Claudio Borio

Claudio Borio

Former Head of the Monetary and Economic Department

Claudio Borio was appointed Head of the Monetary and Economic Department on 18 November 2013.

At the BIS since 1987, Mr Borio has held various positions in the Monetary and Economic Department (MED), including Deputy Head of MED and Director of Research and Statistics as well as Head of Secretariat for the Committee on the Global Financial System and the Gold and Foreign Exchange Committee (now the Markets Committee).

From 1985 to 1987, he was an economist at the OECD, working in the country studies branch of the Economics and Statistics Department. Prior to that, he was Lecturer and Research Fellow at Brasenose College, Oxford University. He holds a DPhil and an MPhil in Economics and a BA in Politics, Philosophy and Economics from the same university.

All BIS publications (94)

FSI Briefs No 28 24 Nov 2025
Revisiting the regulatory capital stack
The post-Great Financial Crisis regulatory reforms have directly contributed to a more resilient financial system and supported…
By
Claudio Borio
,
Rodrigo Coelho
,
Fernando Restoy
and
Nikola Tarashev
Moving targets? Inflation targeting frameworks,1990–2025
Publication 11 Mar 2025
Moving targets? Inflation targeting frameworks 1990 - 2025
Recent and upcoming reviews of monetary policy frameworks have been putting the spotlight on the evolution of inflation…
By
Claudio Borio
and
Matthieu Chavaz
BIS Working Paper No 1230 2 Dec 2024
Whither inflation targeting as a global monetary standard?
From its tentative beginnings, inflation targeting has spread to become the de facto global monetary standard. Historically,…
By
Claudio Borio
BIS Working Paper No 1100 24 May 2023
Getting up from the floor
Since the Great Financial Crisis, a growing number of central banks have adopted abundant reserves systems ("floors") to set…
By
Claudio Borio
BIS Working Paper No 1090 17 Apr 2023
Tackling the fiscal policy-financial stability nexus
Tackling the fiscal policy-financial stability nexus is essential to ensure financial and hence macroeconomic stability. In…
By
Claudio Borio
,
Marc Farag
and
Fabrizio Zampolli
BIS Paper No 133 20 Mar 2023
The two-regime view of inflation
This study provides a view of the inflation process that is complementary to the one captured in standard models, such as those…
By
Claudio Borio
,
Marco Jacopo Lombardi
,
James Yetman
and
Egon Zakrajsek
Prudential policy and financial dominance: exploring the link
Publication 27 Feb 2023
Prudential policy and financial dominance: exploring the link
Prudential policy tightening – whether ahead of or during monetary policy tightening – helps to reduce the likelihood of…
By
Frederic Boissay
,
Claudio Borio
,
Cristina Leonte
and
Ilhyock Shim
BIS Bulletin No 67
BIS Bulletin No 67 26 Jan 2023
Does money growth help explain the recent inflation surge?
The strength of the link between money growth and inflation depends on the inflation regime: it is one-to-one when inflation is…
By
Claudio Borio
,
Boris Hofmann
and
Egon Zakrajsek
BIS Working Paper No 1057 13 Dec 2022
Macro-financial stability frameworks: experience and challenges
Since the 2008–9 Great Financial Crisis, major advanced economies (AEs) have used monetary and macroprudential policies…
By
Claudio Borio
,
Ilhyock Shim
and
Hyun Song Shin

All external publications (130)

