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)