Achieving a European Banking Union without increasing risks
European banking remains fragmented, leaving billions of euros inefficiently allocated. Reforms to establish a European deposit insurance system have been proposed to allow cross-border banking
Rebuilding the world order: Two strategies for a fragmented world
As the postwar international order fragments and universal agreement becomes increasingly elusive, policymakers face a pressing question: what form of cooperation can replace the postwar
Occupational licensing across countries: New evidence from 44 nations
Occupational licensing has attracted growing attention in advanced economies, yet little has been known about its prevalence outside the US. This column presents new evidence
Dollar erosion: The macroeconomic consequences of losing reserve currency status
The dollar’s role as the world’s reserve currency has been blamed for an overvalued exchange rate that hollows out US manufacturing. This column quantifies what
How oil price shocks redraw the map of conflict
Oil price shocks do not simply make conflict more likely everywhere; they change where violence happens. Using monthly georeferenced data for 131 low- and middle-income
Place-based industrial policies in the long run
There is growing evidence that place-based industrial policies lead to positive economic effects. This column analyses the “Million-Rouble Plants” programme of the 1950s when the
IMF strategy chief urges countries to maintain price stability
Christian Mumssen, the fund’s new director of strategy, cited a rapid succession of major shocks to the economy in recent years. The International Monetary Fund’s
Gold bounces from two-week low, markets await US inflation data
Gold bounces from two-week low, markets await US inflation data. Gold ticked higher on Tuesday after hitting a two-week low, while focus was on the
Dollar dips ahead of US inflation data, supported by rate outlook
Reuters poll forecasts U.S. headline inflation at 3.8%. The dollar remained in sight of 13-month highs on Tuesday ahead of U.S. inflation data, which will
After Credit Suisse, markets find bail-in less credible
When Credit Suisse failed in March 2023, Swiss authorities, against market expectations, set aside the resolution plan and arranged a UBS takeover backed by public
