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The Numéraire and the Margin Call
How high equities look depends on the unit of account. What forces the selling usually doesn't.
Jul 13
•
Paweł Fiedor
1
2
What Poland's Growth Was Made Of
The composition of Poland's growth kept it out of the 2009 recession. The same growth left a Swiss-franc book it still hasn't cleared.
Jul 6
•
Paweł Fiedor
1
2
June 2026
The Substrate Problem
A frontier offensive-AI model and a falling estimate of what breaks financial cryptography are correlated, system-wide risks — filed as IT, not…
Jun 29
•
Paweł Fiedor
1
The Benchmark That Binds No One
The Commission found Europe's money market funds resilient and answered with a benchmark no fund is obliged to meet, set where the sector already sits.
Jun 22
•
Paweł Fiedor
1
2
The market that learned to bend
Or: why the machines didn't save us — but something did
Jun 15
•
Paweł Fiedor
2
The Wrong Margin
Why macroprudential policy keeps missing the real fault line
Jun 8
•
Paweł Fiedor
1
2
Private credit's circles of risk — and the wider NBFI architecture behind them
The FSB's first dedicated private credit report is best read as a window onto a wider problem: supervising the banking system alone is no longer…
Jun 1
•
Paweł Fiedor
6
3
May 2026
Ireland's emerging macroprudential framework: two cases, one template
Two CBI deployments in three years — property funds and Sterling LDI — and what they say about the Eurosystem's reciprocation proposal. Part 2 of 2.
May 25
•
Paweł Fiedor
1
Twelve years of evidence: did Germany's OEIF macroprudential template work?
A useful cohort comparison in retail open-ended property funds suggests the answer is yes — with important caveats. Part 1 of 2 on Europe's existing…
May 18
•
Paweł Fiedor
1
Manufactured safety
Why Europe is reopening the safe-asset debate — and the financial engineering required to fix it
May 11
•
Paweł Fiedor
1
2
From points to regions
The methodological shift in EU stress testing, and why it took fifteen years
May 4
•
Paweł Fiedor
5
April 2026
Who Buys When the ECB Doesn't?
European sovereign debt markets are adjusting to life without the central bank. The buyers filling the gap are not equivalent substitutes.
Apr 27
•
Paweł Fiedor
26
3
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