Pedro Solbes, a former Spanish Minister of the Economy and Finance, and former EU Commissioner for Monetary Affairs, is President of the Madrid-based think tank Fundaci�n para las Relaciones Internacionales y el Di�logo Exterior (FRIDE).
While even the world’s poorest economies have become richer in recent decades, they have continued to lag far behind their higher-income counterparts – and the gap is not getting any smaller. According to this year’s Nobel Prize-winning economists, institutions are a key reason why. From Ukraine’s reconstruction to the regulation of artificial intelligence, the implications are as consequential as they are far-reaching.
