Recovery among regional economies in the United States has yet to shift into high gear; the largest risk for the U.S. job market currently comes from Europe, as concern over global growth has pushed past oil prices as a major risk factor.
Benn Steil's Wall Street Journal op-ed, co-authored with Dinah Walker, shows that the Fed has effectively been targeting "risk on, risk off"—prodding investors into and out of risky financial assets—for over a decade now. He derives a rule that predicts the Fed's behavior since 2000 even better than the "Taylor Rule" did from 1987 to 1999.
Former U.S. Treasury Secretary and CFR Co-ChairRobert E. Rubin, CFR Senior Fellow Sebastian Mallaby, and Peterson Institute for International Economics Director C. Fred Bergsten discuss the European Central Bank's bond purchasing plan and the German constitutional court decision on the European Stabilization Mechanism with Foreign Affairs' Managing Editor Jonathan D. Tepperman.
Ray Dalio explains the basic fundamental components and transactions of the global economic machine and shares his views on the current financial crisis. This session was part of the Corporate Program's CEO Speaker Series.
Salvatore Rossi, member of the governing board and deputy director general of the Bank of Italy, discusses the Eurozone crisis, the likely European Central Bank response, and the future of the Italian economy.
Wolfgang Münchau writes that despite isolating himself from his peers in the European Central Bank, Jens Weidmann, president of the Deutsche Bundesbank, is actually winning the debate about future ECB policy.
George Soros explains the events that led to the recent bond purchase announcement by the European Central Bank solidifying its commitment to do whatever it takes to save the euro, and discusses the larger political implications this decision will have for the future of the European Union.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.