The authors are right that this moment calls for a transformation of the multilateral system rather than a restoration of old patterns. The climate emergency and the pandemic are much bigger tests of the global system than the financial crisis, and our responses have been found wanting. The trick now is to find a new kind of multilateralism that goes with the grain of a national politics that craves control and security rather de-regulation and removing barriers.
Inspiring piece by Josep Borrell. Europeans too often act as if they are playthings stuck in the middle between two great power blocs in China and America. Borrell shows that Europeans have the resources to be a bloc themselves if they overcome the psychology of weakness. He shows member states that they will be judged by their ability to hang together behind more realistic policies on Libya, Iran, the Balkans and Africa. But the foundation of all this must be developing more tough-minded policies and the tools to link the EU's big market, diplomatic clout and spending with common policies in different areas.
Emmanuel Macron understands that the European elections this year will be different. In spite of their name, normally European elections are predominantly national, low-turn-out, low stakes affairs. But this election will have a transational element, as the Salvini-Orban-Bannon axis tries to turn it into a referendum on migration. The nationalists hope to mobilise millions of ‘left behind voters’ behind an anti-European platform and to start dismantling the EU from within. Macron’s article is the beginning of a reponse to their threat. Macron sees the three main battlefields as the main dimensions of a future-orineted European project: democracy (protecting elections from external interference), protection (a common border for Schengen and a European Security Council that includes the UK), and progress (European Climate Bank, regulation of Global tech companies, an EU innovation fund). The challenge will be to use this vision and concrete ideas to appeal to Europeans who feel that the current system is broken. Will he be able to show that his goal is to revolutionise Europe so that it can live up to the promise of democracy, protection and progress – rather than looking like a champion for the status-quo in Brussels? Mark Leonard - Director European Council on Foreign relations
As a powerful complement to the United Nations, the G20 has acquitted itself well by representing most of the world’s population and economic output with a limited membership. By expanding to include the African Union, it would overcome its biggest limitation without any loss of agility.
calls for the African Union to be added to the G20 to address the group’s biggest limitation.
With growth so uncertain, it is understandable that central banks would be wary of beginning to taper monthly bond purchases before it is clear that inflation has taken off. But they would do well to recognize that prolonging quantitative easing implies significant risks, too.
worries about the effects of accommodative monetary policies on governments’ exposure to interest-rate risk.