External publication 1 Jan 2004
Market distress and vanishing liquidity: anatomy and policy options
in SSRN Electronic Journal
By
Claudio Borio
External publication 1 Dec 2003
Discussion of "Does regulatory governance matter for financial system stability? An empirical analysis"
in Financial stability and public policy
By
Claudio Borio
External publication 28 Aug 2003
Whither monetary and financial stability? The implications of evolving policy regimes
in Monetary policy and uncertainty: adapting to a changing economy
By
William R White
and
Claudio Borio
External publication 1 Jun 2003
Monetary policy: a subtle paradigm shift?
in World Economics
By
Claudio Borio
and
Philip Lowe
External publication 1 Jun 2003
Towards a macroprudential framework for financial supervision and regulation?
in CESifo Economic Studies
By
Claudio Borio
External publication 1 Feb 2003
Whither monetary and financial stability?
in Financial stability and public policy
By
William R White
and
Claudio Borio
External publication 1 Jan 2003
Imbalances or "bubbles"? Implications for monetary and financial stability
in Asset price bubbles: the implications for monetary, regulatory, and international policies
By
Claudio Borio
and
Philip Lowe
External publication 1 Jan 2002
Comparing monetary policy operating procedures in Indonesia, Korea, Malaysia and Thailand
in Financial markets and policies in East Asia
By
Robert N McCauley
and
Claudio Borio
External publication 1 Jan 2000
In search of anchors for financial and monetary stability
in Greek Economic Review
By
Claudio Borio
and
Andrew Crockett

All speeches (76)

Speech 8 Nov 2019
Central banking in challenging times
Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the SUERF Annual Lecture Conference on …
By
Claudio Borio
Speech 8 Nov 2019
Wise fiscal policy is not about helicopter money
Op-ed by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, published in Il Sole 24 Ore, 8 November…
By
Claudio Borio
Speech 30 Oct 2019
Vulnerabilities in the international monetary and financial system
Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the OECD-G20 High Level Policy Seminar,…
By
Claudio Borio
Speech 4 Jul 2019
A more balanced policy mix for a sustainable economic growth
Original quotes from interview with Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, with Il Sole 24…
By
Claudio Borio
Speech 30 Jun 2019
Monetary policy frameworks in EMEs: practice ahead of theory
Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, on the occasion of the Bank's Annual…
By
Claudio Borio
Speech 4 Apr 2019
The international role of the euro: down but not out
Speech by Mr Claudio Borio, Head of the BIS Monetary and Economic Department at the public hearing before the European Economic…
By
Claudio Borio
Speech 4 Mar 2019
BIS Quarterly Review, March 2019 - media briefing
The period under review started just the way the last one ended. In the second half of December, the risk-off phase persisted.
By
Claudio Borio
and
Hyun Song Shin
Speech 24 Jan 2019
Claudio Borio interview with Capital
Original quotes from interview with Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, with Capital,…
By
Claudio Borio
Speech 15 Dec 2018
BIS Quarterly Review, December 2018 - media briefing
It was not the first, and it will not be the last. It was just another bump along the narrow path of monetary policy…
By
Claudio Borio
and
Hyun Song Shin

All videos (80)

00:46:15
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Media briefing on the BIS Quarterly Review, December 2024
Video 9 Dec 2024
Media briefing on the BIS Quarterly Review, December 2024
Claudio Borio and Hyun Song Shin summarise the December 2024 Quarterly Review and answer journalists' questions about financial…
By
Claudio Borio
and
Hyun Song Shin
00:35:44
qt2409_briefing.jpg
Media briefing on the BIS Quarterly Review, September 2024
Video 16 Sep 2024
Media briefing on the BIS Quarterly Review, September 2024
Claudio Borio and Hyun Song Shin summarise the September 2024 Quarterly Review and answer journalists' questions about…
By
Claudio Borio
and
Hyun Song Shin
04:33:40
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Session 1: Economic Policies in a World of Global Shocks
Video 3 Sep 2024
Session 1: Economic Policies in a World of Global Shocks
(Mr Borio starts at 02:07:25) Claudio Borio focuses on the relationship between monetary and fiscal policy; medium-to-long…
By
Claudio Borio
01:27:29
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Panel 2: Drivers of equilibrium interest rates
Video 3 Jul 2024
Panel 2: Drivers of equilibrium interest rates
Claudio Borio argues that the natural rate of interest is not a helpful compass for monetary policy. In fact, a more useful…
By
Claudio Borio
00:02:14
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Monetary policy in the 21st century
Video 30 Jun 2024
Monetary policy in the 21st century
The extraordinary events of the past 25 years, including major financial crises, the pandemic and an unexpected surge in…
By
Claudio Borio
00:19:36
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Monetary policy in the 21st century: lessons learned and challenges ahead
Video 30 Jun 2024
Monetary policy in the 21st century: lessons learned and challenges ahead
Speech by Mr Claudio Borio, Head of the Monetary and Economic Department, on the occasion of the Bank's Annual General Meeting,…
By
Claudio Borio
01:08:22
ar2024e_briefing.jpg
BIS Media Briefing - Annual Economic Report 2024
Video 27 Jun 2024
BIS Media Briefing - Annual Economic Report 2024
Agustín Carstens, Andréa M Maechler, Claudio Borio and Hyun Song Shin brief the media on the main messages of the Annual…
By
Claudio Borio
,
Hyun Song Shin
,
Agustín Carstens
and
Andréa M Maechler
00:38:55
icbs24_basel2.jpg
Update on the history of Basel II
Video 24 Apr 2024
Update on the history of Basel II
50 years of global supervisory cooperation.
By
Claudio Borio
,
Charles Goodhart
,
Harold James
and
Stefano Ugolini
00:34:08
qt2403_briefing.jpg
Media briefing on the BIS Quarterly Review, March 2024
Video 4 Mar 2024
Media briefing on the BIS Quarterly Review, March 2024
Claudio Borio and Hyun Song Shin summarise the March 2024 Quarterly Review and answer journalists' questions about financial…
By
Claudio Borio
and
Hyun Song Shin

