Strengthening the soul of our union In the face of complex challenges Ursula von der Leyen emphasises the Union’s unity and how Europe can become a more formidable actor on the global stage Sitting between two stools? Christian Valenduc considers the agreement to reform taxation of multinational companies and asks if the resulting tax system will be stable? Regulating crypto assets Crypto assets and blockchain technology have triggered a huge debate. Daniel Dăianu believes that updating the current regulatory framework is a must for governments and central banks

ePub edition

Climate change mitigation via trade policy There is a need to limit greenhouse gas emissions. André Wolf considers the potential and challenges of environmental protection in trade agreements Equal pay? There is a gender pay cap in sport. Robert Oulds examines the evidence and finds financial disparities are market driven, and not entirely due to an innate prejudice The impact of fintech on central bank governance Central banks are facing unprecedented technological transformation. Marianne Bechara, Wouter Bossu, Yan Liu, and Arthur Rossi consider the key legal issues central banks face from fintech on their governance Beyond the pandemic World Commerce Review interviews Ray Jones, who says Bermuda can look ahead with confidence thanks to a solid foundation in technology, innovation and business support

pdf edition

Hydrogen development strategies: a global perspective The EU, UK, US, China and Japan all expect hydrogen to play a significant role in the decarbonisation of their economies. Alicia García Herrero, Simone Tagliapietra and Victor Vorsatz appraise their approaches

EU ePub

COVID-19 lessons from Nigeria The pandemic has had severe impacts on Nigeria. Mma Amara Ekeruche and Adedeji Adeniran examine the macroeconomic policies adopted and what can be learnt by other developing economies Why technology shapes European power Ulrike Franke and José Ignacio Torreblanca consider the role of technology in shaping international relations and argue that the EU needs to engage with the geopolitical implications of technology
The inherent value of IFCs toward more sustainable finance IFCs facilitate the efficient flow of capital required by the global economy. Phil Graham argues that they are ready to support the transition to sustainable investing

Tax ePub

Free trade under Brexit Many economists have claimed that Brexit would damage the UK economy. Patrick Minford considers the assumptions made and Brexit benefits to the UK have been widely underestimated Public finances in the EU COVID-19 has led to governments borrowing at unprecedented levels. Mehmet Burak Turgut discusses EU government finances as well as relevant policy priorities to ensure healthier public finances in the future
The EUs carbon border mechanism and the WTO André Sapir argues that to avoid any backlash, the European Union should work with other World Trade Organization members to define basic principles of carbon border adjustment mechanisms Europe’s climate moment of truth Simone Tagliapietra writes that with Fit for 55 Europe is the global first mover in turning a long-term net-zero goal into real-world policies, marking the entry of climate policy into the daily life of all businesses Learning from history Xi Jinping discusses the Communist Party of China's founding, China’s economic rise, Hong Kong and Taiwan, and looks ahead to a bright future for China The BVI fintech transformation From a traditional financial services centre to a global fintech hub, Simon Gray charts the emergence of the BVI as an innovation and investment hotspot across the fintech and digital space Towards a green capital markets union Christine Lagarde considers the European Union’s transition towards a sustainable economy that will be backed by the growth of sustainable finance

Executive Development ePub

Corporate Aviation ePub

A new template for the European fiscal framework The European fiscal rules have been suspended to enable member states to combat the COVID crisis. Martin et al argue this is an opportunity for ambitious reform of a now clearly outdated fiscal framework A connectivity game changer Multi-modal connectivity is poised to be a game changer. Arnab Ganguly and Jithin Sabu on how the BBIN is connecting to thrive
Tackling climate for real: progress and next steps Andrew Bailey talks about the work central banks have done on climate change, and how it will need to evolve Quo vadis, Swiss-European Union relations? Switzerland’s decision to abandon InstA talks with the EU will have widespread consequences. Stefanie Walter says future relations now depend both on the EU’s response and on domestic developments The future of cryptocurrencies Cryptocurrencies have foreshadowed a potential digital future for money. Graham Bright sees blockchain as an enabler in the growth of the financial system and digital money

