Reforming British economic policy Economic policy in Britain is at a crossroads. Patrick Minford argues that a change of leader creates an opportunity to reform policies which are set to create economic disaster The climate of trade The upward trend in global trade is being compromised. Graham Bright considers the challenges to crossborder trade going forward Monetary policy and the Great Volatility The Great Moderation was a period of prosperity. Isabel Schnabel argues that it is up to central banks whether today’s challenges will lead to the Great Volatility

ePub edition

A story of tailwinds and headwinds Aggregate supply tailwinds are turning into headwinds, raising inflationary pressures and calling for a policy reset, argues Agustín Carstens The social dimension of the climate transition Mehtap Akgüç, Kalina Arabadjieva and Béla Galgóczi outline some of the key labour and social effects of the EU’s Fit for 55 climate package and potential responses that should be considered Achieving net zero emissions High-quality, reliable, and comparable gauges are lacking. Charlotte Gardes-Landolfini and Fabio Natalucci on how to close the data deficit Beyond GDP Paul Allin, Diane Coyle and Tim Jackson argue that changing how we measure progress is key to tackling a world in crisis

pdf edition

The grand energy bargain Europe needs to defeat Putin Ben McWilliams, Simone Tagliapietra and Georg Zachmann argue that deeper integration and accelerated investment will allow the EU to push the transition to cleaner and more affordable energy

EU ePub

Code of coercion Filip Medunic says the EU needs a sanctions doctrine – a framework to set out the goals, means, and risks for the use of economic measures The impact of AI on the nature and quality of jobs Laura Nurski and Mia Hoffmann argue that policymakers should strengthen the role of social partners in the adoption of AI technology to protect workers
At the heart of global markets Elise Donovan outlines the pivotal role that the BVI plays in supporting the global economy, which lies in the expertise and services that the BVI offers

Finance ePub

India’s climate action Nirupama Soundararajan and Arindam Goswami consider India’s commitment to net zero emissions, which puts the environment and sustainability centre stage in policymaking Deceiving West and ‘detached’ elites Vladimir Putin portrays Russia as the victim, saying that western sanctions had ‘replaced the pandemic’ as a threat to the world order
Is the dismal science back? Daniel Dăianu looks at the role of economics in society and says miracles are not possible, and economics cannot be seen as alchemy The importance of strategic autonomy in the digital era Society increasingly relies on technology. Wilbert Jan Derksen considers the importance of strategic autonomy in ensuring national security Meeting the challenges International harmony has turned to hatred, co-existence to conflict, and welfare to warfare. Graham Bright discusses technologies that can reduce friction in international trade Recovering from COVID Building resilience in select African economies. Conrad van Gass considers the lessons learnt from policy responses prompted by the pandemic Destabilised supply chains Shanghai, the world’s biggest port, is returning to normal. Sarah Schiffling and Nikolaos Valantasis Kanellos argue that despite this supply chains will get worse before they get better Fiscal support and monetary vigilance Olivier Blanchard and Jean Pisani-Ferry consider the economic policy implications of the Russia-Ukraine war for the European Union DLT-based enhancement of crossborder payment efficiency Dirk Zetzsche, Linn Anker-Sørensen, Maria Lucia Passador and Andreas Wehrli provide an initial analysis of the legal challenges related to DLT-based payment systems EU economic resilience tested The EU has revised growth forecasts down. Maarten Verwey, Laura Bardone and Kristian Orsini say the Russian invasion is exacerbating pre-existing headwinds to economic growth Old dogs, new tricks Adapting central bank balance sheets to a world of digital currencies. Andrew Hauser argues that we need to understand these impacts and build them into the design of CBDCs Climate capital The BoE recently tested the UK’s largest banks and insurers on how prepared they are for financial risks caused by climate change. Sam Woods reviews the results

Road to Net Zero ePub

Tax ePub

Executive Development ePub

Decarbonisation of the energy system Zachmann et al highlight that the current national energy and climate plans (NECPs) of EU countries are insufficient to achieve a cost-efficient pathway to EU wide climate neutrality by 2050

