• No such thing as a temporary safe asset

    If the European Union wants its bonds to be considered the true eurozone safe asset, then it’s going to have to start acting like it means to stick around.

  • SDRs: better late than never

    The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.