The Crisis of Central-Bank Governance (Project-Syndicate)

The European Central Bank may enjoy stronger protection against political pressure than other central banks do, but it also faces unique constraints. The more the ECB is forced to expand its policy remit to meet new economic challenges, the more likely it is to trigger destabilizing political conflicts within the eurozone.

https://www.project-syndicate.org/commentary/crisis-of-central-bank-fed-ecb-governance-by-lucrezia-reichlin-2019-10

Lucrezia Reichlin, a former director of research at the European Central Bank, is Professor of Economics at the London Business School.

The Logic of Impeachment Does Not Favor Trump (Project-Syndicate)

The view that Donald Trump would welcome an impeachment fight is a product of White House propaganda and bravado. No US president wants to be impeached, because once the process gets underway, there is no knowing how far it might go.

https://www.project-syndicate.org/commentary/logic-of-impeachment-does-not-favor-trump-by-elizabeth-drew-2019-10

Elizabeth Drew is a Washington-based journalist and the author, most recently, of Washington Journal: Reporting Watergate and Richard Nixon’s Downfall.

The Asianized World Has Arrived (Project-Syndicate)

By 2040, Asia is likely to generate more than 50% of world GDP, and could account for nearly 40% of global consumption. This progress reflects the integration of at least four “Asias,” each at a different stage of economic development – and each playing a unique role in propelling the region’s global rise.

https://www.project-syndicate.org/commentary/asian-century-economic-rise-regional-integration-by-jonathan-woetzel-and-jeongmin-seong-2019-10

Jonathan Woetzel is a McKinsey senior partner, a director of the McKinsey Global Institute, and co-author of No Ordinary Disruption: The Four Global Forces Breaking All the Trends. – Jeongmin Seong is a senior fellow at the McKinsey Global Institute in Shanghai.

Argentina Must Not Waste Its Crisis (Project-Syndicate)

To explain Argentina’s chronic instability and episodic illiquidity, one must look beyond idiosyncratic leaders, temporary external shocks, and specific policy mistakes. The answer lies in the country’s political system, which has failed to cement institutions that can support long-term development.

https://www.project-syndicate.org/commentary/argentina-crisis-new-economic-reforms-by-kemal-dervis-and-sebasti-n-strauss-2019-10

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution – Sebastián Strauss is a senior research analyst and Coordinator for Strategic Engagements at the Brookings Institution. Follow him on Twitter

Is Post-Brexit London Really Doomed? (Project-Syndicate)

Despite the likelihood of a harder-than-expected Brexit, and the certain loss of the so-called passport, which would allow financial services to be sold freely across the EU, the feared large-scale exodus of firms and financiers from London does not seem to be under way. Why?

https://www.project-syndicate.org/commentary/will-london-financial-center-survive-brexit-by-howard-davies-2019-10

Howard Davies, the first chairman of the United Kingdom’s Financial Services Authority (1997-2003), is Chairman of the Royal Bank of Scotland. He was Director of the London School of Economics (2003-11) and served as Deputy Governor of the Bank of England and Director-General of the Confederation of British Industry

A New Eurafrican Partnership (Project-Syndicate)

To build a peaceful and prosperous future, African and European leaders must agree on a forward-looking strategy that addresses structural imbalances, harnesses the benefits of migration, and delivers tangible benefits to their citizens. Such a strategy should rest on four pillars.

https://www.project-syndicate.org/commentary/eu-africa-cooperation-jobs-migration-by-ellen-j-sirleaf-et-al-2019-10

Ellen Johnson Sirleaf, a Nobel Peace Prize laureate, is a former president of the Republic of Liberia – Mo Ibrahim is Chair and Founder of the Mo Ibrahim Foundation – Etienne Davignon is a former vice president of the European Commission, President of Friends of Europe, and Belgium’s minister of state

The Silent Suffering of Climate Migrants (Project-Syndicate)

Climate disasters have forced millions of people across South Asia into extremely precarious, inhuman conditions, without the robust global recognition and protection they desperately need. Instead of leaving climate migrants to continue suffering in silence, the world must give them the right to survive and prosper.

https://www.project-syndicate.org/onpoint/bangladesh-climate-disasters-displaced-persons-by-md-shahidul-haque-and-m-riaz-hamidullah

Md. Shahidul Haque, former Chair of the Global Forum on Migration and Development, is Foreign Secretary of Bangladesh – M. Riaz Hamidullah is High Commissioner of Bangladesh to Sri Lanka

Inside Macron’s Russia Initiative (Project-Syndicate)

By pursuing an ambitious new initiative to “ease and clarify” the European Union’s relationship with Russia, French President Emmanuel Macron is seeking to secure Europe’s control over its own future. But his plan will succeed only if he can ensure that no EU member state feels vulnerable.

https://www.project-syndicate.org/commentary/macron-russia-diplomacy-eu-security-strategy-by-mark-leonard-2019-10

Mark Leonard is Director of the European Council on Foreign Relations.

The IMF After Argentina (Project-Syndicate)

It’s high time to ask how to refocus the International Monetary Fund’s mandate for dealing with emerging-market debt crises. How can the IMF be effective in helping countries regain access to private credit markets when any attempt to close unsustainable budget deficits is labeled austerity?

https://www.project-syndicate.org/commentary/lessons-from-latest-argentina-meltdown-by-kenneth-rogoff-2019-10

Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. The co-author of This Time is Different: Eight Centuries of Financial Folly, his new book, The Curse of Cash, was released in August 2016.

Can Cyberwarfare Be Regulated? (Project-Syndicate)

In the cyber realm, the same program can be used for legitimate or malicious purposes, depending on the user’s intent. But if that makes traditional arms-control treaties impossible to verify, it may still be possible to set limits on certain types of civilian targets and negotiate rough rules of the road that limit conflict.

https://www.project-syndicate.org/commentary/can-cyberwarfare-be-regulated-by-joseph-s-nye-2019-10

Joseph S. Nye, Jr. is a professor at Harvard University and author of Is the American Century Over? and the forthcoming Do Morals Matter? Presidents and Foreign Policy from FDR to Trump.