Geoeconomics: New Challenges for the ECB and the Fed
First the “Putin effect” for the ECB, now the “Trump effect” for the Fed: geoeconomics is entering the chambers of monetary policy, generating tensions between national interests and the logic of global stability. Sanctions, trade wars, and geopolitical shocks are putting central banks to the test, forcing them to respond to new emergencies without betraying their mandates. A truly independent institutional framework and leadership endowed with credibility and vision are necessary – though not sufficient – conditions to ensure a balance between technical neutrality and public responsibility in the face of an increasingly uncertain future.
