In need of further thinking
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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Author: Op-ed
Hungary’s new beginning
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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Can US banks have it all?
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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From World War Trade to domino regionalism
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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The EU is exporting carbon pricing through trade
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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Preparing for a new G20 alignment
The G20 is approaching a turning point. Dennis Snower argues that the UK Presidency in 2027 has an opportunity to position the G20 as a platform for managing the complexities of the twenty-first century
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Preparing Europe for digital finance
A new phase of digital finance is taking shape, says Piero Cipollone. The ECB aims to achieve an integrated European market for digital assets, with safe central bank money as the backbone of the system
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Nature in decline, economy on the line
Nature is the economy’s life support system, and it is under strain. Frank Elderson calls for stronger global cooperation to tackle nature related financial risks
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Five reasons why attacking the EU carbon market is economic self-sabotage
The ETS is the EU’s key climate policy instrument. Simone Tagliapietra and Georg Zachmann write that when discussing the emissions trading system policymakers should remember five risks of undermining the system
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The cause of economic stagnation
Economic growth depends on free market policies. Patrick Minford argues that the UK’s economic stagnation is not caused by Brexit but by damaging government policies
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