Until the end of October, China had refused to purchase a single soya bean from the US’s 2025 harvest. It usually spends tens of billions of dollars on the crop, which is a key ingredient in animal feed, so the boycott hit US farmers hard – and affected food systems far beyond US and Chinese borders.

The SONIA Stakeholder Advisory Group supports the Bank’s administration of SONIA by providing advice and technical input to the Bank and the SONIA Oversight Committee

In this paper we explore the role of the temporary and country-specific Additional Credit Claims (ACC) frameworks as a monetary policy implementation tool. We discuss their evolution and provide a novel and detailed description of all ACC measures adopted by the different euro area NCBs since 2012. Reviewing the literature, we document the channels through which ACCs contributed to liquidity distribution during the euro area sovereign debt crisis, the negative interest rate period and the pandemic.

David M. Arseneau, Elizabeth Klee, Antonis Kotidis, and Michael SiemerThe Bank Term Funding Program (BTFP) was an emergency liquidity facility set up by the Federal Reserve in March 2023 following the failure of Silicon Valley Bank which experienced a classic bank run driven by weak fundamentals.