News in Systemic Risk: Friday, December 4, 2020 (10 a.m. ET) December 4, 2020 FSOC 2020 Annual Report (Financial Stability Oversight Council) Who pays the piper calls the tune: The need for and benefit of strong credit risk management (Elizabeth McCaul; European Central Bank) Credit Risk and the Transmission of Interest Rate Shocks (Beradino Palazzo, Ram Yamarthy; Office of Financial Research) How Well Does the Cleveland Fed’s Systemic Risk Indicator Predict Stress? (Ben R. Craig; Federal Reserve Bank of Cleveland) US banks welcome delay to Libor switch affecting $200tn in assets (Philip Stafford, Joe Rennison, Colby Smith; Financial Times) Will central-bank digital currencies break the banking system? (The Economist) Related Stories High School Students Visit Yale SOM for Introduction to Careers in Business and Economics Visiting Yale, Treasury Secretary Janet Yellen Hails Program on Financial Stability Program on Financial Stability Receives $7.5 million