The role of IFCs in the changing world Geographical barriers continue to tumble. Elise Donovan says IFCs will be crucial to uphold the pillars of international trade, investment, and business Enabling digital trade World Commerce Review interview Dr Graham Bright, a leading thinker on the digitalisation of trade, about the challenges that need solving Strengthening resilience in a changing geopolitical landscape A series of shocks have dramatically changed the global landscape. Christine Lagarde argues that the CESEE economies have the resilience to flourish

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The contribution of capital flows to sustainable growth in emerging markets Lesetja Kganyago argues that capital flows should be welcomed, and we should control risks and nurture institutions that can deliver productive investment choices When artificial intelligence becomes a central banker There are efficiency and cost benefits in using AI. Jon Danielsson discusses what tasks can safely be outsourced to AI and what needs to stay in the hands of human decision makers Can Chinese growth defy gravity? Alicia García-Herrero discusses China’s growth potential, identifying the main challenges and the factors that could mitigate China’s structural deceleration Climate risk stress tests underestimate financial sector losses Henk Jan Reinders, Dirk Schoenmaker and Mathijs Van Dijk review current climate risk stress test methods and identify new approaches Responsive and responsible bank regulation and supervision 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 Paradise lost? 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 The positive legacy of cryptocurrencies Crypto-promoters and financial authorities are split on the future of cryptocurrencies. Jon Danielsson argues that the efficiency of the financial system can be improved by adopting the best ideas from crypto The value added of CBDCs: a view from the euro area Maria Demertzis and Catarina Martins argue that the ECB is uniquely positioned to help create the global standard, and in the process to help protect the EU’s global strategic interests
Is de-dollarisation happening? Barry Eichengreen argues that reports of the US dollar’s demise as the dominant global currency have been greatly exaggerated Growth cannot solve everything Degrowth isn’t the same as a recession – it’s an alternative to growing the economy forever. Katharina Richter discusses the benefits
Project financing: challenges, trends and future opportunities Flavia Micilotta examines the factors involved in project finance, and the growing influence of sustainable development Are cryptoassets a threat to financial stability? 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
Britain’s road to Brexit Patrick Minford evaluates the progress being made on the Brexit agenda, focussing on trade, regulation and the EU border Improving banking resolution in the EU The Commission’s Crisis Management and Deposit Insurance proposal has the potential to significantly bank resolution in the European Union, Mathias Dewatripont, Peter Praet and André Sapir suggest
Climate change and financial stability 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 The evolving nature of banking, bank culture, and bank runs In light of the recent bank failures Michelle Bowman discusses supervision, regulation, bank management culture, and technology, and the dynamics of building a stronger and more resilient financial system
Money: a question of purpose and trust 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 technology Climate regulation and financial risk: the challenge of policy uncertainty Berg et al argue that it would be welfare-enhancing if policy changes were to follow a predictable longer-term path, and suggest a role for financial regulation in the transition
Trade fragmentation matters for bank credit supply Claudia Buch, Linda Goldberg and Björn Imbierowicz discuss new evidence from the International Banking Research Network on how trade uncertainty can be amplified through the supply of credit EU moving towards better international bank capital standards compliance The US and Swiss bank collapses show the importance of strong capital and liquidity positions and should signal to the EU the benefits of closer adherence to Basel III, Nicolas Véron believes
A digital euro: widely available and easy to use 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 Climate action: approaching a tipping point? 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 there
The shape of things to come 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 Mobilising transition finance Many jurisdictions now require companies to demonstrate ‘climate alignment’. Alexander Lehmann says investors need tools to evaluate whether transition plans are credible
Lessons from recent times 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 Will China’s new financial regulatory reform be enough? China’s leadership has made financial risk a core priority. Martin Chorzempa and Nicolas Véron discuss the regulatory reforms
Supply matters 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 jitters The path ahead Christine Lagarde says dynamic between profits and wages risks continuing to drive up prices, and warns of danger of ‘tit-for-tat’ inflation
The cooperation imperative The world’s international economic institutions have helped reduce conflict and support growth. Tim Sargent, Paul Samson and Hector Torres discuss why we need to fix our international economic organizations Reaching full potential: overcoming the financing squeeze 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
