International Macroeconomics

Venezuela’s sudden political rupture has triggered a sharp repricing across distressed assets, but the first beneficiaries were not oil producers or reconstruction firms. Instead, markets rallied around the quiet infrastructure of global finance: credit rating agencies. This article explores how political normalization transforms frozen sovereign debt into a negotiable financial object, why measurability matters more…

We are standing at a turning point between the physical world and an increasingly digital one, shaping how we live, work, and organize the economy. Like the dot-com boom of the 1990s, the rise of artificial intelligence is more than just a new technology, it carries the promise of a deep economic transformation. For now,…

Switzerland’s post-pandemic inflation reveals a story far more nuanced than the low headline figures suggest. Behind the country’s resilience lies a unique interplay of global shocks, domestic wage-setting, productivity trends, and structural fundamentals that set Switzerland apart from its European peers. This article uncovers the key drivers behind Swiss inflation dynamics and explains why understanding…

Is the global trade order on the verge of a major overhaul? Amid rising protectionism and a shifting geopolitical landscape, the so-called Mar-a-Lago Agreements could signal a bold new direction for U.S. trade and monetary policy. Drawing parallels with historic accords like Bretton Woods and Plaza, this article explores whether Trump’s strategy is a tactical…

Gold is soaring again. Since the 2020s began, its price has surged nearly 100%, outpacing even the S&P 500. But what’s fueling this rise? From runaway inflation to global de-dollarization and shifting geopolitical tides, gold is reclaiming center stage in global finance. Central banks, especially in BRICS nations, are stacking up reserves, hinting at deeper…

Central banks currently strive to keep prices stable, but their tools mostly affect the economy through the financial markets. As long as they are operated by humans, markets will be subject to swings due to emotional forces. This phenomenon, characterised as Animal Spirits by Keynes, complicates the transmission of monetary policy to the broader economy.…

As Europe faces growing economic challenges, Mario Draghi has introduced an ambitious plan to enhance the EU’s global competitiveness. His strategy focuses on fostering innovation, accelerating decarbonization, reducing dependencies on critical resources, and mobilizing €800 billion annually in investments. Central to the plan is strengthening EU governance and streamlining decision-making to ensure the bloc’s resilience…

In an increasingly volatile world, the global trading order is threatened by tariffs, populist rhetoric, and national security concerns. This article analyses some common misconceptions about trade while also providing some analysis of what increasing tariffs and friendshoring production could mean for the global economy.

This piece delves into Italy’s economic challenges, the pivotal role of the EU Recovery Fund, and the implications for regional development and Eurozone integration. It discusses how the fund’s allocation impacts Italy’s struggle with regional disparities, economic stagnation, and the potential for future EU fiscal policies. A must-read for understanding the complexities of Italy’s economic…

In recent decades, modern countries, communities, and families have witnessed decreasing connectedness. Despite efforts to revitalize communities, feelings of disconnection and loneliness are steadily increasing, suggesting that perhaps part of the problem lies undiagnosed. This article argues that something fundamental is indeed being overlooked in the discussion regarding community, and urges reforms in the way…