Overview
The Bank for International Settlements (BIS) is the central bank for central banks, based in Basel. Its Annual Economic Report and bulletins shape global macro-financial policy discourse.
Recent Developments
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2026-07: project-agora real-value testing — 28 institutions + central banks settle ~CHF 800,000 (~80s avg) with tokenized reserves/deposits; prototype not live-RTGS integrated (2026-07-31-bis-agora-official-rvt, wholesale-tokenized-payments)
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2026-06-28: Annual Economic Report warned AI investment bust could disrupt credit markets with severity comparable to 2008 crisis (2026-06-28-bis-ai-bust-credit-markets-warning)
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Circular financing thesis: Chipmakers/hyperscalers take equity in AI labs/neoclouds that commit to multi-year chip purchases — poorly disclosed interdependencies
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Capex risk: Competitive pressure may drive over-investment; disappointment could trigger financing pullback and protracted bust
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Report released ahead of ECB Sintra symposium; cited inflation, sovereign debt, hedge-fund bond leverage as compounding pressures