The US–Iran relationship appears to be at its lowest point in decades. Simon Johnson and Amir Kermani describe how the twin blockades of the Strait of Hormuz create the possibility of a time-consistent agreement linking the nuclear issue, sanctions relief, and uninterrupted navigation

Global efforts to tackle the climate and nature crises have not progressed as hoped, says Christine Lagarde. This sharpens the case for deeper analysis from the research and central banking communities to better understand the risks to price and financial stability

The dramatic developments unfolding globally, spanning wars, geopolitical shifts, and trade disruptions, have caught Europe off balance. Marco Buti, Giancarlo Corsetti and Anna Peychev discuss the 2026 Florence Report and urge the EU to replace its broken ‘reduced responsibility model’ with a New European Social Contract integrating defence, finance, and the supply of public goods

Across developed countries there is a growing perception that social progress has stalled. Paul Johnson, James Banks, Tim Besley, Richard Blundell, Angus Deaton, Robert Joyce, and Debra Satz argue that stronger economic growth, more dynamic labour markets, and policies that help opportunities take root are essential to tackling inequalities

Christopher Waller emphasises the need for the Federal Reserve to modernise its operations to adapt to a changing world. This includes reducing costs, effectively managing risk, and delivering value to the American taxpayer

Governments across Europe are increasingly acting to help industry remain competitive without compromising EU climate policy. Stan Olijslagers, Corjan Brink, Xinyu Li, Rutger Teulings and Herman Vollebergh argue that both goals cannot be met using a single instrument