News in Systemic Risk: Monday, April 12, 2021 (10 a.m. ET) April 12, 2021 Liquidity transformation by investment funds: structural fault line or desirable financial transformation? A systemic perspective (Michael Grill, Seán O´Sullivan, Michael Wedow and Christian Weistroffer; European Central Bank) Euro area equity risk premia and monetary policy: a longer-term perspective (Daniel Kapp, Kristian Kristiansen; European Central Bank) Flexible Average Inflation Targeting and Inflation Expectations: A Look at the Reaction by Professional Forecasters (Kristoph Naggert, Robert Rich, Joseph Tracy; Federal Reserve Bank of Cleveland) Regulating big tech and non-bank financial services in the digital era (Thammarka Moenjak, Veerathai Santiprabhob; Central Banking) Analysis: Biden's agencies reverse Trump's Wall Street-friendly rules (Katanga Johnson; Reuters) US put off derivatives rules for a decade before Archegos blew up (Joe Rennison, Eric Platt, Colby Smith, Philip Stafford; Financial Times)