The meaning of reserve currency

29 June 2025 · Andrew Bailey, Governor of the Bank of England (United Kingdom)

Summary written by Dark Majestic in its own words · topics: climate, energy and nature

29 Jun 2025 · Andrew Bailey Wiki · Bank of England WikiThe meaning of reserve currency

ContextPanel remarks by Andrew Bailey, Governor of the Bank of England, at the Andrew Crockett Memorial Lecture, on the occasion of the Bank for International Settlement's Annual General Meeting, Basel, 29 June 2025.

Why it mattersBailey reflects on what a reserve currency means today, as questions grow over the dollar's role.

Problems raised

The meaning of reserve currency is changing.
Capital flows can pressure countries.
Past crises showed reserve needs.

Solutions proposed

Recognise reserves as a buffer against capital flows.
Clarify what reserve currency means today.
Emphasise its adaptable nature.

Read full speech on bis.org ↗

More from Andrew Bailey · Bank of England · all speeches

More speeches by Andrew Bailey

Financial resilience in an age of repeated shocks · Andrew Bailey (BoE), 8 Oct 2026
Oral evidence: Bank of England Monetary Policy Reports, HC 7 · Andrew Bailey (BoE), 8 Sep 2026
The institutional form of independent central banks - from history to contemporary challenges · Andrew Bailey (BoE), 4 Sep 2026
Oral evidence: Bank of England Financial Stability Reports, HC 8 · Andrew Bailey (BoE), 14 Jul 2026

Other leaders on climate, energy and nature

Remarks at the Economic Club of Dallas · Paul S. Atkins (SEC), 30 Oct 2026
Savings in a changing society · Fabio Panetta (BdI), 30 Oct 2026
Release of the Monetary Policy Report · Tiff Macklem (BoC), 28 Oct 2026