Finance ePub

Private money and central bank money as payments go digital Technology is driving dramatic change in the US payments system. Lael Brainard provides an update on CBDCs and a digital dollar Stablecoins: what's old is new again Christina Segal-Knowles talks about stablecoins. She looks at how they could be regulated if they are used as a form of payment The Dutch elections and ‘populism’ Fleur de Beaufort and Patrick van Schie interpret the results of the Dutch elections, and consider the growth in the support for the alternative 'populist' parties How the pandemic could save us We are at a crossroads. Ian Goldin argues that the pandemic has created opportunities for change which would have been impossible before the pandemic Virtual EBACE connected our industry Ed Bolen considers how the business aviation community adapted to new forms of communication, and looks ahead to the return of in-person gatherings post-pandemic Silver linings Internationalisation, accreditation and the pandemic - Michael Osbaldeston and Adriana Kudrnová Lovera look at the potential benefits that may emerge from the current challenges Vaccine diplomacy: soft power lessons from China and Russia? Michael Leigh discusses the rocky start to the EU’s vaccination rollout that has allowed Moscow and Beijing to score political points in the Balkans and Central and Eastern Europe Is the EU’s investment agreement with China underrated? Uri Dadush and André Sapir argue that the CAI binds China to an international treaty that includes improvements on subsidies, SOEs, technology transfer and transparency Navigating through hydrogen Ben McWilliams and Georg Zachmann argue that policymakers must address the need to displace carbon-intensive hydrogen with low-carbon hydrogen to meet the 2050 emissions target Time to reset? Giovanni Tria and Angelo Federico Arcelli ask is a renewed Bretton Woods agreement a concrete option to favour a new economic expansion phase in the post-pandemic world? Leveraging synergies The anti-corruption and human rights agendas have much in common. Ina Sandler says companies can leverage existing synergies to address corporate risk Much ado about nothing? Fraser Cameron considers the political and economic context of the EU-China investment deal Digital assets and Africa The long-term economic outlook for Africa is positive. Elise Donovan examines the enormous potential and the opportunities for wealth creation Bracing for the second wave The COVID-19 pandemic has had a severe economic impact on Africa. Cyril Prinsloo and Yulea Roopai consider policy interventions that could play a decisive role in the recovery What the British government needs to do to get Brexit done post-COVID Patrick Minford considers the options available to the UK government to ensure a successful Brexit Reinventing work The labour market is transforming. Werner Eichhorst considers employee development, changing jobs and worker transitions in the post-COVID labour market The end of the beginning Democratic Europe has come under pressure. Benjamin Zeeb considers the lessons that Europe can learn from the American experience to ensure a peaceful completion of the European project Bermuda is another world and it is the place to be World Commerce Review interviews Ray Jones about Bermuda, an innovative, well-respected and transparent jurisdiction to base your business Beyond COVID-19 Business aviation continues to face challenges from the pandemic. Ed Bolen is optimistic that the industry can look beyond COVID-19 with excitement and innovation Will 2021 in CEECs look better than 2020? Mehmet Burak Turgut is optimistic about CEE growth in 2021 following the successful development of COVID vaccines Digital currencies and the future of the monetary system Does the economy need digital currencies? Agustín Carstens asks who should issue them, how should they be designed and what are the implications for the monetary system? Regulating big tech The EU’s proposed Digital Markets Act will attempt to control online gatekeepers by subjecting them to a wider range of upfront constraints. Julia Anderson and Mario Mariniello consider the implications The geopolitics of the European Green Deal Mark Leonard, Jean Pisani-Ferry, Jeremy Shapiro, Simone Tagliapietra and Guntram Wolff consider the geopolitical consequences of the European Green Deal Climate change and central banking The ECB will contribute within its mandate to tackling climate change, acting in tandem with those responsible for climate policy, says Christine Lagarde Let the torch of multilateralism light up humanity’s way forward Xi Jinping calls for both greater global efforts in the fight against an unprecedented public health crisis and a renewed commitment to multilateral cooperation What do vaccination passports mean for Europe? Fundamental freedoms should not be limited unnecessarily, say Lionel Jeanrenaud, Mario Mariniello and Guntram Wolff. Nevertheless, vaccination passports have to be considered The Digital Markets Act: a translation Cristina Caffarra and Fiona Scott Morton argue that the European Commission's proposal is progress, but there are issues that need to be addressed Has the EU squandered its coronavirus vaccination opportunity? The EU’s purchases of frontrunner coronavirus vaccines are insufficient. J Scott Marcus says the shortfall could have healthcare consequences and might delay economic reopening How to respond to the COVID pandemic The G20’s new year’s resolution should be to finally address COVID-19. John Denton says coordinated action is needed Europe should promote a Climate Club Guntram Wolff argues that now is the time for Europe, the US and possibly China to create a global ‘Climate Club’ to implement tough climate action Realising the vision Nirupama Soundararajan and Arindam Goswami consider the huge growth in e-commerce in India and the next steps that policymakers should take to release the potential COVID’s impact on Indian growth and trade The COVID-19 pandemic has inflicted great damage to the global economy. Pravakar