The US willingness to weaponise trade makes clear that transatlantic economic relations have become entirely transactional. Luis Garicano argues that Europe must respond to US tariffs with economic strength: faster productivity growth, cheaper energy, a genuine continental market, and tech leadership
Read more
Innovation in money and payments is happening at pace. Sarah Breeden sets out her vision for a ‘multi-money’ system where different forms of money including traditional and tokenised commercial bank deposits, stablecoins and central bank money are freely exchangeable
Read more
Rule of law is not the enemy of autonomy; it is its foundation. Christine Lagarde says the EU can pursue its policy choices because they are framed by legal commitments that others recognise and respect
Read more
The US administration’s approach to financial markets mixes deregulatory policies with a range of other policies that are largely without precedent. Gary Gensler, Lev Menand and Joshua Younger catalogue the relevant policy shifts and consider how these shifts may impact financial stability, capital markets, and the global dollar system
Read more
The US economy has shown resilience in a context of sweeping changes in economic policy. Jerome Powell says inflation and the hiring slowdown are creating challenging conditions and that balance of risks is changing
Read more
The payment system is experiencing a technology-driven revolution. Christopher Waller outlines how the Fed is exploring the integration of emerging technologies such as tokens, smart contracts and AI into the payments system
Read more
US trade deficits will have to be reduced to prevent a crisis down the road. Vijay Joshi and David Vines argue that fiscal consolidation, in association with a weaker dollar, appears to be the right way for the US to improve its trade balance
Read more
As the world continues its digital transformation, the ECB is moving toward the launch of the digital euro – a central bank-issued currency that offers a universal, secure payment method for everyday use. Piero Cipollone discusses how a digital euro would support Europe’s strategic autonomy and monetary sovereignty
Read more
It’s a time of profound change – technological, geopolitical, environmental. Sarah Breeden shares some real world examples of how risks to price and financial stability from climate change are emerging now, and how they might grow going forward
Read more
Periods of deregulatory zeal preceded all three of the most infamous financial meltdowns over the past century. Michael Barr sounds the alarm about the potential impact of Washington’s push to massively deregulate America’s financial sector
Read more