New technologies are rewiring liquidity, payments, and economic stability
More than 15 years after the global financial crisis, the banking and financial system looks safer. But it’s also evolving in ways that are reshaping who provides liquidity, how money moves, and risks to economic and financial stability. As a result, the next shock may begin not in a bank, but in the new infrastructure underpinning the system.
The article was published in the IMF's Finance&Development magazine. Click here to access the article.
Source: Yao Zeng, IMF, Finance&Development, September 2025 issue
Illustration: IMF