The PRA has today clarified its expectations around business conducted within branches of international banks operating in the UK, as well as its booking model expectations and liquidity reporting for such branches.
Misaligned incentives account for many of the most troubling features of the pharmaceutical industry’s present practices and performance.
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This study investigates to what extent the significant liquidity injections by the ECB over the past 15 years may have created a dependency by banks on central bank liquidity itself. Following Acharya et al. (2024), I examine whether the ECB's liquidity provision changed banks' incentives to increase liquid deposits, potentially heightening their susceptibility to liquidity shocks.
Viacheslav Lopatin/ShutterstockTraveldream.com.au sold discounted holidays – curated hiking tours, boutique cruises and cultural getaways through a slick website and polished social media ads.
kwest/ShutterstockAustralia has become world-famous for its wine, but the industry faces an uncertain future.
NASA/Getty ImgesThe space economy is being reshaped — not just by innovation, but by geopolitics. What was once dominated by state space agencies, and more recently by private ventures, is evolving into a hybrid model in which government priorities and commercial capabilities are intertwined.
Central banks increasingly act as market-makers-of-last-resort, yet the impact and exit of such interventions remain poorly understood. Using euro-area data, we analyze the cycle of market freeze, intervention, and exit in short-term debt markets. A run on money market funds (MMFs) triggered a collapse in these markets in March 2020. Firms replaced only 27% of lost funding through credit lines. The European Central Bank intervened, fully replacing MMFs for some firms and allowing them to issue more debt at lower rates and longer maturities.
This paper examines in detail the interrelationships between the EU’s concerns, its
energy policies, and the resulting challenges and uncertainties facing European gas
through the rest of the decade, and beyond.
A new INET Working Paper by Yaroslav Melekh, James Dixon, Katrina Salmon, and Michael Grubb, interrogates the contradictions between fossil lock-in through LNG import capacity and
overcontracting, and policy-driven demand reduction. Here is a summary of the paper's main findings.
Exchange of letters between the Governor and the Chancellor
