Banking on nonbanks
Nonbank financial institutions play a central role in global credit markets, raising concerns about regulatory arbitrage, financial stability, and the effectiveness of macroprudential policy. While
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
The Bank of England’s capital mistake?
On 2 December 2025, the Bank of England’s Financial Policy Committee announced it would be lowering the capital requirement for UK banks. This column argues
How resilient is Russia’s economy after four years of war?
Resilience in Russia’s 2022–25 economy is fading as war spending slows growth, entrenches inflation and amplifies structural fragilities. In 2022-2025 the Russian economy demonstrated resilience
Empowering youth with opportunities and jobs to end poverty
At the beginning of my advocacy journey, I often searched for affordable ways to present myself at events. A friend of mine had launched a
What money will become: Seven key questions
The digital age has ushered in an era of transformation for money, triggering debates about the role of cryptocurrencies, central bank digital currencies, stablecoins, and
COVID-19’s economic impact on low-income countries: preparing for the next shock
COVID-19 hit low-income exporters hard, exposing risks from weak diversification and straining trade, supply systems and financial stability. The COVID-19 pandemic sent shockwaves through global
Prudential instruments and the recent inflationary episode
Since the Global Crisis, prudential instruments to address financial stability concerns have been enhanced and broadly adopted across countries. Using the recently updated International Banking
Is Europe ready for a major banking crisis?
Europe’s banks have long been slow to integrate across borders, but this is changing fast. ‘Pan-European banks’, with activities spanning several EU countries, are emerging
Liquidity crisis support made in Switzerland and the too-big-to-fail subsidy
Banking crises have repeatedly inflicted serious damage on the real economy. This column discusses a new proposal for a public liquidity backstop in Switzerland to
