The unbearable lightness of the sovereign greenium
Since 2016, many governments have issued ‘green’ debt instruments to support the transition to a low-carbon economy. This column shows that a yield discount on
Public money, private innovation: How government funding built – and sustains – America’s technological leadership
The US has long been the world’s innovation powerhouse, based on a system that combines public funding with private initiative. Yet this model is under
AI for financial sector supervision: New evidence from emerging market and developing economies
AI offers opportunities to improve efficiency, inclusion, and oversight in the financial sector. This column shows, however, that AI adoption remains limited in most emerging
Credit and product innovation in emerging markets: Evidence from India
Access to finance is an important driver of innovation in developed countries. This studies a 2006 reform in India that expanded credit access for many
Assessing the Commission’s Multiannual Financial Framework proposal: First-order principles
Since the European Commission’s 2028-34 Multiannual Financial Framework proposal in July, much has been written about its ambitions, the levels of funding involved, and its
Monetary policy transmission through cross-selling banks
When central banks raise or lower policy rates, banks typically pass these changes through only incompletely to the interest rates they pay on customer deposits.
Rewiring trade for a warming world: How COP30 can turn climate goals into trade rules
The challenge for policymakers at COP30 is not to reach universal agreement on the exact ‘price’ of carbon, but to build rules that function amid
Certification schemes may break the link between natural resources and violent conflict
Natural resources, including alluvial minerals such as diamonds, have been at the centre of brutal wars in Africa. This column evaluates one of the first
The European Union’s new fiscal rules: A fine line between brilliant masterpiece and another chapter of déjà vu
The 2024 reform of the European Union’s fiscal framework promises long-term sustainability through greater national ownership and country-specific medium-term expenditure paths. This column argues, however,
The solution to Europe’s housing affordability crisis must include building decarbonization
The EU can help tackle Europe’s housing crisis by reducing energy costs, decarbonizing buildings and adhering to climate goals. The European Union has little power
