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  Federal Reserve Vice Chair for Supervision Michelle Bowman offered a pointed observation last week: some of the most consequential shifts in financial policy are not the product of deliberate votes or formal rule changes. Instead, they emerge quietly, when regulations written for one set of conditions become more and more binding as the conditions […]

    As the North Atlantic political sphere spent the last few years focused on elections in Europe and the United States, as well as Russia’s war on Ukraine, China has made a remarkable resurgence. After displaying significant vulnerabilities during the Covid-19 pandemic and its immediate aftermath, the country rebounded. While it currently faces major economic […]

  Last week, the budgetary initiative of United States President Donald Trump’s administration, dubbed the “One Big, Beautiful Bill,” was successfully passed into law. This development prompts us to reflect on the current state of global economies, even as the intense criticism surrounding the bill may be misguided. Looking at macroeconomic data, it becomes obvious […]

  Over the last decade, the crypto industry has undergone a dramatic transformation. It evolved from a mere hobby for coders and a pet project for individuals who were skeptical of governments and fiat money, and matured into a nearly mainstream asset class. What once operated almost unnoticed in the shadows and on the margins […]

  As global trade tensions escalate between the United States and major economies worldwide, Europe faces significant challenges safeguarding its economic interests. The recent proposal by U.S. President Donald Trump to impose a 50 percent tariff on imports from the European Union underscores the urgency for the bloc to strategize effectively. This report outlines three potential scenarios […]