The Trade Leadership Deficit

The Trade Leadership Deficit

Originally published at Project-Syndicate.org | April 17, 2018 Even if Donald Trump’s protectionism proves to be a short-run aberration, US global dominance is likely to continue to decline. To ensure that US hegemony gives way to a peaceful and prosperous global balance of power, the European Union must step up. ZURICH – For all the… Continue Reading

What I learned at Davos

What I learned at Davos

Originally published at Project-Syndicate.org | January 29, 2018 Davos man must change. But that cannot mean rejecting the core commitment to the view that human ingenuity, fostered by open societies and rewarded by markets, remains the sturdiest foundation for the advancement of humankind. DAVOS – The World Economic Forum’s annual flagship meeting in Davos has… Continue Reading

Europe’s Central Bank Is the World’s Most Important

Europe’s Central Bank Is the World’s Most Important

Originally posted to Bloomberg.com | June 7, 2017 Over the next two weeks, investors will focus on monetary policy ahead of the European Central Bank meeting on June 8, which will be followed by the Federal Reserve on June 13-14. After a disappointing U.S. jobs report for May and amid signs of a regulatory crackdown… Continue Reading

Will politics trump economics?

Will politics trump economics?

Originally published at CNBC | February 7, 2017 President Donald Trump has inherited an economy that is in much better shape than his predecessor did eight years ago. Nonetheless the new president has ambitious plans for his first 100 days in office. Just how much can he achieve and what will be the likely impact on… Continue Reading

The Fed’s Gamble on Surplus Labor

The Fed’s Gamble on Surplus Labor

Originally posted on Project-Syndicate.org | April 21, 2016 In recent weeks, the US Federal Reserve has adopted a more gradual approach to policy normalization, causing commodity and emerging markets to surge. While these developments may not make sense at first glance, there is a logical thread that explains them – and it centers on a… Continue Reading

Is It Time for Global Money?

Is It Time for Global Money?

Originally posted on Project-Syndicate.org | November 11, 2015 With the world more economically and financially integrated than at any time since the late nineteenth century, a global central bank and a world currency would make more sense than our confusing, inefficient, and outdated assemblage of national monetary policies and currencies. But it couldn’t work –… Continue Reading