Corporate Aviation ePub

Hope for the best, plan for the worst Graham Bright considers the global trade landscape post pandemic, and with current international tensions says we should hope for the best outcome and plan for the worst Stablecoins: growth potential and impact on banking Gordon Liao and John Caramichael the huge growth of stablecoins and consider the broad impacts on the financial system
Recalibrating global growth The British Virgin Islands has steadily increased its role in the global financial system, Elise Donovan discusses how the BVI will aid the post-COVID recovery Is the post-war trading system ending? Global trade faces many challenges. Uri Dadush argues the post-war system is being transformed into a more complex, politicised and contentious set of trade relationships Avoiding a doom loop Patrick Minford argues that British economic strategy post-COVID should prioritise growth and overrule conventional Treasury thinking The economic policy consequences of the war Jean Pisani-Ferry says the Ukraine war will have significant impacts on the EU, arising from oil and gas supply shocks, energy independence measures, the inflow of refugees and boosted defence spending Trade and the most vulnerable Ngozi Okonjo-Iweala outlines her views on how climate priorities can be addressed through trade actions which prioritise the specific challenges faced by least developed countries Climate finance and development Climate finance is treated as a form of aid support. Saliem Fakir argues that a shift is needed to investment support that would economically transform Africa The climate transition and its social dimension Mehtap Akgüç, Kalina Arabadjieva and Béla Galgóczi discuss the employment and distributional aspects of climate change mitigation in the European Union India’s commitment to renewable energy India has seen a strong growth in renewable energy. Nirupama Soundararajan and Arindam Goswami discuss India's approach to tackle climate change A classical liberal approach to inequality and inheritance Is inequality a problem? Patrick van Schie and Mark van de Velde look at whether equality is actually a core value to liberals New wine in new bottles Indian Free Trade agreements have been a mixed bag. Bipul Chatterjee and Sneha Singh consider the modernisation of India’s FTA strategy Recollections on financial stability Jon Cunliffe reflects on the key lessons he has learnt about financial stability and highlights longer-term challenges such as climate change and crypto, as well as the current situation, for financial markets Dialogue in a changing world The challenges facing the world today are unprecedented. Christine Lagarde says they can only be addressed by integrating scientific analysis into policymaking and acting together Adapting to change and consensus COP26 has shown that consensus is not just confined to politics. Graham Bright considers the finance sector’s role in promoting collaborative trade Goodbye Glasgow After COP26, and as the debate on whether Glasgow represents a success or a failure dies down, Klaas Lenaerts and Simone Tagliapietra ask what is next for global climate action Stablecoins and payments innovations Christopher Waller reflects on stablecoins, raises the risks and benefits with stablecoins, in particular the lack of a regulatory and supervisory framework A liberal perspective on trade and development Inequality and poverty remain a global reality. Edwin van de Haar considers the benefits of free trade to Sub-Saharan African development Under the western sky: the crypto frontier Carolyn Wilkins talks about cryptoassets and the ‘financial ecosystem’ they are a part of. She looks at the risks and opportunities decentralised finance may bring and the regulatory response to these Biometric technologies at work: a proposed use-based taxonomy Technology may not have a significant negative impact on the quantity of jobs, but it certainly transforms them. Mia Hoffmann and Mario Mariniello consider the implications for workers’ quality of life The dangers of unregulated AI Over the last decade, AI has made great advances. Daron Acemoğlu argues that current AI technologies are more likely to generate various adverse social consequences, rather than the promised gains Big tech reset? EU court dismisses Google appeal. Renaud Foucart believes the knock-on effects from this ruling could be enormous as tech giants consider their business models Power to the employees Employees have greater power than ever before. Jonathan Sharp says companies must reinvent themselves, adapt and empower their employees COVID-19 and food insecurity in Africa The pandemic has derailed gains made to achieve food security. Conrad van Gass and Joseph Upile Matola look at the role of free trade in developing African agriculture and building resilience The challenges of the digital euro Denis Beau argues it is unlikely that banks will be erased from a future payments landscape in which stablecoins and central bank digital currency dominate The Global Gateway: a real step towards a stronger Europe in the world Disappointment at the lack of fresh cash from EU global connectivity strategy is short-sighted. Simone Tagliapietra says Europe supports global development more than any other country in the world Do robots dream of paying taxes? The digital transition should be taxed alongside other societal transitions. Rebecca Christie argues that any tax on companies should be targeted and carefully designed to not stifle innovation 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 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 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 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 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 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 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 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 Embracing digital innovation Simon Gray discusses the benefits of embracing digital innovation to help drive economic recovery 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 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 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 impact economy: balancing profit and impact Dirk Schoenmaker examines how governments and companies can cooperate in the pursuit of sustainable development 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 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? 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 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 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

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