Building European autonomy
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
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Finance
The financial sector and global dollar system
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
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Monetary policy and the Fed’s framework review
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
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Technological advancements in payments
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
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How Trump should have tackled the trade deficit
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
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What a digital euro will bring
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
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Weathering the storm
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
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Booms and busts and the regulatory cycle
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
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The pricing of profit shifting
MNEs routinely allocate profits across jurisdictions with differing tax regimes. Fotis Delis, Manthos Delis, Sotirios Kokas, Luc Laeven and Steven Ongena examine how stock markets price profit shifting and consider the economic effects
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A partner in progress and prosperity
The potential of India is enormous. Sanjay Malhotra presents his perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come
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