The Working Group is preparing recommendations to improve the sovereign debt resolution architecture and to prevent future crises.
The Working Group drives the Committee’s efforts to educate U.S. policymakers on the importance of the international financial institutions and continued U.S. support.
UBS Group AG nominated former Morgan Stanley President Colm Kelleher as its next chairman, tapping an executive with broad banking and wealth experience to help oversee the firm’s pivot towards digital.
China has emerged as a leading participant in multilateral development organizations. In many ways, this is a welcome development. Today’s global challenges, including COVID-19 and climate change, require an international response and have prompted renewed calls for increased multilateral engagement by the major economy countries. This, combined with the recognition of multilateral institutions’ high standards for transparency and environmental safeguards, have led the United States at times to encourage China to step up its multilateral contributions. At the same time, countervailing voices focused on strategic competition increasingly view China’s multilateral participation with skepticism.
Jason Schenker, president of Prestige Economics, discusses concerns for high natural gas prices amid news that Russia plans to fill its European storage sites starting next month and U.S. natural gas storage data numbers that came out today. Schenker says that supply is a concern as global moves away from coal are adding pressure to the market. He says that from a supply standpoint North America is much more secure in natural gas accessibility than Europe.
The 2022 Winter Olympics will be not only a competition between athletes, but also a geopolitical sparring ground as it has been in the past. The development of a Chinese Central Bank Digital Currency (CBDC) has been in the works for more than 5 years and some of the more potentially nefarious parts of its implementation are finally starting to come to the fore.
John Greenwood and Steve Hanke’s contention that excessive monetary growth is the cause of recent high inflation doesn’t hold water (“The Monetary Bathtub Is Overflowing,” op-ed, Oct. 22). Behind the 35.7% increase in M2 money supply that they cite—and attribute mainly to the Federal Reserve—lies $5.5 trillion of net spending power injected by the federal government. This was to offset the biggest short-term hit to aggregate demand in U.S. history.
Natural-gas prices are skyrocketing globally, flummoxing policy makers. As parts of the world emerge from the pandemic, energy demand is up and supply down after the cold winter of 2020, worsening temperature extremes, severe drought in South America, and other shortages caused by geopolitical tensions. Here in the U.S., natural gas prices are up about 100% from a year ago. In the U.K., they’re up about 500%.