Meeting the challenges International harmony has turned to hatred, co-existence to conflict, and welfare to warfare. Graham Bright discusses technologies that can reduce friction in international trade

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EU’s proposed crypto regulations are flawed The crypto markets are in turmoil. Karel Lannoo believes the proposed regulatory framework is not the right remedy Fiscal support and monetary vigilance Olivier Blanchard and Jean Pisani-Ferry consider the economic policy implications of the Russia-Ukraine war for the European Union
Brand implications for successful M&A Gonzalo Brujo shares his insight into ensuring a brand is market-ready and has considered all aspects of strategy for the best outcomes of any prospective deals Climate capital 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
Old dogs, new tricks 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 DLT-based enhancement of crossborder payment efficiency Dirk Zetzsche, Linn Anker-Sørensen, Maria Lucia Passador and Andreas Wehrli provide an initial analysis of the legal challenges related to DLT-based payment systems
EU economic resilience tested The EU has revised growth forecasts down. Maarten Verwey, Laura Bardone and Kristian Orsini say the Russian invasion is exacerbating pre-existing headwinds to economic growth For a few cryptos more: the Wild West of crypto finance Fabio Panetta argues that bringing cryptoassets safely into the regulatory perimeter would promote innovation, whilst avoiding their widespread use for illicit activities and setting the stage for a new bubble
Avoiding a doom loop Patrick Minford argues that British economic strategy post-COVID should prioritise growth and overrule conventional Treasury thinking The economic policy consequences of the war Jean Pisani-Ferry says the Ukraine war will have significant impacts on the EU, arising from oil and gas supply shocks, energy independence measures, the inflow of refugees and boosted defence spending
Recollections on financial stability Jon Cunliffe reflects on the key lessons he has learnt about financial stability and highlights longer-term challenges such as climate change and crypto, as well as the current situation, for financial markets Hope for the best, plan for the worst Graham Bright considers the global trade landscape post pandemic, and with current international tensions says we should hope for the best outcome and plan for the worst
Recalibrating global growth The British Virgin Islands has steadily increased its role in the global financial system, Elise Donovan discusses how the BVI will aid the post-COVID recovery Cryptocurrencies and the war in Ukraine Jon Danielsson argues that the implications for the future of cryptocurrencies will be considerable A deeper shade of green? Martijn Groot considers the reasons why ESG data integration is the key for finance firms Climate finance and development Climate finance is treated as a form of aid support. Saliem Fakir argues that a shift is needed to investment support that would economically transform Africa Preparing for the financial system of the future Lael Brainard pits the case for the role a US CBDC could play in bolstering financial stability as the use of stablecoins and cryptocurrency grows and other countries issue their own CBDCs Stablecoins: growth potential and impact on banking Gordon Liao and John Caramichael the huge growth of stablecoins and consider the broad impacts on the financial system A lose-lose policy for global recovery Joseph Stiglitz and Kevin Gallagher argue that the IMF surcharges worsen potential outcomes for both the borrowing country and its investors
Digital currencies and the soul of money What holds the monetary system together at its core? Agustín Carstens takes inspiration from Germany’s literary giant Goethe to reflect on the soul of money in the digital era Dialogue in a changing world The challenges facing the world today are unprecedented. Christine Lagarde says they can only be addressed by integrating scientific analysis into policymaking and acting together
Adapting to change and consensus COP26 has shown that consensus is not just confined to politics. Graham Bright considers the finance sector’s role in promoting collaborative trade The present and future of money in the digital age 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
The challenges of the digital euro 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 Under the western sky: the crypto frontier 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
Stablecoins and payments innovations Christopher Waller reflects on stablecoins, raises the risks and benefits with stablecoins, in particular the lack of a regulatory and supervisory framework 2021 proves to be an exciting year for IPOs Maxim Manturov takes a look back at the top IPOs of 2021, exploring the reasons behind their success and how they are currently performing
Laying the foundations for a net zero financial system 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 International trade, global supply chains and monetary policy Silvana Tenreyro says global supply chains can improve a country’s productivity and income. But the benefits they bring are not evenly spread across sectors
What to do if the inflation increase is persistent Charles Goodhart and Manoj Pradhan consider the risks if inflation stays high, and call on central banks to develop plans to deal with persistent inflation Putting climate scenarios into action 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
CBDC in an historical perspective Monetary transformations through history have been driven by changing technology and the demands to effectively satisfy the functions of money. Michael Bordo argues that technological change is inevitable Better sustainability data needed 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
