Answering the call of history In her State of the Union address, Ursula von der Leyen outlines the main priorities and flagship initiatives for the year to come, building on the EU’s successes and achievements of the past A time for resolve and realism Agustín Carstens says with the global economy at a critical juncture, it is a time for resolute and realistic policy Policymaking in an age of shifts and breaks The world has experienced an unprecedented series of shocks. Christine Lagarde says clarity, flexibility and humility will be three key elements of robust policymaking against this backdrop

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Enabling digital trade World Commerce Review interview Dr Graham Bright, a leading thinker on the digitalisation of trade, about the challenges that need solving The contribution of capital flows to sustainable growth in emerging markets Lesetja Kganyago argues that capital flows should be welcomed, and we should control risks and nurture institutions that can deliver productive investment choices The role of IFCs in the changing world Geographical barriers continue to tumble. Elise Donovan says IFCs will be crucial to uphold the pillars of international trade, investment, and business Impact of CBAMs on the Indian metals sector Developing countries believe CBAM is a trade-restrictive policy. Nikhil Joshi and Geethanjali Nataraj consider CBAMs and the impact on Indian manufacturers
Paradise lost? Crypto has failed to deliver on its promises. Fabio Panetta argues that the public sector should establish a comprehensive regulatory framework that addresses the risks with crypto Are we witnessing the end of Erdoğanomics? Is the tide finally turning for Turkey? Cem Soner argues that avoiding a financial crisis is only the first step forward Digital trade is good for growth: can it also solve our ESG challenges? Digital trade is good for growth. Pamela Mar argues that digitalising trade could enable SMEs to a be future ready, environmentally, and socially conscious businesses

EU ePub

Finance ePub

A fight for every job: decarbonising Europe’s cars Decarbonising is key to achieving climate neutrality in the EU by 2050. Bela Galgóczi argues that the automotive industry’s ability to manage the transformation will have implications for millions of Europeans World War II: the unlearned lessons WW II was as much a clash of cultures as it was a clash of arms. Robert Oulds argues that the culture war and national differences drove the conflict and influenced how the war was fought
Tax for climate finance should start with shipping Pascal Saint-Amans argues that emissions from international shipping are the most realistic target for taxes to pay for climate spending in developing countries The value added of CBDCs: a view from the euro area Maria Demertzis and Catarina Martins argue that the ECB is uniquely positioned to help create the global standard, and in the process to help protect the EU’s global strategic interests Citizens protest against compulsion and coercion Patrick van Schie discusses the provincial elections in the Netherlands, and examines whether this might be part of a broader trend among voters in Western democracies World trade can still drive prosperity New protectionist policies threaten the global economy. Kristalina Georgieva and Ngozi Okonjo-Iweala argue that thriving international trade goes hand in hand with global prosperity and stability

Road to Net Zero ePub

Navigating uncertainty Petros Fassoulas and Aimée Duprat-Macabies stress the importance of social and green policies to build a just and resilient European economy Are cryptoassets a threat to financial stability? Cryptoassets and markets are a relatively recent innovation in finance. Claudia Buch says there is a need to monitor and take preventive action against risks in these markets The power and perils of the artificial hand Generative AI could change our lives. Gita Gopinath considers artificial intelligence through the ideas of Adam Smith

