News in Systemic Risk: Wednesday, July 21, 2021 (10 a.m. ET) July 21, 2021 Euro area bank lending survey (European Central Bank) Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic (Jose M. Berrospide, Arun Gupta, Matthew P. Seay; Federal Reserve Board of Governors) Reforming the macroprudential regulatory architecture in the US (Kathryn Judge, Anil Kashyap; VoxEU) Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster? (Lawrence Christiano, Hüsnü Dalgic & Armen Nurbekyan; National Bureau of Economic Research) What does the ECB’s new target mean in practice? (The Economist)