The innovation imperative: modernizing traditional banking 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 Innovation and the future of the monetary system Agustín Carstens considers a monetary system that embeds the best of new technology in the solid foundations of the current two-tiered structure
Time to step up policy coordination in the euro area The euro area economy has shown impressive resilience. Nevertheless, Reinhard Felke and Nicolas Philiponnet argue that policymakers should sustain vigilance and action Scaling up climate finance for EMDEs The growing impact of global warming reminds us of the urgency of the green transition. Bo Li argues that without decisive action things are set to get worse
Headwinds persist Maarten Verwey and Oliver Dieckmann discuss the Commission’s Winter 2023 Economic Forecast and describe how the EU economy is set to escape recession Climate versus trade? Reconciling international subsidy rules with industrial decarbonisation. David Kleimann argues that environmental subsidies could be justified Bigtechs in finance: forging a new regulatory path Agustín Carstens considers the reach of large technology in the finance sector and the implications for public policy Will a digital pound be needed by the end of this decade? 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 Lending and market making as a last resort Willem Buiter, Stephen Cecchetti, Kathryn Dominguez and Antonio Sánchez Serrano summarise central bank policy frameworks used when stabilising financial markets The safe asset potential of EU-issued bonds Tilman Bletzinger, William Greif and Bernd Schwaab evaluate the prospects of EU-issued bonds for becoming a supranational euro-denominated safe asset Central bank independence and the mandate—evolving views 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
Central banks are facing an epic battle Where next for inflation, interest rates and economic growth? Steve Schifferes believes that fears of a 1970s-style stagflation could become a reality Monetary policy tightening and the green transition Isabel Schnabel argues that unprecedented investments are needed in technical innovations and renewable energy to protect our planet A response to criticisms of proposals to overhaul the EU fiscal framework The European Commission has proposed an important and ambitious overhaul of EU fiscal rules. Marco Buti, Jakob Friis and Roberta Torre respond to the criticism Monetary policies that do not subsidise banks Paul De Grauwe and Yuemei Ji argue that a better policy would avoid transferring central bank profits to commercial banks New EU fiscal rules and governance challenges Guido Lorenzoni, Francesco Giavazzi, Veronica Guerrieri and Leonardo D’Amico argue for a new system of fiscal rules that goes in the direction of a political and fiscal union The end of ESG Alex Edmans argues that ESG shouldn’t be put on a pedestal compared to other intangible assets that affect both financial and social value Achieving a full banking and capital markets union Don’t look only to Brussels to increase the supply of safe assets in the European Union, Francesco Papadia and Heliodoro Temprano Arroyo argue If it doesn’t trade, is it really marketable debt? Rebecca Christie says Europe’s bond markets are essential infrastructure, just like the power grid Scaling up sustainable finance Ulrich Volz and Dirk Schoenmaker discuss the climate investment and SDG financing gap

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Reflections on DeFi, digital currencies and regulation 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 central bank digital currency The BVI – resilient and rebuilding The BVI is a leading player in the global economy. Simon Gray says this demonstrates the strength and resilience of the financial services sector Embracing financial inclusion WCR interviews Josephine George, Managing Director of the Bank of St Helena, who discusses the Bank’s embracing of financial inclusion in an ever-changing world The beginning of the end for cryptocurrencies Jon Danielsson argues that cryptocurrencies have now reached the beginning of the end as the factors fuelling their success have come to a standstill Containing trade These are disruptive, challenging times. Graham Bright considers the role of the container ship in enabling global trade Crypto dominoes 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 European Climate Law and the ECB The EU has adopted the European Climate Law. Frank Elderson considers how the European Central Bank will be affected What can we learn? Lael Brainard considers the lessons learned from the pandemic, supply shocks, inflation, and the challenges for monetary policy A global climate risk capital Helen Souza discusses Bermuda’s push to become the global climate risk finance capital Monetary policy in difficult times 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 Innovation in post trade services Jon Cunliffe discusses the impact that crypto technologies could have on post-trading infrastructure. He focuses on the possible opportunities, risk and impact on the provision of public infrastructure Monetary policy in the euro area Christine Lagarde says the ECB will not let this phase of high inflation feed into economic behaviour and create a lasting inflation problem
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