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Standing Facilities — The New Architecture of Stability

Modern financial stability isn’t improvised during crises anymore — it’s built into the system. In this episode, we explain how standing facilities have quietly become the backbone of modern monetary architecture. Rather than reacting to stress after it appears, today’s system sets boundaries in advance for rates, liquidity, and collateral. We cover: • what standing facilities actually are • how they differ from emergency interventions • why permanent backstops change market behavior • how rate floors, liquidity floors, and collateral backstops work together • and why stability today looks more like infrastructure than intervention This episode connects interest rates, balance sheets, and funding markets into a single structural view of how stability is designed into the modern financial system.