Modernizing financial regulation
The financial system is constantly evolving, and the regulatory and supervisory framework must keep pace. Michelle Bowman discusses the work of the US and urges global financial watchdogs to be flexible
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United States
Redrawing the global trade map
Liberation Day raised an immediate question in policy circles: would other countries follow suit? Barthélémy Bonadio, Andrei Levchenko and Nitya Pandalai-Nayar study the implications of the US withdrawal from free trade
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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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Updating the Fed for the modern world
Christopher Waller emphasises the need for the Federal Reserve to modernise its operations to adapt to a changing world. This includes reducing costs, effectively managing risk, and delivering value to the American taxpayer
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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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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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The shifting landscape of trade and investment
China’s BRI has reorganised global value chains. Yasuyuki Todo, Shuhei Nishitateno and Sean Brown reveal that the initiative has triggered strategic and divergent responses among major investor countries, depending on their economic and political relationships with China
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Can the World Trade Organization survive?
The foundations of the multilateral trading system have been shaken. Petros Mavroidis argues that reviving the WTO will require a determined effort from the key stakeholders to address issues that the membership has previously avoided
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The flawed rationale behind America’s reciprocal tariffs
The Trump administration imposed ‘reciprocal tariffs’ using powers granted under the International Emergency Economic Powers Act. Gene Grossman and Alan Sykes argue that the tariffs do not meet two core requirements for the exercise of emergency powers under the Act
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