News in Systemic Risk: Tuesday, September 23, 2025 (9:45 a.m.) September 23, 2025 One Policy Rate, Many Stances: Evidence from the European Monetary Union (Manuel González-Astudillo, Diego Vilán; FSB) Tariffs in a world of large global capital flows - implications for central banks (Andréa M Maechler; BIS) NBER paper explores drivers of collateral prepositioning (Central Banking) Related Stories Yale Program on Financial Stability Presents Financial Crisis-Fighting Playbook Fed Official Michael Barr Provides an Inside Look at Crisis Response High School Students Visit Yale SOM for Introduction to Careers in Business and Economics