The global asset management industry is simultaneously growing and consolidating. Dirk Schoenmaker argues that US firms’ rise in EU asset management may weaken sustainable finance, making tougher stewardship, ESMA supervision and autonomy urgent
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Andrew Bailey argues that modern central bank independence is well-defined for monetary policy but incomplete, and highlights the challenges for a central bank’s financial stability mandate
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The long-awaited change of government gives Hungary an opportunity to tackle tough economic and social challenges while re-aligning with Europe. Zsolt Darvas considers what tight fiscal constraints will mean for Hungary’s priorities
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Uuriintuya Batsaikhan discusses the outline plan to reduce stigma associated with short-term borrowing from the Federal Reserve, and argues that the reform package may be doing banks too many favours, and risks amplifying liquidity risk, potentially threatening more bank failures
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Donald Trump’s 2025 tariffs were disruptive in the deepest sense. Richard Baldwin argues that while the old trading order was destroyed, a growing share of global commerce is drawn into existing regional trade arrangements, producing an emergent global trading order
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Can trade policy drive global climate action? Maximilian Fuchs and Camille Reverdy write that early experience of the EU carbon border adjustment mechanism shows trade can spread carbon pricing, but lower-income partners need support
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