The mortality costs of climate change
Mortality is one of the most salient consequences of climate change. Existing estimates have largely focused on the direct effects of local heat exposure. This
Small is beautiful 2050: Europe’s digital economy as a mesh, not a hub
In response to digital dependence, Europe has decided to think bigger. This includes AI gigafactories, tripling data centre capacity, and searching for domestic champions. However,
Financing the AI boom: Winners and losers in corporate bond markets
The expansion of artificial intelligence has triggered a surge of investment and rising equity values at technology firms. The largest firms, known as ‘hyperscalers’, issued
Connecting payment systems, linking economies
Several countries are working to interlink their domestic fast payment systems in order to reduce costs and improve the speed and transparency of cross-border payments.
Financial sanctions and the global payments network
Direct evidence on the effects of financial sanctions remains limited. This column uses correspondent banking data to study how sanctions affect access to global payment
Financing the AI buildout before the risks go off balance sheet
The AI boom is usually discussed as a contest over models, chips, and productivity. This column argues that it is also a large physical infrastructure
Oil falls as Middle East crude exports rise, G7 to release stocks
Oil prices fell on Monday as rising Middle East crude exports and a release of oil stocks by the Group of Seven nations boosted supplies,
The quality of capital allocation in Europe
Europe’s investment debate tends to ask how much capital can be mobilised and how quickly. Allocation quality also depends on who receives capital and on
Energy markets under chokepoint stress: The 2026 Hormuz shock
The 2026 Middle East conflict and the disruption of traffic through the Strait of Hormuz generated the largest physical supply disruption in the history of
A view to a kill…ing of productivity: The allocative cost of war in Ukraine
Estimates of the cost of Russia’s war on Ukraine are dominated by what the war destroys. This column measures a second cost: the labour and