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Growth cannot solve everything Degrowth isn’t the same as a recession – it’s an alternative to growing the economy forever. Katharina Richter discusses the benefits Project financing: challenges, trends and future opportunities Flavia Micilotta examines the factors involved in project finance, and the growing influence of sustainable development Humane capital Vlatka Ariaana Hlupic outlines the eight pillars of humane leadership, employee engagement, and evolutionary change that are taking place in businesses right now, right across the world Britain’s road to Brexit Patrick Minford evaluates the progress being made on the Brexit agenda, focussing on trade, regulation and the EU border The problem with preferential trade agreements Preferential agreements can be an alternative to a sclerotic WTO, but, if multilateral rules fail, they also risk conflict between trading blocs. Uri Dadush and Enzo Dominguez Prost discuss Developing Europe’s policy towards China Ursula von der Leyen wants to de-risk, not de-couple trade with China, arguing that trade can remain strong as long as the EU can increase its resilience in some strategic sectors The slow American protectionist turn Pascal Lamy argues that the protectionist shift in US policy is not recent, and can be traced back about 15 years The cooperation imperative The world’s international economic institutions have helped reduce conflict and support growth. Tim Sargent, Paul Samson and Hector Torres discuss why we need to fix our international economic organizations How Europe should answer the US Inflation Reduction Act Kleimann et al argue that the EU should respond to the Inflation Reduction Act by pursuing broader aims such as a speedy decarbonisation and a broader development policy Bigtechs in finance: forging a new regulatory path Agustín Carstens considers the reach of large technology in the finance sector and the implications for public policy Unprecedented opportunities Elena Verdolini considers the digital revolution and how you can have a just ecological transition, the grand challenge of our times Navigating international trade through economic turbulence International trade is returning to pre-pandemic levels, but threats are emerging. Graham Bright discusses potential obstacles to trade Will a digital pound be needed by the end of this decade? Jon Cunliffe discusses why a digital pound is needed, what the model could look like and how the digital pound may sit within the digital payments landscape Scaling up climate finance for EMDEs The growing impact of global warming reminds us of the urgency of the green transition. Bo Li argues that without decisive action things are set to get worse Year in review: the evolution of Russia sanctions in 2022 Russia’s entry into Ukraine set off an unprecedented wave of sanctions and export controls. Nancy Fischer, Steven Farmer and Iris Karaman review the impact on Russia and the global economy Driving change It has become more critical for senior and aspiring leaders within organisations to ‘re-set’ their understanding of markets, organisations, customers, and citizens. Mike Cooray and Rikke Duus investigate Is it now time for industry 4.0? The much anticipated fourth industrial revolution hasn’t happened yet. Richard Markoff and Ralf Seifert discuss the many factors that have slowed the progress of industry 4.0 Africa’s mineral resources are critical for the green energy transition The UN warns that the transition from fossil fuels to renewable energy sources will have to be ramped up. Danielle Marais discusses the role African mineral resources will have to play in the transition The fiscal case for Europe to ‘go Dutch’ on defence Hanno Lustig argues that there is a clear self-interested fiscal rationale for Europe to invest more in its own defence, starting by stepping up its aid to Ukraine Climate versus trade? Reconciling international subsidy rules with industrial decarbonisation. David Kleimann argues that environmental subsidies could be justified Development debates in a historical perspective Globalization is changing. José Antonio Ocampo argues that the United Nations should be at the centre of a revitalized multilateralism Central bank independence and the mandate—evolving views Jerome Powell makes a strong case for limited independence within a democratic framework, warning against a central bank widening its remit and scope too far Embracing financial inclusion WCR interviews Josephine George, Managing Director of the Bank of St Helena, who discusses the Bank’s embracing of financial inclusion in an ever-changing world Pulling the curtain on Russian myth making Nikolai Levin writes behind the Kremlin’s threats and bluster lies a broken country that has never really made it to the 20th century, let alone the 21st Containing trade These are disruptive, challenging times. Graham Bright considers the role of the container ship in enabling global trade Crypto dominoes Cryptoassets promise radical change in how people pay, save and invest. Fabio Panetta considers the bursting crypto bubbles and the destiny of digital finance The European Climate Law and the ECB The EU has adopted the European Climate Law. Frank Elderson considers how the European Central Bank will be affected Business schools: an evolutionary perspective Kai Peters and Howard Thomas ask what is management actually all about and why do practising managers need ‘schools of management’ rather than ‘business schools’? What can we learn? Lael Brainard considers the lessons learned from the pandemic, supply shocks, inflation, and the challenges for monetary policy The beginning of the end for cryptocurrencies Jon Danielsson argues that cryptocurrencies have now reached the beginning of the end as the factors fuelling their success have come to a standstill China’s zero-COVID reckoning Kent Matthews considers China’s zero-COVID strategy and illustrates how economic growth may not recover To cap or not to cap Simone Tagliapietra, Georg Zachmann and Jeromin Zettelmeyer argue that a EU gas price cap would be counterproductive, but the reasons why it is supported widely must be addressed The business of government Stephen Morgan discusses how China’s response to the unprecedented zero-COVID protests could affect global business Reflections on DeFi, digital currencies and regulation Jon Cunliffe reflects on recent crypto market developments, and discusses the work that authorities are doing on the regulation of crypto stablecoins and a potential central bank digital currency The BVI – resilient and rebuilding The BVI is a leading player in the global economy. Simon Gray says this demonstrates the strength and resilience of the financial services sector A global climate risk capital Helen Souza discusses Bermuda’s push to become the global climate risk finance capital The flag of choice World Commerce Review interviews Cameron Mitchell who discusses how the Isle of Man Ship Registry adds real value in a rapidly changing global maritime environment Enlarging and deepening Franz Mayer, Jean Pisani-Ferry, Daniela Schwarzer and Shahin Vallée consider the EPC and argue that it could act both as a bridge to an eventual larger EU and as a framework for continental-scale partnership The West must learn to understand power politics The belief in Western Europe is that European integration and international trade are automatic promoters of peace. Patrick van Schie says much of the world continues to think it is power that counts 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 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 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 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 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 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 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 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