Elisabeth Krecke

  For much of the postwar era, macroeconomic policy rested on an intuition famously formalized by the Phillips curve: Economic slack, typically associated with high unemployment, and inflation tend to move in opposite directions. Weak growth cools prices; overheating pushes them up. Monetary policy can therefore stabilize one variable by leaning against the other. Stagflation […]

  Born from the wreckage of World War II, the European welfare state promised citizens economic security, social justice, solidarity and dignity. And for over half a century, it largely delivered. As Europe rebuilt, generous social protection systems went hand in hand with booming economies. Healthcare, pensions, family support, unemployment benefits and a wide range […]

  On July 17, the United States House of Representatives passed a bill prohibiting the Federal Reserve from creating a Central Bank Digital Currency (CBDC). Lawmakers consider the technology a threat to financial privacy and freedom, calling it incompatible with America’s fundamental democratic principles. The bill also codifies U.S. President Donald Trump’s executive order from […]

    In March 2025, the European Commission unveiled what it describes as a transformative initiative: the Savings and Investment Union (SIU). In a comprehensive document, President Ursula von der Leyen’s team outlined a plan to mobilize fresh, primarily private sources of capital to finance strategic investments across Europe. Europe’s investment shortfall The SIU can be […]

TAKE AWAY Current efforts intercept an estimated 0.1 percent of laundered money Compliance costs for financial institutions topped $274 billion in 2022 A more sophisticated approach will use the latest technologies   Money laundering needs to be combated effectively. Terrorists, illegal arms dealers, traffickers, drug cartels, corrupt politicians, kleptocratic regimes and all sorts of other […]