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financial stability

  • Tuesday 2/6/2020

    Since the start of the 21st century, the architecture of the financial system has changed under the pressure of several crises. The way supervisors, central banks, regulators, and the commercial banks interact is now very different from the situation at the end of the 20th century. Many changes have been implemented as an “urgency measure” to stabilize the system, without looking at the coherence of the whole system and the occasional unintended consequences in the long run. Given that the Corona crisis will not allow us to return quickly to the architecture in line of “best practices” of last century, there should be a thorough analysis of the new “normal” and its internal coherence. Many of the existing “checks and balances” in the architecture have been eliminated for short term reasons. It is urgent to think about a financial system, adapted to the reality of today.

  • Wednesday 6/5/2020
    Katrin Assenmacher

    Monetary policy implications of three different forms of digital money – cryptocurrencies, stablecoins and central bank digital currency (CBDC) – are discussed. Because of their limited adoption and lack of moneyness, cryptocurrencies are unlikely to constrain monetary policy in the foreseeable future. Stablecoins, by contrast, could reach a critical size, in particular if they were sponsored by large companies with a sizeable potential user base. CBDC would constitute a digital representation of the official currency that is accessible to everybody and could entail material consequences for monetary policy and financial stability. At the current stage, central bankers mostly feel that a convincing monetary policy motivation is missing or are concerned about the disruptive potential for financial stability. As digitalisation of payments is evolving quickly, the assessment of costs and benefits associated with CBDC may change in the future.

  • Wednesday 10/7/2019
    Frank Lierman

    Report of the speech given by Peter Praet[1], Former Chief Economist and Member of the Executive Board of the ECB, at the Belgian Financial Forum in Brussels on June 5th, 2019



  • Wednesday 19/6/2019

    Masterclass at the Universiteit Antwerpen, April 4th, 2019.