Torn between inflationary jitters and fear of deflation, central bankers in the major advanced economies are taking a potentially costly wait-and-see approach. Only a progressive rethink of their tools and aims can help them play a socially useful post-pandemic role.
makes the case for raising interest rates and simultaneously reforming quantitative easing.
The upcoming United Nations Climate Change Conference (COP26) is a crucial credibility test for global governance, but expectations for progress are low. Will world leaders nevertheless rise to the occasion and adopt the ambitious measures needed to avert disaster, or will political short-termism and great-power rivalry condemn the gathering to failure?