Examining how the overall economy—the markets, businesses, consumers, and governments—behave, focusing on long-term economic growth and shorter-term business cycles
The complex issues at the intersection of monetary policy, fiscal policy, financial markets, and regulation are reshaping the environment for central banks. In this period of radical change, Pablo Hernández de Cos examines their role in managing financial crises
Crisis controllers: how central banks navigate rapid change Read More »
The financial system has weathered repeated shocks, but weak growth, supply disruptions, rising debt, leverage and AI exposures remain risks. Andrew Bailey argues that policymakers should support sustainable growth, keep monetary and fiscal frameworks credible, and strengthen core markets
Financial resilience in an age of repeated shocks Read More »
As the Bank of England nears 30 years of operational independence, a broad review is likely. Sushil Wadhwani proposes five measures to reduce future quantitative-easing losses and, as markets still doubt the Bank will meet its inflation target two years after the Bernanke Review, steps to strengthen credibility
Some questions that a Bank of England review should ask Read More »
Will AI suddenly transform the economy and upend our lives? Or is the prospect more mundane? Patrick Minford considers the effects of earlier systemic innovations and believes AI is unlikely to be different from other technology revolutions
Artificial Intelligence takeover or slow grind? Read More »
Andrew Bailey argues that independent central banks rely on more than technical expertise: they have a long tradition of accountability. Central bankers must explain their decisions or risk appearing to be an unrepresentative elite’, especially amid the challenge of populism
The institutional form of independent central banks Read More »
Europe is moving towards invoice-level electronic VAT reporting. Thiemo Fetzer argues that, with AI-assisted processing of the information contained in electronic VAT invoices, the tax system can become not just a compliance and revenue-raising instrument, but a protected intelligence map of the economy
Europe’s federated democratic learning state Read More »
The EU’s implementation of global anti-tax avoidance rules and the global minimum tax is widely regarded as a success. Madalena Barata da Rocha, Roel Dom, Pascal Saint-Amans and Bo Sangers consider the trilemma between tax sovereignty, revenue protection and investment neutrality that has emerged
Europe’s corporate tax trilemma Read More »
Predictions of the effects of AI on the economy and society tend to focus on productivity growth, job losses, and shifts in the distribution of income. Karen Dynan, Douglas Elmendorf and Louise Sheiner examine various potential scenarios for the macroeconomic effects of AI on US fiscal policy
How the rise of AI matters for fiscal policy Read More »
The Paris Agreement provides a framework for international carbon trading. Georg Zachmann and Annabelle Weisser discuss the many questions that will arise, and argue that international carbon credits can support the EU’s 2040 target if buyers’ club rules and leverage ensure real mitigation gains abroad
International carbon trading: a strategic lever to boost global decarbonisation Read More »
Stablecoins are not an efficient way to strengthen the international role of the euro, says Christine Lagarde. The best solution to do so remains: deeper capital market integration through the savings and investment union and a stronger safe asset base
Stablecoins and the future of money: separating functions from instruments Read More »
