Developing and emerging countries are not just driving the global economy, in fact they are reshaping the approach of central banking by systematically expanding the central banks role of ensuring national financial soundness and stability, to include new technology, consumer empowerment, and financial inclusion. The approach is getting results.
The fall of the Berlin Wall heralded not only the collapse of communism in Europe, but also the destruction of a broader – and far more constructive – social-democratic compact. To prevent a return to extremism and instability, that compact must be refashioned for the twenty-first century.
In 2017, Chinese President Xi Jinping declared that by the time the People’s Republic celebrates its centenary in 2049, it should be a “great modern socialist country” with an advanced economy. But following through with planned measures to tighten mainland China's grip on Hong Kong would make achieving that goal all but impossible.