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

ePub edition

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 Martin et al argue this is an opportunity for ambitious reform of a now clearly outdated fiscal framework A connectivity game changer Multi-modal connectivity is poised to be a game changer.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

pdf edition

EU ePub

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

Tax ePub

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

Executive Development ePub

Corporate Aviation ePub

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

Finance ePub

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 Top 20 articles of 2019 Digital currencies, trade issues, climate change, and the European Union were some of the topics generating the most interest. To close out 2019, here's a look back at our most-read pieces of 2019. An existential threat There is mounting evidence of the damage caused by climate change. Daniel Dăianu says policymakers and central banks need to be increasingly concerned An Asia trade war threatens The trade war between the USA and China is ongoing. Abhijit Mukhopadhyay says the Japan-South Korea dispute threatens to further derail international business A giants' advance Nirupama Soundararajan asks if the $5 trillion economy target is meaningful, and argues that India's growth should be in alignment with the SDG goals The future of the euro area economy Europe needs to strengthen common institutions and empower the European economy to respond to today’s challenges, says Christine Lagarde. This would be a game changer for Europe’s stability and prosperity and for that of the global economy, too How to make the European Green Deal work Ursula von der Leyen has proposed a European Green Deal to make Europe climate neutral by 2050. Grégory Claeys, Simone Tagliapietra and Georg Zachmann consider how this initiative could be made to work The world turned upside down Little has changed since the 2008 financial crisis. Mervyn King considers economic policy in turbulent times, and argues that the global economy needs to reform We’re in danger of forgetting the lessons from Bretton Woods Roberto Azevêdo says the world risks forgetting the importance of a rules-based system of economic cooperation, which has underpinned decades of unprecedented peace and prosperity Trade policy after three years of populism The populist turn in many nations’ politics has sharpened the rhetoric against globalisation. Simon Evenett and Johannes Fritz find that this has translated into greater protectionism worldwide We share a responsibility to protect our democracy The European Union and its values need to be safeguarded. Omri Preiss outlines the steps needed to engage citizens and build up a culture of civic responsibility Malta: A high-value investment for your future Q&A with Jonathan Cardona, Chief Executive Officer of the Malta Individual Investor Programme Agency, outlining the benefits Malta offers investors 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 Hybrid and cybersecurity threats Maria Demertzis and Guntram Wolff find that EU finance ministers should advance a broader political discussion on the integration of the EU security architecture applicable to the financial system Who needs a blockchain? In a wide-ranging interview with WCR Lyle Wraxall explains how diversity will drive the adoption and understanding of blockchain across the Isle of Man’s business communities and beyond Truths about trade Cecilia Malmström says the best that we can do is hold on to our values – what we believe to be good and right – but always be ready to challenge received ideas through rigorous research and understanding How Britain will react to a WTO-based Brexit A 'No Deal Brexit' is the most likely outcome. Patrick Minford explains how it is a recipe for UK economic success, free of the shackles of EU protectionism, budget costs, intrusive regulation and subsidisation of unskilled immigration Incoterms® 2020 – updated rules for sale of goods certainty The International Chamber of Commerce reviews the latest edition of the Incoterms® rules, that ensure a rules-based solution between trading partners worldwide Challenges in the digital age Industry 4.0 is creating many challenges and opportunities. Vincent Labhard, Peter McAdam, Filippos Petroulakis and Lara Vivian review a recent ECB conference Border carbon tariffs: giving up on trade to save the climate? Ursula von der Leyen plans to introduce a border carbon tax to avoid forcing EU companies to move their activities abroad. Henrik Horn and André Sapir ask if trade and climate preservation can coexist? The growing challenges for monetary policy Mark Carney considers the challenges posed by the international monetary and financial system for the conduct of monetary policy across the world Perspectives on the soft power of EU trade policy The EU has to reposition its trade policies. San Bilal and Bernard Hoekman ask whether the EU has been effective in its pursuit of non-trade policy objectives Possible risks in Facebook’s pursuit of a ‘stablecoin’ Facebook’s new cryptocurrency has the potential to be attractive to those countries that do not have strong sovereign currencies. Maria Demertzis and Jan Mazza write that regulators have so far treated cryptocurrencies as a minor risk to national economics, but Libra could change everything Redefining Europe’s economic sovereignty Mark Leonard, Jean Pisani-Ferry, Elina Ribakova, Jeremy Shapiro and Guntram Wolff make recommendations on how to adapt the EU and national policy systems to better integrate economic and geopolitical considerations A strategic agenda for the new EU leadership Maria Demertzis, André Sapir and Guntram Wolff present a memo to the presidents of the European