Section: Peterson Institute for International Economics (USA)
Global Economic Prospects: Spring 2023
The Peterson Institute for International Economics (PIIE) will present its semiannual Global Economic Prospects outlook for the US and global economies, including inflation and its implications for monetary policy. Presenters will include PIIE president Adam S. Posen and PIIE nonresident senior fellows Karen Dynan and Jacob Funk Kirkegaard. Dynan...
The EU should fast-track negotiations for Ukraine’s membership
As the brutal war in Ukraine enters its second year, European and US military assistance has clearly made a difference in helping the country beat back the Russian invading forces. But now Europe must do more. It should grant President Volodymyr Zelenskyy’s request to accelerate Ukraine’s membership bid to the European Union. This...
Europe’s wartime embrace of fossil fuels wanes as focus returns to combating climate change
Europe was forced to increase the power output of its coal and gas-fired plants to meet its energy needs once gas imports declined after Russia invaded Ukraine. Worries about an energy crisis stalled the continent’s green transition. But that trend has proven temporary, reflecting the efficacy of EU carbon pricing. The increase in coal and...
America’s global leadership is being undercut by US economic policies
President Joseph R. Biden’s rousing State of the Union speech this month vividly reiterated American support for democracy in Europe and Asia. The United States, he declared, is forging military and political ties with allies to support Ukraine against Russian aggression. What was missing in the President’s speech was even a passing...
Europe’s energy problem is now climate change, not Russia
Russia’s weaponization of its natural gas supply to Europe triggered big increases in energy prices and double-digit inflation last summer. But more recently, the EU success in energy conservation and construction of new liquefied natural gas (LNG) terminals, combined with mild weather, has led to declines in European natural gas prices to...
Lessons for systemic liquidity risk from recent crises
Several recent events, including the March 2020 “dash for cash” at the start of COVID-19 lockdowns, the volatility in EU electricity markets following Russia’s invasion of Ukraine, and the September 2022 meltdown in UK markets under Prime Minister Liz Truss, provided new lessons for monetary authorities on meeting systemic short-term...
Russia’s war on Ukraine: A sanctions timeline
Russia’s military assault on Ukraine has prompted other countries to impose an extraordinary set of coordinated economic sanctions against Russia. The measures aim to limit customary trade and financial relations with Russia, penalize Russian oligarchs for supporting President Vladimir Putin and potentially cripple Russia’s economy,...
The EU’s latest bargain with Hungary’s Orban unlocks aid to Ukraine
Prime Minister Viktor Orbán of Hungary, the authoritarian champion of what he calls Chinese and Russian-styled “illiberal democracy,” has rankled EU leaders over his vetos of EU aid to Ukraine and EU accession to the widely supported global minimum corporate tax agreement. But in order to get his hands on as much EU cash as possible in the years...
Discounted Russian oil prices have started recovering, maintaining Moscow’s revenues
At the beginning of the Russia-Ukraine conflict, the price of Russian crude oil dropped relative to international benchmarks. By the beginning of April, Urals crude, Russia’s flagship export blend, was $35 per barrel cheaper than the Brent benchmark oil price, or 34 percent in relative terms. But… …read more Source:: Peterson...
Who controls critical mineral supply chains for green energy?
The Russian invasion of Ukraine underscored the vulnerability of global oil and gas supply chains and raised questions about the security of other critical resources for energy production. As economies transition away from fossil fuels, vulnerabilities in critical mineral supply chains for… …read more Source:: Peterson Institute for...
