Italy’s gold gambit
Italy’s government has proposed an amendment to the 2026 budget law stating that the gold held by the Bank of Italy “belongs to the Italian people”, rather than to the “state”. The line...
Europe needs a euro stablecoin
Europe has high hopes for the “digital euro” now in development. Cash has long served as the ultimate anchor for commercial bank deposits – direct claims on the central bank – thereby...
Lessons from the SVB collapse
Does Silicon Valley Bank’s collapse reveal a fundamental weakness in the current financial-stability framework, or does it merely point to a localized failure of supervision?By jeopardising many...