News in Systemic Risk: Tuesday, March 23, 2021 (10 a.m. ET) March 23, 2021 ECB Annual Report (European Central Bank) Coronavirus Aid, Relief, and Economic Security Act (Jerome Powell; Federal Reserve Board of Governors) Central Bank Swap Arrangements in the COVID-19 Crisis (Joshua Aizenman, Hiro Ito, Gurnain Kaur Pasricha; National Bureau of Economic Research) ‘Dash for cash’ versus ‘dash for collateral’: Market liquidity of European sovereign bonds during the Covid-19 crisis (Emanuel Moench, Loriana Pelizzon, Michael Schneider; VoxEu) Fiscal and exchange rate policies drive trade imbalances: New estimates (Joseph E. Gagnon, Madi Sarsenbayev; Peterson Institute for International Economics)