Scholars and policymakers have long been preoccupied with ascertaining whether China is intent on overturning or supporting the dominant norms of global order. Maoist China appeared as a revolutionary challenger to global-order norms, whereas Deng Xiaoping’s China came predominantly to be seen as adapting to international society and beginning to act as a ‘responsible state’ in world politics.
Rosemary Foot, Oxford University
A number of economists and officials have recently proposed different schemes aimed at using financial markets to impose the right amount of discipline in the euro area. This column argues that this would not eliminate the inherent instability of the sovereign bond markets in a monetary union. During crises this instability becomes systemic, and no amount of financial engineering can stabilise an otherwise unstable system.
Paul De Grauwe, Yuemei Ji