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The Eurozone’s Fork in the Road
Mario I. Blejer and Eduardo Levy Yeyati
The ECB's recent decision to lend unlimited funds to eurozone commercial banks at very low rates acknowledges the need to address a core drawback in the euro-architecture: the ECB itself. However the banks use the money, it is now clear that the eurozone’s future will be determined largely by the ECB.
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Obama’s Middle East Malady
Zaki Laidi Series: The World in Words 2012-02-08No sooner did Barack Obama welcome home US troops from Iraq and laud that country’s stability and democracy than an unprecedented wave of violence revealed the severity of Iraq’s political crisis. Is that crisis an unfortunate exception, or, rather, a symptom of the failure of Obama’s Middle East diplomacy, from Egypt to Afghanistan?... read Comments: 3 Recommended: 0 Read: 3824
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Seizing Sustainable Development
Jacob Zuma and Tarja Halonen Series: The New Global Economy 2012-02-06
The world is on an unsustainable path, and must urgently chart a new course forward, one that brings equity and environmental concerns into the economic mainstream. To do so, we must put sustainable development into practice now, not in spite of the economic crisis, but because of it.... read Comments: 7 Recommended: 0 Read: 5894
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A Strategy for Russia’s Snow Revolution
Mischa Gabowitsch Series: The World in Words 2012-02-05So far, Russia's protesters have gotten much right: they have focused on a single demand – fair elections – and have united liberals, communists, nationalists, and otherwise apolitical citizens in a broad coalition. If their movement is to succeed, however, maintaining a commitment to non-violence is likely to be the key.... read Comments: 0 Recommended: 0 Read: 4891
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Blaming Capitalism for Corporatism
Edmund S. Phelps and Saifedean Ammous Series: The New Global Economy 2012-01-31
The future of capitalism is again a question. Will it survive the ongoing crisis in its current form? If not, will it transform itself or will government take the lead?... read Comments: 11 Recommended: 1 Read: 22228
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What do Egypt’s Generals Want?
Omar Ashour Series: The World in Words 2012-01-30One year after Egypt's revolution began, the country's Praetorian rulers are eager for a system in which they maintain their vast economic holdings, legal immunity, and a final say over high politics. But the generals must contend with Islamists in Parliament and pressure from the street, suggesting that a more democratic system is possible.... read Comments: 1 Recommended: 0 Read: 6239
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Demilitarizing Muslim Politics
Shahid Javed Burki Series: The World in Words 2012-01-25
The paramount question in countries as disparate as Egypt, Pakistan, and Turkey is whether Muslim governments can free themselves from their powerful militaries. To do so, they will have to overcome a tradition of governance dating from Islam’s founding in the seventh century.... read Comments: 1 Recommended: 2 Read: 7761
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New Year, Same Crisis
George Soros Series: The New Global Economy 2012-01-25The measures introduced by the European Central Bank last December have relieved the liquidity problems of European banks, but have not cured the financing disadvantage of the highly indebted member states. Since high-risk premiums on government bonds endanger the capital adequacy of banks, half a solution is not enough.... read Comments: 5 Recommended: 1 Read: 16810
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Asia in the Year of the Dragon
Haruhiko Kuroda Series: The New Global Economy 2012-01-20
This is the year of the “Black Water Dragon,” an astrological cycle that indicates change, but with a measure of calm, sensibility, and prudence. The people and governments of Asia certainly hope that this proves to be the case, but uncertainties – from within and without the region – are growing rapidly.... read Comments: 0 Recommended: 0 Read: 11795
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The Arab Spring’s Balance Sheet
Wadah Khanfar Series: The World in Words 2012-01-18As the Arab world's old regimes vanish, the region’s entire value system, forged by autocracy, is also being transformed. But, if the Arab Spring fails from lack of external support, the result will not be dictatorships that are loyal to the West, but rather a tsunami of rage that will spare no one.... read Comments: 2 Recommended: 0 Read: 15027
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FEATURED COMMENTARY
The Dollar’s Long Tail
Sanjeev Sanyal
Series: The New Global Economy
Even if China replaces the US as the world’s largest economy within a decade, a global anchor currency can be more resilient than the economic and geopolitical dominance of its country of origin. That is why the dollar will most likely remain the dominant global currency long after the US has been surpassed.
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