The international role of the euro
WHEN THE European Union launched the euro two decades ago, economists wondered if this novel currency might pull off a feat none other had managed in the post-war period: to challenge the mighty American dollar. However, reserve managers at the world’s central banks, as well as business folk the world over, largely stuck with the…
Global markets adapt to a change in the Federal Reserve’s tone
FOR SEVEN months most investors have been singing the same uplifting song. Since Pfizer and BioNTech published the successful results of trials of their covid-19 vaccine last November, the way to make money in markets has been to bet on a roaring rebound in the global economy, as pent-up demand for all the things the…