board of the ECB, BIS Innovation Summit: “Financial stability, supervision and regulation: building a 21st century infrastructure for better, evidence-based policymaking” Link: Keynote Speech: Financial stability, supervision and regulation: building a 21st century infrastructure for better, evidence-based policymaking
SUERF Policy Briefby Carola Müller, Matias Ossandon Busch, Miguel Sarmiento & Freddy Pinzon-Puerto This policy brief examines how redemption shocks in investment funds can transmit to bank lending conditions through the withdrawal of wholesale deposits. Using granular Colombian data during the COVID-19 turmoil, we quantify funding losses and their impact on loan maturities, volumes, and[…]
SRB Press Release “Managing the Single Resolution Fund (SRF) involves balancing two critical objectives: safeguarding the fund’s value through prudent investment, while ensuring high liquidity so that funds can be accessed at short notice during a resolution. This dual imperative – capital preservation and liquidity – requires a careful, forward-looking strategy. The SRF is not[…]
SRB Blog Entry by Miguel Carcaño Saenz De Cenzano “Managing the Single Resolution Fund (SRF) involves balancing two critical objectives: safeguarding the fund’s value through prudent investment, while ensuring high liquidity so that funds can be accessed at short notice during a resolution. This dual imperative – capital preservation and liquidity – requires a careful,[…]
VoxEU Columnby Falko Fecht & Linda S. Goldberg “The role of non-bank financial intermediaries in funding markets and financial crises has increased in recent decades. This column examines the rise of the sector and the roles these intermediaries play in liquidity shock transmission. The growth of the non-bank financial intermediation sector can be attributed to[…]
FAQby the ECB The FAQ answers questions on the introduction of a climate factor in the Eurosystem’s collateral framework which was announced by the ECB on 29 July 2025. The measure is designed to address financial risks related to climate change by protecting the Eurosystem against potential declines in the value of the collateral accepted[…]