All podcasts (17)

00:46:22
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Podcast 9 Dec 2024
Media briefing on the BIS Quarterly Review, December 2024
Claudio Borio and Hyun Song Shin summarise the December 2024 Quarterly Review and answer journalists' questions about financial…
By
Claudio Borio
and
Hyun Song Shin
0:00 0:00
00:32:03
qt2409_briefing_podcast.jpg
Podcast 16 Sep 2024
Media briefing on the BIS Quarterly Review, September 2024
Claudio Borio and Hyun Song Shin summarise the September 2024 Quarterly Review and answer journalists' questions about…
By
Claudio Borio
and
Hyun Song Shin
0:00 0:00
00:17:46
ar2024e2.jpg
Podcast 30 Jun 2024
Monetary policy in the 21st century: lessons learned and challenges ahead
Claudio Borio discusses the lessons learned for monetary policy from the extraordinary events of the past 25 years, and looks…
By
Claudio Borio
0:00 0:00
00:32:21
qt2403_briefing_podcast.jpg
Podcast 4 Mar 2024
Media briefing on the BIS Quarterly Review, March 2024
Claudio Borio and Hyun Song Shin summarise the March 2024 Quarterly Review and answer journalists' questions about financial…
By
Claudio Borio
and
Hyun Song Shin
0:00 0:00
00:50:58
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Podcast 8 Jan 2024
The future of central bank operating systems
Claudio Borio talks about central bank operating systems and the challenge of large balance sheets at central banks. 
By
Claudio Borio
0:00 0:00
00:37:10
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Podcast 4 Dec 2023
Media briefing on the BIS Quarterly Review, December 2023
Claudio Borio and Hyun Song Shin summarise the December 2023 Quarterly Review and answer journalists' questions about financial…
By
Claudio Borio
and
Hyun Song Shin
0:00 0:00
00:35:42
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Podcast 18 Sep 2023
Media briefing on the BIS Quarterly Review, September 2023
Claudio Borio and Hyun Song Shin summarise the September 2023 Quarterly Review and answer journalists' questions about…
By
Claudio Borio
and
Hyun Song Shin
0:00 0:00
00:29:00
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Podcast 4 Jul 2023
Why central banks cannot relax in inflation fight
Claudio Borio speaks to Francesco Guerrera about inflation, monetary policy and financial stability risks.
By
Claudio Borio
0:00 0:00
00:26:06
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Podcast 25 Jun 2023
Monetary and fiscal policy interactions
Claudio Borio offers a historic perspective on the interaction of fiscal and monetary policy to better understand the…
By
Claudio Borio
0:00 0:00

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