Reciprocal sovereignty
The central constitutional question for Europe is how sovereign democracies can govern common goods together without creating a sovereign European state. Hans Gersbach proposes reciprocal sovereignty as an answer
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Thought
Strengthening operational resilience for the age of AI
Europe faces unprecedented geopolitical and economic challenges, including high dependencies on external providers for energy, technology, security, and financial infrastructure. Frank Elderson argues reducing these dependencies is essential for safeguarding the European way of life
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How the ledger controls monetary sovereignty and global power
Laurence B Mussio and Paul Samson explore how the ledger has proven more sovereign and powerful than the sword. In today’s era of digital currencies and evolving geopolitics around payment systems, they illuminate how global power will continue to rest with those who control the ledger
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Closing the innovation gap
To secure the benefits of an EU-wide incorporation regime an EU Inc. plan for a common company regime should become more targeted and be underpinned by better system infrastructure, Fiona M Scott Morton and Reinhilde Veugelers argue
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A plan to revitalise the WTO
The WTO is experiencing a serious crisis arising from tensions that are internal to the global trading system. Ignacio García Bercero identifies four critical areas for WTO reform to reinforce the rules-based trading system
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Can AI make cutlery?
Andrew Bailey highlights how UK economic growth has slowed since the Financial Crisis. He examines AI and suggests gains may take time, depend on complementary innovation, and bring uncertain effects on jobs, making investment in skills essential
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Modernising money and markets
As technology evolves, Sarah Breeden sets out the Bank of England’s vision for UK finance: a robust, multi-money retail payments system that promotes greater competition and innovation, and a multi-asset, multi-currency approach to tokenising the markets of the UK’s global financial centre
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Testing EU discipline on state aid
The Iran energy shock is a test of European discipline on state aid. Roel Dom and Simone Tagliapietra argue that the latest EU temporary state-aid framework is needed to shield industries and consumers from short-term costs, but should not become more permanent
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A way out via the Strait of Hormuz
The US–Iran relationship appears to be at its lowest point in decades. Simon Johnson and Amir Kermani describe how the twin blockades of the Strait of Hormuz create the possibility of a time-consistent agreement linking the nuclear issue, sanctions relief, and uninterrupted navigation
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Climate, nature and monetary policy
Global efforts to tackle the climate and nature crises have not progressed as hoped, says Christine Lagarde. This sharpens the case for deeper analysis from the research and central banking communities to better understand the risks to price and financial stability
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