Discussing how geopolitical relationships affect trade, with a focus on supply chains, trade finance and crossborder payments
The global economy has shown resilience despite heightened uncertainty, supply side shocks, and geopolitical risks, but downside risks remain significant. Andrew Bailey says that sustaining growth and financial stability will require innovation, openness, international cooperation, and strong global institutions
The current state of the world economy Read More »
Europe is the largest external holder of US federal debt. Paola Subacchi and Paul van den Noord discuss whether Europe’s $12.6 trillion holdings of US assets can be used as leverage if relations with Washington sour
Leverage lies in marginal demand Read More »
Andrew Bailey emphasises the need for robust international cooperation, supported by multilateral institutions, and why they need to be supported by an international rules-based system, setting out some of the conditions that help make this system work and what challenges they might face
Global imbalances in a more fragmented world Read More »
The global minimum tax represents the most ambitious international effort in decades to curb profit shifting to tax havens. Katarzyna Bilicka, Michael Devereux and Irem Güçeri argue that profit shifting doesn’t just affect tax revenues, it alters investment incentives, creating fundamental trade-offs that cannot be ignored
Reforming global taxation: balancing profit shifting and investment Read More »
The EU must speed up its integration and overhaul a model of export-led growth that has faltered amid mounting geopolitical turmoil. Christine Lagarde warns that the EU is increasingly vulnerable to shocks and is lagging behind in areas that will drive growth such as AI
From resilience to strength: unleashing Europe’s domestic market Read More »
The challenge for policymakers is to build rules that function amid disagreement in a divided world. Dennis Snower discusses how COP30 can turn climate goals into trade rules
Rewiring trade for a warming world Read More »
In 2025 the US government underwent a large fiscal switch. Kimberly Clausing and Maurice Obstfeld evaluate tariffs as a broad tool of fiscal policy, reviewing both tax policy and macroeconomic considerations, and concludes that this fiscal switch will leave most Americans worse off
President Trump’s tariffs as fiscal folly Read More »
The EU is engaged in an unprecedented struggle for independence, values and democracy in a world shaped by the re-emergence of imperial ambitions. Simone Tagliapietra says Ursula von der Leyen is right to say Europe is in a ‘fight’ around competitiveness and values, but it may lack the right pugilistic attitude
Europe’s fight should begin with the struggle against hesitation Read More »
The US willingness to weaponise trade makes clear that transatlantic economic relations have become entirely transactional. Luis Garicano argues that Europe must respond to US tariffs with economic strength: faster productivity growth, cheaper energy, a genuine continental market, and tech leadership
Strategic autonomy for Europe requires economic growth Read More »
Rule of law is not the enemy of autonomy; it is its foundation. Christine Lagarde says the EU can pursue its policy choices because they are framed by legal commitments that others recognise and respect
Building European autonomy: cooperation and the rule of law Read More »
