History is full of evidence that tariffs harm economic performance. Michael Bordo and Mickey Levy assess the two waves of globalisation in modern history and how they were interrupted by tariffs and barriers to trade, and outline possible scenarios and probable outcomes

Trump is correct to seek to revitalise American manufacturing. Stephen Ezell and Rodrigo Balbontin argue that the heavy reliance on tariffs is counterproductive and urge a smarter strategy focused on strategic investments in R&D, trade agreements, and support for innovation ecosystems

The US dollar has dominated global finance for nearly a century. Giovanni Tria, Paul Samson and Angelo Federico Arcelli consider a proposed euro-led ‘poly’ digital currency basket to complement the dollar, that could help stabilise the monetary system

Global political tensions have amplified economic uncertainty. Roberta Arbolino and Paolo Di Caro evaluate the negative implications for consumption, investment, and saving decisions, and for the effectiveness of structural policies

There are moments when foundations that seem unbreakable begin to shift, says Christine Lagarde. She believes the euro could become a viable alternative to the dollar, earning the EU immense benefits, if governments could strengthen the bloc’s financial and security architecture

For central banks to fulfil their mandates they must take account of the natural environment. Frank Elderson discusses the looming economic crisis from nature loss and the risk sitting on company and investor balance sheets