Sahoo and Ashwani Bishnoi consider the developmental and policy implications for the Indian economy The digital age Graham Bright gives his thoughts on the digital challenges facing financial institutions post-crisis Four cornerstones of payments in the digital age Kristalina Georgieva says the IMF stands ready to help foster a more resilient monetary system – one that is more inclusive, smarter, and greener From the payments revolution to the reinvention of money The digital transformation is triggering a revolution in the financial sector, which will bring innovation but also risks, says Fabio Panetta. The ECB strategy provides a forceful policy reaction Embracing digital innovation Simon Gray discusses the benefits of embracing digital innovation to help drive economic recovery Digital money and financial stability Tao Zhang considers the implications for monetary and financial stability of new forms of digital money Lockdown What does the student experience of the lockdown mean for the future? A resilient industry moving forward COVID-19 has affected how business is connected. ED Bolen says VBACE and other events showcase a resilient industry moving forward Seizing the opportunities from digital finance Developments in digital finance could transform how consumers and businesses make payments and raise finance. This could help revitalise the UK economy, says Andy Haldane Revitalising multilateralism Simon Evenett and Richard Baldwin introduce a new eBook that presents analyses and ideas on how trade multilateralism can be revived 2021 can be a climate breakthrough Simone Tagliapietra says the new US administration and the EU have a real opportunity, through a ‘global net zero coalition’, to remove some of the key bottlenecks in the global path to climate neutrality A new Bretton Woods moment The COVID crisis has created economic calamity. Kristalina Georgieva argues that now is the time to build a more sustainable and equitable world Avoiding economic anxiety Andy Haldane looks at the UK’s recovery from the economic impacts of COVID-19, and says it’s important not to be over-pessimistic because there has been greater robustness and resilience than expected Is BRICS past its sell-by date? Despite increasing political differences between members, Elizabeth Sidiropoulos sees a continuing role of the BRICS as the global economy rebalances To thrive in the post-COVID world, Europe needs a Plan B Benjamin Zeeb considers the EU's COVID-19 rescue package and argues that government by consensus rather than majority is not the right method in times of crisis Limits and pitfalls of QE in emerging markets Daniel Dăianu considers the use of quantitative easing to mitigate the effects of the pandemic, and argues that there are constraints for emerging markets Building the world we want to live in Ursula von der Leyen presents her vision for a Europe that emerges stronger from the pandemic and leads the way towards a new vitality in a world of fragility Reinventing the wheel (with more automation) Andrew Bailey looks at recent innovations in payments and the challenges they bring, reiterating the Bank of England’s interest in CBDCs and stablecoins Unwoking corporate culture Robert Oulds and Niall McCrae describe the spread of 'woke' group-think as moralitis - a cultural virus, and show how and why we must protect society from the social justice agitators Freedom during the COVID-19 crisis Fleur de Beaufort and Patrick van Schie consider the measures taken to combat the pandemic and how state intervention can be reigned back The coronavirus crisis: prospects and policy The COVID-19 crisis is unusual in that it was deliberately created by the government. Patrick Minford argues that the right policies will ensure a total recovery Using technology for trade COVID-19 has had a drastic effect on global trade. Graham Bright discusses how technology can boost the recovery Financing the EU: new context, new responses Clemens Fuest and Jean Pisani-Ferry consider the EU budget, which has to be reassessed in light of the Next Generation EU programme Europe needs a fully-fledged CMU The coronavirus crisis makes progress on CMU even more important. Luis de Guindos, Fabio Panetta and Isabel Schnabel outline priority areas for reform to foster European capital markets The impact economy: balancing profit and impact Dirk Schoenmaker examines how governments and companies can cooperate in the pursuit of sustainable development The global and Asian economic outlook Tao Zhang considers the economic consequences of the COVID-19 pandemic, and says we need to work together to ensure a green and sustainable future Deeper recession, wider divergences Maarten Verwey and Björn Döhring consider the Commission’s Summer 2020 interim forecast, and argue that a rapid response at the EU level is needed to minimise hysteresis Sustainable finance in the COVID-19 era The current crisis has given a reminder about the need to strengthen our societies. Cosmina Amariei argues that sustainability will remain an enduring policy in the (post) COVID-19 era A new world order? COVID-19 has exposed global fault lines. Nirupama Soundararajan and Arindam Goswami say it is now the time for India to react economically A recovery plan for Europe Maarten Verwey, Sven Langedijk and Robert Kuenzel provide a brief overview of the economic rationale for collective action and an assessment of the expected impact of the recovery plan proposed by the Commission Chinese and Russian geopolitical games Katarzyna Sidło looks at how China and Russia have exploited the COVID-19 pandemic to improve their international standing in the MENA region Work and employment after COVID-19 The COVID-19 pandemic has had an unprecedented effect on labour. Werner Eichhorst assesses the possible changes in the future of work Digital connectivity in the Bay of Bengal BIMSTEC members comprises some of the fastest-growing global economies. Bipul Chatterjee and Sidharth Narayan consider the Indian perspective to the region Preparing for the COVID aftermath Sofia Baliño