Building confidence in the path ahead
Christine Lagarde outlines what needs to be done to become sufficiently confident to start dialling back the ECB’s restrictive policy stance
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Trust and macroeconomic stability: a virtuous circle
Trust is essential for the success of public policies. Agustín Carstens argues that policymakers’ success in dealing with recent crises was due to the trust they had built over the years, which allowed them to take decisive action when required
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How the financial authorities can take advantage of AI
AI will both be of considerable help to the financial authorities and bring new challenges. Jon Danielsson and Andreas Uthemann discuss how the authorities might want to approach AI, where it can help, and what to watch out for
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Geoeconomic fragmentation and firms’ financial performance
The threats of geoeconomic fragmentation have accelerated in recent years. Alessandro D’Orazio, Fabrizio Ferriani and Andrea Gazzani introduce a novel firm-level revenue-weighted geopolitical risk index
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Re-joining trade with antitrust measures
Cristina Caffarra and Burcu Kilic describe how antitrust thinking has been undergoing a major shift in the US, and ‘antimonopoly’ has become a broader value in multiple areas of economic policy
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Tailoring, fidelity to the rule of law, and unintended consequences
Michelle Bowman discusses the role of tailoring in the regulation of banks, and how it allows the safety and soundness of the banking system and US financial stability
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A framework for geoeconomic power
Countries use their economic strength to achieve geopolitical goals. Christopher Clayton, Matteo Maggiori and Jesse Schreger present a novel framework to understand how a hegemon in the international system exerts its power within its economic network
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From laggard to leader? Closing the euro area’s technology gap
Isabel Schnabel emphasises the euro area’s strengths in social protection and environmental initiatives, and advocates measure to close the euro area’s technology gap
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Relationship stickiness in international trade
Supply chains are vulnerable to disruptions. Julien Martin, Isabelle Mejean and Mathieu Parenti introduce a new measure of ‘relationship stickiness’ which quantifies these vulnerabilities
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ETF approval for Bitcoin – the naked emperor’s new clothes
Bitcoin has failed on the promise to be a global decentralised digital currency. Ulrich Bindseil and Jürgen Schaaf argue that the latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment
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