Central banking in times of digitalisation and fragmentation

The 24th BIS Annual Conference took place in Basel, Switzerland on 27 June 2025. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the theme "Central banking in times of digitalisation and fragmentation". The papers presented at the conference are released as BIS Working Papers, nos 1306 and 1307.

BIS Paper no 162 contains a speech by Agustín Carstens and remarks from two panel discussions, on "Perspectives on policymaking – a tribute to Agustín Carstens" and "Challenges for central banks in a changing world".

Big techs, credit, and digital money, BIS Working Papers No 1306
by Markus Brunnermeier and Jonathan Payne

When is less more? Bank arrangements for liquidity vs central bank support, BIS Working Papers No 1307
by Viral V Acharya, Raghuram Rajan and Zhi Quan (Bill) Shu