Code 12

Italy charts who buys around its auctions and never tables it. Decoded, the hedge-fund share runs from a sixth to two fifths. The format has thirteen…

Oct 12 • Paweł Fiedor

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Who Borrowed, Who Bled

Austria's five public property funds all bled, and all five borrowed. What their audited reports show, fund by fund, and which of the statute's two…

Oct 5 • Paweł Fiedor

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September 2026

The Uses of Slack

Austria's property funds borrowed, Finland's shrank, and Portugal's leverage rose without new borrowing. One ratio, three mechanisms — and the data…

Sep 28 • Paweł Fiedor

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How a Risk Framework Gets Built

Reading the ECB–ESRB geoeconomic report's own account of which indicators it kept, and why.

Sep 21 • Paweł Fiedor

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Every Parameter But the Number

Germany's largest gas storage site was 9.3% full on 9 September. German law requires it to reach 45% by 1 November. The figure everyone quotes is 90%.

Sep 14 • Paweł Fiedor

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What Was Holding the Buffers Up

The FCA is removing the cliff-edge link that may have been holding money market fund buffers above the floor, and putting a 40% expectation in its…

Sep 7 • Paweł Fiedor

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August 2026

Relocating the seam

The Commission's MISP, the rapporteur's counter-proposal, and where the EU's macroprudential powers for investment funds would sit.

Aug 31 • Paweł Fiedor

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The survey and the left tail

What 27 years of the ECB's Survey of Professional Forecasters say about the ex-ante tail information in survey densities — and what they cannot settle.

Aug 24 • Paweł Fiedor

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Where the euro stablecoin meets its bank

Europe's euro stablecoins keep their reserves at commercial banks — one entirely at its issuer's own parent. What happens to that cash in a bank failure…

Aug 17 • Paweł Fiedor

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The doom loop's second geography

What the sovereign-holder data cannot see

Aug 10 • Paweł Fiedor

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The Unmeasured Quadrant

On the one part of geopolitical risk that financial-stability analysis still leaves blank — and what reading only the other three costs a supervisor.

Aug 3 • Paweł Fiedor

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July 2026

The Residual Claimant

Macroprudential policy is handed financial stability but not the instruments that move the cycle or backstop the system. On operating downstream of a…

Jul 27 • Paweł Fiedor

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