Ahead of the UN’s Cop30 summit, China appeared keen to take on the mantle of new global leader on climate change, stepping into the gap left by the US’s withdrawal from the top spot under Donald Trump.
In trying to understand what China wants from this role, it’s worth examining three areas motivating Beijing to take over leadership, and two others which it is trying to avoid.
The Greek government is confronting a mounting water crisis that has pushed Attica to the brink of emergency status and forced ministers to admit that “difficult decisions” can no longer be delayed.
UK chancellor Rachel Reeves has taken decisive action in getting rid of the two-child limit – a policy that has held a totemic place in the UK for more than a decade. Since 2017, this policy has limited the means-tested support that families can receive from the state to the first two children in a household, with some specific exceptions.
Who is Danny/ShutterstockRachel Reeves’s second budget landed in an unusual fashion. Before she delivered it, most of the key details had already been revealed accidentally by the Office for Budget Responsibility.
Earlier this year, a cyberattack on British retailer Marks & Spencer caused widespread disruption across its operations. Stock shortages, delayed deliveries, and logistical chaos rippled through the retailer’s network.
We empirically examine the role of both official monetary policy announcements and policymakers’ speeches in the transmission of monetary policy to financial markets and the real economy in the euro area. Using intraday data covering a broad cross-section of financial assets, we construct the Euro Area Extended Monetary Policy Event-Study Database (EA-EMPD). We refine the identification of monetary policy surprises by exploiting granular, quote-level data on individual participants’ bid and ask submissions.
We empirically examine the role of both official monetary policy announcements and policymakers’ speeches in the transmission of monetary policy to financial markets and the real economy in the euro area. Using intraday data covering a broad cross-section of financial assets, we construct the Euro Area Extended Monetary Policy Event-Study Database (EA-EMPD). We refine the identification of monetary policy surprises by exploiting granular, quote-level data on individual participants’ bid and ask submissions.
Investigations into the possible effects of the fiscal consolidations required under the new European fiscal rules on Italy’s debt-to-GDP ratio find that the new governance framework may lead to the pro-cyclical tightening, weaker growth and adverse debt dynamics that characterized earlier phases of EU fiscal governance.
Europe’s revamped fiscal rules promise discipline and stability, but Italy’s numbers tell a different story. Once realistic multipliers and hysteresis are built in, consolidation pushes debt up, growth down, and recessionary pressure outwards across the eurozone, hardly a recipe for sustainability.
The plan presented by the chancellor of the Exchequer, Rachel Reeves, called for spending increases and higher taxes on the wealthy and the middle class.