Is ‘crypto’ a financial stability risk? 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 Finance disrupted New technologies are disrupting every corner of the financial sector. Benoît Coeuré focuses on the role that central banks are playing in ensuring that technological innovation is a force for good Monetary policy during an atypical recovery The economy is back from the brink, but not completely out of the woods. Christine Lagarde says the euro area is going through a highly atypical recovery Monetary arithmetic and inflation risk The balance sheets of the ECB, BOJ and the Fed increased sevenfold between 2007 and 2020. Marek Dabrowski believes a continuation of asset purchasing involves the risk of higher inflation The hard yards Andrew Bailey looks at the varying forces currently acting on the British economy and what they mean for monetary policy The inherent value of IFCs toward more sustainable finance IFCs facilitate the efficient flow of capital required by the global economy. Phil Graham argues that they are ready to support the transition to sustainable investing The green transition, finance and diversity: aim high, shoot higher René Karsenti and Apostolos Thomadakis argue that financing the energy transition requires a comprehensive shift in how the financial system works Can climate change be tackled without ditching economic growth? Klaas Lenaerts, Simone Tagliapietra and Guntram B Wolff explore whether decarbonisation and economic growth are compatible to reach net zero by 2050 Public finances in the EU COVID-19 has led to governments borrowing at unprecedented levels. Mehmet Burak Turgut discusses EU government finances as well as relevant policy priorities to ensure healthier public finances in the future The impact of fintech on central bank governance Central banks are facing unprecedented technological transformation. Marianne Bechara, Wouter Bossu, Yan Liu, and Arthur Rossi consider the key legal issues central banks face from fintech on their governance Free trade under Brexit Many economists have claimed that Brexit would damage the UK economy. Patrick Minford considers the assumptions made and Brexit benefits to the UK have been widely underestimated COVID-19 lessons from Nigeria The pandemic has had severe impacts on Nigeria. Mma Amara Ekeruche and Adedeji Adeniran examine the macroeconomic policies adopted and what can be learnt by other developing economies A solution in search of a problem? The payment system is changing in profound ways. Christopher Waller focuses on whether a CBDC would address any of the problems affecting payments Regulating crypto assets Crypto assets and blockchain technology have triggered a huge debate. Daniel Dăianu believes that updating the current regulatory framework is a must for governments and central banks SPACs in the gap 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 A new asset class 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 The battle for the soul of the financial system Stephen Cecchetti and Kim Schoenholtz argue that we don’t need CBDC to solve financial system problems, and hope that central banks stop short of a universal, elastically supplied, interest-bearing digital currency Regulatory divergence or parallel tracks? Alexander Lehmann writes that post-Brexit UK bank regulation is not likely to compromise on international standards, but will place greater emphasis on competition, making close UK-EU dialogue essential Parachute pants and central bank money 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 geopolitical relevance of CBDCs CBDCs could be useful as a means for central banks to record transactions in an increasingly cashless economy. Brunello Rosa and Alessandro Tentori consider the case of China A new dawn for payments Victoria Cleland talks about the evolution of payments systems in the UK, the role of the RTGS, and says the payments industry must work together to build a payments infrastructure for future generations The future of cryptocurrencies Cryptocurrencies have foreshadowed a potential digital future for money. Graham Bright sees blockchain as an enabler in the growth of the financial system and digital money Tackling climate for real: progress and next steps Andrew Bailey talks about the work central banks have done on climate change, and how it will need to evolve The BVI fintech transformation From a traditional financial services centre to a global fintech hub, Simon Gray charts the emergence of the BVI as an innovation and investment hotspot across the fintech and digital space Private money and central bank money as payments go digital Technology is driving dramatic change in the US payments system. Lael Brainard provides an update on CBDCs and a digital dollar Stablecoins: what's old is new again Christina Segal-Knowles talks about stablecoins. She looks at how they could be regulated if they are used as a form of payment A new template for the European fiscal framework The European fiscal rules have been suspended to enable member states to combat the COVID crisis. Martin et al argue this is an opportunity for ambitious reform of a now clearly outdated fiscal framework Towards a green capital markets union Christine Lagarde considers the European Union’s transition towards a sustainable economy that will be backed by the growth of sustainable finance Do we need ‘public money’? 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 Central banks in a shifting world Philipp Hartmann and Glenn Schepens provide selected takeaways from the ECB’s Sintra Forum, including whether globalisation is reversing and the role of fiscal policy for the post-COVID recovery The conflict between CBDC goals and design choices Central banks have a growing interest in digital currencies. Antonio Fatás argues that CBDCs alone will only achieve an inclusive payment system if they ensure competition Public support for private innovation Dave Ramsden talks about how the Bank of England supports the safe development of fintech services through monetary and financial stability Time to reset? Giovanni Tria and Angelo Federico Arcelli ask is a renewed Bretton Woods agreement a concrete option to favour a new economic expansion phase in the post-pandemic world? Digital assets and Africa The long-term economic outlook for Africa is positive. Elise Donovan examines the enormous potential and the opportunities for wealth creation What the British government needs to do to get Brexit done post-COVID Patrick Minford considers the options available to the UK government to ensure a successful Brexit Will 2021 in CEECs look better than 2020? Mehmet Burak Turgut is optimistic about CEE growth in 2021 following the successful development of COVID vaccines Digital currencies and the future of the monetary system 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 Brexit dust begins to settle 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 Digging for gold Giulio Cornelli, Sebastian Doerr, Leonardo Gambacorta and Ouarda Merrouche discuss how regulatory sandboxes help fintechs raise funding CBDCs risk becoming a gigantic flop CBDCs are increasingly being discussed, but with little focus on their fundamentals. Peter Bofinger and Thomas Haas consider the design options Climate change and central banking The ECB will contribute within its mandate to tackling climate change, acting in tandem with those responsible for climate policy, says Christine Lagarde Embracing digital innovation Simon Gray discusses the benefits of embracing digital innovation to help drive economic recovery
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