Foreign currency funding risk and global financial stability

The Credit Suisse crisis in 2023 demonstrated that foreign currency funding vulnerabilities remain material even in advanced, well-regulated financial systems. This column introduces a new

What we can learn from public debt reductions in OECD countries

Public debt-to-GDP ratios have risen substantially over the past 25 years, and multiple spending pressures threaten to increase them further. This column outlines the lessons

Drivers of international primary income balances

Financial globalisation since the 1990s has led to large holdings of cross-border assets and liabilities in many countries. This column analyses the yields on assets

Tariffs, global imbalances, and the dollar

While the Trump administration has offered multiple justifications for imposing tariffs, none has been as prominently cited as the goal of reducing trade deficits. This