History is full of evidence that tariffs harm economic performance. Michael Bordo and Mickey Levy assess the two waves of globalisation in modern history and how they were interrupted by tariffs and barriers to trade, and outline possible scenarios and probable outcomes
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The US dollar has dominated global finance for nearly a century. Giovanni Tria, Paul Samson and Angelo Federico Arcelli consider a proposed euro-led ‘poly’ digital currency basket to complement the dollar, that could help stabilise the monetary system
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There are moments when foundations that seem unbreakable begin to shift, says Christine Lagarde. She believes the euro could become a viable alternative to the dollar, earning the EU immense benefits, if governments could strengthen the bloc’s financial and security architecture
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In the past most government spending was funded from import tariffs. Simon Evenett and Marc-Andreas Muendler discuss whether this practice could work today, paying attention to the displacement effect on revenues
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Cybercrime is in the rise and cybercriminals are getting more innovative. Michael Barr examines how Gen AI enables deepfake technology and what should be done to protect against this risk in finance
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We no longer live in a world where the reserve status of the dollar hinges on the US current account. Biagio Bossone says that status now depends on the credibility of US institutions, the depth of its markets, and the robustness of the infrastructure that underpins the global dollar system
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The tariff measures represent a seismic shift in the global trading landscape. Simon Evenett and Johannes Fritz discuss how the US has moved away from rules-based trade governance toward a results-oriented and probably a more transactional approach
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If Trump’s trade policy is the earthquake, the long-standing hardships confronting America’s middle class are the tectonic plate shifts that made it inevitable. Richard Baldwin considers US trade hesitancy
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President Trump is once again waging a ruthless economic battle against the rest of the world. Sylvester Eijffinger turns to non-cooperative game theory to attempt to understand what Trump thinks the US will gain from this war
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Europe needs to be able to defend itself against Russia, with or without the United States. Alexandr Burilkov and Guntram Wolff argue that Europe could need 300,000 more troops and an annual defence spending hike of at least €250 billion in the short term to deter Russian aggression
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