As large language models gain traction, it is important to ensure that decisions delegated to them comply with ethical and legal principles. This column reports on an experiment in which state-of-the-art large language models were prompted to impersonate the CEO of a fictitious financial firm needing to repay corporate debt urgently with no funds available […]
Following the US tariff announcements in early April, the US dollar strongly depreciated while US Treasury yields rose. This column zooms in on the April episode, analysing the co-movement of asset prices with an estimated market ‘safe-haven factor’. It shows that the co-movement of the US dollar with the ‘safe-haven factor’ changed in April, and […]
In the first half of 2025, the US and some of its trading partners announced significant changes to import tariffs. This column uses newly designed questions to study the impact of these changes on UK firms and to assess the level of trade uncertainty. On average, the majority of firms expect no material impact on […]
Escalating geopolitical tensions, trade wars, and volatile policy shifts are reshaping the rules of global commerce and finance and bringing the dominance of the US dollar into question. This column argues that Europe has a historic opportunity to elevate the euro into a trusted global anchor of stability and thus rebalance a global monetary order […]
