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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Thought
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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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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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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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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Better regulation in the EU needs a fresh start
A solid EU better regulation framework is undermined by gaps in coverage and quality, making consistent application and stronger oversight essential. Anne Bucher and Elizabeth Golberg discuss steps that could be taken to overcome these weaknesses
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What will AI mean for the labour market?
AI looks increasing likely to become what technologists call a general-purpose technology. Michael Barr discusses the rapid evolution of AI and the potential impact of generative AI on the labour market and the economy
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Building a new Western century
For the last year there has been turbulence in the US-EU partnership. Marco Rubio argues that the new alliance should focus on advancing mutual interests and new frontiers, unshackling ingenuity, creativity, and the dynamic spirit to build a new Western century
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