Commission, Council and Parliament, focussing on the most important economic questions at EU level The road to Kazakhstan The WTO is facing heightened pressure from multiple angles. Sofia Baliño finds that members are debating a new investment facilitation framework in a tenuous WTO landscape Weaponising ODI Nirupama Soundararajan and Dnyanada Palkar examine if India could use overseas direct investment as an economic tool to further its geopolitical goals India at a crossroads The global economy is entering a turbulent phase. Abhijit Mukhopadhyay considers where India sits in an era of bilateral and plurilateral trade agreements Breaking up big companies and market power concentration Elizabeth Warren proposes the break-up of big tech companies. A UK report presents another approach for regulating the digital economy. And IMF research shows that concentration of market power extends beyond digital. Konstantinos Efstathiou reviews the debate Human/e capitalism: work, knowledge and non-hierarchical cooperation Paid work has become more diverse and fluid. Werner Eichhorst writes that for companies to harness the potential of workers they will need to collaborate and let them do their job Dancing with the dragon: can the EU and China rescue the WTO? Comprehensive WTO reform has never been more urgent. Bart Broer argues that the Sino-European relationship could safeguard the world's trading regime Global economy threatened by ‘sustainable’ investments Governments are pressuring portfolio managers to invest their clients’ funds in sustainables. Martin Hutchinson critically examines the arguments made in favour of investing in sustainables No deal is the best deal for Britain Patrick Minford considers the options for the UK as they reach the endgame in their negotiations with the EU, and finds that a No Deal Brexit is a recipe for economic success Has AI really lived up to the hype? In many cases AI is changing the world. Nikolas Kairinos talks about the evolution of AI and the prospects on the horizon for society The European Union’s response to the trade crisis The global trading system is being challenged. Uri Dadush and Guntram Wolff consider the possible outcomes and how the EU can respond Sovereignty in a globalised world Countries need to work together to exercise sovereignty in a globalised world, says Mario Draghi. EU membership helps countries withstand external pressures and achieve policy goals they could not realise alone EU membership has many benefits, but economic growth is not one of them In new research Thomas Barnebeck Andersen and Pieter Vanhuysse looked at whether joining the EU has actually increased economic growth for EU member states. In a nutshell, most probably it has not Seamless connectivity A series of measures taken by the Indian government has enabled a seamless connectivity through inland water transport among BBIN countries. Bipul Chatterjee and Veena Vidyadharan consider the effects on the region A commitment to shared prosperity If the European Union draws on its roots and finds a way forward through shared prosperity, Christine Lagarde believes the next chapter of unity in Europe will begin Time for China to step up to global anti-corruption responsibilities China, the world's largest exporter, is failing to enforce its own laws on foreign bribery. Gillian Dell believes that China should join the major exporting nations to take action against foreign bribery Europe and the euro 20 years on We should consider the gains made as a result of having one market with one money, says Mario Draghi, outlining how the Single Market has benefited the people of Europe over the past 20 years A new vision for trade The Foundation for European Progressive Studies present a vision that can form the core of a new, forward-looking progressive model for trade and investment Why a new multilateralism now? History suggests that an economic downturn lurks somewhere over the horizon. David Lipton believes that with ingenuity and international cooperation we can create a shared and sustained prosperity Geotechnology meets geopolitics Stephen Nagy examines China’s geotechnology strategy and its relationship to the Sino-US artificial intelligence rivalry On populists, immigration and welfare Niek Kok examines the rise of 'right-wing' populism in Europe, and finds that their policies match those of the social democrats of the mid-twentieth century Between a rock and a hard place European companies are squeezed between US sanctions and the new EU blocking statute. Matthew Oresman and Henrietta Worthington discuss The future of the WTO: cooperation or confrontation There is a danger of further escalation in the tariff war. André Wolf considers protectionism and the future of the World Trade Organization The outlook for the euro area economy Completing EMU has become more urgent over time, not less urgent, says Mario Draghi. Completing the banking union and starting work on the capital markets union are the best ways to respond to the threats currently facing our monetary union What 'EU sovereignty' are we talking about? Emmanuel Macron has called for 'European sovereignty'. Daniel Dăianu discusses what this may mean for Europe and the transatlantic relationship Age of ingenuity Christine Lagarde reimagines 21st century international cooperation, when the world delivers a new burst of creativity in solving shared challenges How far can trade policy go in promoting European values? The EU can and should use trade agreements to promote European values but not at the expense of its economic interests, argues Luisa Santos Tax reforms accelerating with push to lower corporate tax rates Tax Policy Reforms 2018 describes the latest tax reforms. Pascal Saint-Amans says there is a crucial need to continue addressing equity issues and environmental challenges