BIS Latest Update - July 2025: Uncertainty, Financial Risks And Next-Generation Money

July 2025

Sustaining trust and stability

Agustín Carstens says policy action on multiple fronts can lay the foundations for a future defined by stability, cooperation and shared prosperity.

Stability amid uncertainty

Trade disruptions and policy uncertainty cloud the global economic outlook, making sound public finances and price stability critical for sustainable growth.

A changing global financial system

Fundamental shifts in the global financial system since the Great Financial Crisis have made financial markets more interconnected.

Overcoming uncertainty, financial risks

Agustín Carstens and Hyun Song Shin discuss the global economic outlook against a backdrop of heightened uncertainty and challenges both new and old.

Innovation BIS 2025

The strategy has transformed the BIS into a dynamic, forward-thinking institution, enhancing its support for central banks through technology, expanded research and modernised services.

Future financial system

Tokenised platforms with central bank reserves, commercial bank money and government bonds can underpin the next-generation monetary and financial system.

Project Hertha

Project Hertha explored how transaction analytics could help identify financial crime patterns in real-time retail payment systems.

The next-generation monetary and financial system

Hyun Song Shin discusses Chapter 3 of the BIS Annual Economic Report which builds on the principles of the unified ledger by laying out a more detailed blueprint for tokenisation.

More BIS publications

BIS Bulletin: Household perceptions and expectations in the wake of the inflation surge: survey evidence
A novel international survey across 29 advanced and emerging market economies reveals that household inflation expectations remain elevated, despite inflation rates approaching targets.

BIS Bulletin: Regional integration amid global fragmentation
Regional ties in emerging market economies bolster trade, cross-border banking and resilience against global fragmentation.

FSI Briefs: Starting with the basics: a stocktake of gen AI applications in supervision
Many financial authorities are already experimenting with, developing or using generative artificial intelligence (gen AI) applications for supervision purposes.

Upcoming

9 July: Frank Smets gives a keynote address at the BSP Research Academy’s 5th International Research Fair, Cebu
11 July: Hyun Song Shin gives a public lecture at the Lee Kuan Yew School of Public Policy, Singapore
by 31 July: Statistical Release on Banking and Global Liquidity Indicators Q1 2025