The Transfer Paradox. Rethinking Global Imbalances
Global imbalances have come back to the top of the policy agenda. Many analyses and reports have been produced over recent months. The standard prescription involves better coordination of macroeconomic policies, with three familiar recommendations: higher consumption in China, higher investment in Europe, and fiscal consolidation in the United States.
Central Banks: Challenges and Tools in Geopolitical Rivalries
Central banks have become major strategic players in international economic balances. Faced with systemic crises (2008, Covid-19), the major central banks have developed unprecedented coordination of their interventions, fostering the emergence of the “Jackson Hole consensus.”
Europe, Power and Finance
Finance has become an essential attribute of power. Its importance has grown given the substantial investments needed for the energy and digital transitions as well as the need to support economies affected by the COVID-19 pandemic.
From Financial Diplomacy to Geopolitics of Finance
The financial system has become too complex to be controlled at state level.
Rethinking Global Imbalances
Today’s global imbalances, starting with China's massive trade surplus, are not simply the result of poor macroeconomic coordination. Rather, they reflect long-term strategic thinking and a departure from the bias toward openness on which the postwar trade order was built.
The Transfer Paradox. Rethinking Global Imbalances
Global imbalances have come back to the top of the policy agenda. Many analyses and reports have been produced over recent months. The standard prescription involves better coordination of macroeconomic policies, with three familiar recommendations: higher consumption in China, higher investment in Europe, and fiscal consolidation in the United States.
Central Banks: Challenges and Tools in Geopolitical Rivalries
Central banks have become major strategic players in international economic balances. Faced with systemic crises (2008, Covid-19), the major central banks have developed unprecedented coordination of their interventions, fostering the emergence of the “Jackson Hole consensus.”
Europe, Power and Finance
Finance has become an essential attribute of power. Its importance has grown given the substantial investments needed for the energy and digital transitions as well as the need to support economies affected by the COVID-19 pandemic.
Rethinking Global Imbalances
Today’s global imbalances, starting with China's massive trade surplus, are not simply the result of poor macroeconomic coordination. Rather, they reflect long-term strategic thinking and a departure from the bias toward openness on which the postwar trade order was built.
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