considers the threat of ISDS arbitration against emergency measures, and warns governments to mobilize as they have in the health sphere and apply it to their international investment agreements and policies Payments after the COVID crisis Christina Segal-Knowles considers how payments were changing well before COVID-19, and explores the role of digital currencies and emerging issues and challenges Global Ripple Supplier of Choice and Best Ripple Partner Graham Bright explains how Ripple ensures and guarantees delivery directly into the recipient account, without the cost and time overheads of bank correspondent relationships COVID-19 and transfer pricing Stefano Simontacchi, Marco Adda and Francesco Saverio Scandone say that the knock-on effects of the pandemic need to be carefully assessed to understand the potential implications for MNE transfer pricing policies An uncompromising budget The EU response to the COVID-19 crisis has so far been weak. Zsolt Darvas considers the Next Generation EU proposal, and feels that an opportunity has been missed to reform the EU budget Europe's moment The coronavirus has shaken Europe and the world to its core. Ursula von der Leyen presents a recovery plan to repair and prepare for the next generation Reading tea leaves China’s ‘Two Sessions’ gathering announced a large stimulus without a growth target. Alicia García Herrero believes this indicates that China’s recovery is far from complete Rebooting Europe European governments have adopted stringent measures to slow the spread of COVID-19. Julia Anderson, Simone Tagliapietra, and Guntram Wolff present a framework for a post COVID-19 economic recovery The path to integration This crisis is our generation’s Schuman moment, says Christine Lagarde. We have been passed the baton of European integration. And we are being asked to act by strengthening Europe Towards a European Reconstruction Fund How should Europe respond to the economic crisis? Luis Garicano argues that the Commission issue consolidated annuities to finance a €1 trillion economic reconstruction package An opportunity for change The European Commission has been asked for a recovery fund proposal. Massimo Motta and Martin Peitz see a unique opportunity to develop a truly European programme that helps restructure the EU economy Racing against COVID-19 A long-term solution to COVID-19 includes vaccine development. Reinhilde Veugelers and Georg Zachmann propose a vaccines strategy for Europe to meet the challenge of future pandemics Is the US reneging on international financial standards? Nicolas Véron considers the new Fed rule, which he argues undermines the global order without being justified by narrower considerations of US national interest Future imperfect after coronavirus Following this period of massive fiscal and monetary expansion, Charles Goodhart and Manoj Pradhan ask what will happen when the lockdown gets lifted and recovery ensues? Big data versus COVID-19 All available resources need to be brought to bear on COVID-19. J Scott Marcus asks to what extent can digital technology help, what risks are there in using big data, and what policies can mitigate any limitations that these risks impose? Is the golden age of globalisation over? Alessio Terzi fears that faltering trade growth could be to the detriment of the world’s poorest A European carbon border tax: much pain, little gain Georg Zachman and Ben McWilliams argue that the EC should not make the implementation of a carbon border adjustment mechanism into a must-have element of its climate policy Strategic choices for South Africa’s leadership in 2020 South Africa is a significant actor in Africa. Fred Phaswana says there is an opportunity for South Africa to put into practice its desire to reclaim its prestige and credibility on the continent Brace for impact The global economy has been slowing down for some time. Abhijit Mukhopadhyay considers the gigantic global economic damage the coronavirus pandemic could cause Next steps in connecting Europe and Asia The EU has set out an ambitious connectivity strategy with Asia. Antti Tulonen argues the priority must be to build on the existing partnership with Japan and seek other like-minded countries in Asia The great distortion Patrick Minford argues that the traditional orthodoxy of fiscal caution is dangerous in today’s zero interest rate world Climate change and the financial sector Climate change constitutes a major challenge. Christine Lagarde writes that central banks need to devote greater attention to its impacts Ahead of the GAME WCR sat down with Euro Exim’s Graham Bright to talk about the $22 trillion cross-border payments market, the disruptive effects of technology and how regulators will respond Coronavirus and macroeconomic policy The consensus is that the coronavirus outbreak will cause a shock to the world economy. Luca Fornaro and Martin Wolf develop a model to show that the spread of the virus might cause a demand-driven slump Biodiversity: what is at stake? Biodiversity loss is a serious risk to business. Aleksandar Rankovic and Juliette Landry review an action agenda to curb biodiversity loss Future-proofing global business education Organisations need game-changing leaders. Andrew Main Wilson and Bodo Schlegelmilch explore several disruptive themes that will impact the success of business schools in rising to this challenge The ambitions reshaping the business environment Christine Lagarde describes how the goals of European autonomy and addressing climate risk will shape the business environment in Europe, reiterating the need to work together A moment of unlimited potential On February 4, 2020, President Donald J Trump delivered his third State of the Union address, saying that Americans must choose whether they are defined by differences or whether they dare to transcend them Liberals and women’s rights: past and present There has been a century of female suffrage in the Netherlands. Fleur de Beaufort and Patrick van Schie consider the differing demands of feminists now and a century ago