Tag Archives: Financial stability

My interview with Claudia Gnehm, published in Tamedia outlets, together with the accompanying article in Finanz und Wirtschaft, generated many responses from readers. Here are the comments that received the most support from other readers: Most-liked comments on interview: #1 Dirk Niepelt betont in diesem wohltuend klaren Artikel, dass das Verursacherprinzip als Richtschnur auch und gerade für Banken und für die UBS gilt. Es kann nicht sein, dass sich eine systemrelevante Bank sehr...

Finanz und Wirtschaft online. 10 August 2026. PDF of online article. Also published in print on 12 August 2026; PDF.

“Ob Bäcker oder Grossbank – wer Gewinne erzielt, muss im Krisenfall auch Verluste tragen,” (Whether Bakery or Global Bank: Those Who Earn the Profits Must Also Bear the Losses). Interview published in Tagesanzeiger online, Der Bund online, Berner Zeitung online, Basler Zeitung online, and elsewhere. 7 August 2026. PDF of hardcopy.

CEPR eBook, with Stephen Cecchetti, Hélène Rey, Xavier Vives. 2 June 2026. PDF, HTML. Column: New Coins on the Block: Digital Currencies and the Financial System (with Stephen Cecchetti, Hélène Rey, and Xavier Vives). VoxEU, June 2, 2026. HTML. The crypto system is no longer a sideshow. Dollar stablecoins now put dollar claims into circulation well beyond the regulated US banking perimeter, and cryptoisation is beginning to transform the international monetary and financial system. This...

Central Banking, March 25, 2026. HTML. Interview text: 1. A number of central banks are currently working on introducing retail CBDC. In your view, what are the risks they most frequently overlook? One risk is losing sight of the bigger picture. Retail CBDC is not merely a technological innovation that may or may not help respond efficiently to structural change in the payment system. It can also serve as a tool for broader reform of the monetary architecture. The overarching objective...

VoxEU, March 6, 2026. HTML. Ultimately, the macroeconomic significance of CBDC is shaped by policy choices, and political economy determines whether CBDC becomes a significant factor. To understand CBDC policy, don’t just think macro — think political economy.

CEPR eBook, 12 November 2025. PDF, HTML.

CEPR eBook, 12 November 2025. PDF, HTML. VoxEU column: Frontiers of Digital Finance: A Global Perspective. HTML. VoxEU column: Frontiers of Digital Finance: Stablecoins, monetary ‘singleness’, tokenisation, and decentralised finance. HTML. My introduction to/summary of the book: The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. New technologies are transforming how value is created, stored, transferred, and accounted for, altering the...

With Cyril Monnet. VoxEU, August 10, 2023. HTML. … promoting the digital euro requires an aggressive marketing strategy because private incentives for adoption are limited. However, the pursuit of such an aggressive approach is unlikely as this runs counter to the ECB’s fourth, implicit objective of protecting banks’ existing business model. This is problematic and could turn the project into a significant missed opportunity, for the potential social benefits of the digital euro...

Neue Zürcher Zeitung, July 5, 2023. PDF. HTML. Ein digitaler Euro könnte den Wettbewerb fördern, mehr Transparenz schaffen und das Too-big-to-fail-Problem entschärfen. Mit ihrer Minimalvariante aber priorisiert die EZB das Ziel der Bewahrung des Status quo im Bankensystem.