Financial fragmentation as a vulnerability in euro area bond markets
As European governments scale up investment, bond market stability is more critical than ever. This column shows that financial fragmentation can undermine that stability by
European defence governance and financing
In a context of shifting US commitments, external threats, and global competition over trade, technology, critical minerals, talent, and intellectual property, Europe’s lack of defence
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
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
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
Lessons from Denmark’s eight-hour workday reform
In recent years, calls for shorter working weeks have re-emerged in Europe and elsewhere. This column examines how Denmark’s 1919 shift to the eight-hour workday
China’s Belt and Road Initiative and the shifting landscape of trade and investment
China’s Belt and Road Initiative has reshaped international economic and political ties among countries and reorganised global value chains. This column reveals that the initiative
Conservation in the path of development: new data to guide road corridor investments
Biodiversity loss poses a direct threat to human well-being, economic development, and planetary health Biodiversity supports food security, clean water, climate stability, and livelihoods —
Cities that work: How urban tourism drives jobs
When cities invest in tourism, they invest in jobs, entrepreneurship, and growth. Marrakech is a compelling example. In 2024, the city welcomed nearly 4 million tourists, each
