Stablecoins and the exorbitant privilege of money creation
Payment stablecoins are set to become an important financial instrument. Their impact on the financial system will depend on whether the issuers can purchase assets
Geopolitics as a monetary shock: The ‘silent tightening’ in the European banking system
Geopolitical tensions have once again seized the centre stage of macroeconomic policy debates. From Russia’s ongoing war in Ukraine to instability in the Middle East,
The digital euro: Awareness, adoption, and household portfolios
Several central banks are pursuing plans to potentially introduce a central bank digital currency. This column uses survey data covering the 11 largest euro area
Sterling drops as inflation cements BoE cut expectations, dollar up before US inflation
British consumer price inflation fell to 3.2% in November, its lowest since March, from 3.6% in October, official figures showed. Sterling fell on Wednesday after
World’s central banks are wary of AI and struggling to quit the dollar, survey shows
The primary concern is that AI-driven behaviour could “accelerate future crises,” the survey showed. Artificial Intelligence is not a core part of operations at most
Supply shocks and inflation: Timely insights from financial markets
Determining the drivers of inflation in real time is a central challenge for central banks. This column introduces a new financial markets-based model to identify
Households’ inaction in the deposit market
The sharp rise in interest rates since 2021 has not been matched by equal increases in household savings rates in advanced economies. This column uses
Reforming the education of economists in Europe: Breaking the tyranny of the top five
Many European countries have adopted the American model of doctoral training and academic evaluation. While this model suits America’s vast, mobile labour market, in Europe
Arab Energy Fund announces $600mln issuance with competitive pricing
The transaction represents the fourth successful public benchmark issuance completed by TAEF in 2025. MENA-focused The Arab Energy Fund (TAEF), formerly known as APICORP, recently
How central bankers speak about climate and what this means for financial markets
Central banks have increasingly engaged with climate-related topics in their public communication, but little is known about the drivers and effects of this shift. This
