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    The Dangers of Endless Quantitative Easing

    Raghuram G. Rajan

    With asset prices so frothy, it is understandable that central banks would be wary of beginning to taper monthly bond purchases before it is clear that inflation has taken off. But they would do well to recognize that prolonging quantitative easing implies significant risks, too.

     worries about the effects of accommodative monetary policies on governments’ exposure to interest-rate risk.
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    The Case for a G21

    Jeffrey D. Sachs

    As a powerful complement to the United Nations, the G20 has acquitted itself well by representing most of the world’s population and economic output with a limited membership. By expanding to include the African Union, it would overcome its biggest limitation without any loss of agility.

     calls for the African Union to be added to the G20 to address the group’s biggest limitation.
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European Colonialism in Africa Is Alive

Stelios Michalopoulos & Elias Papaioannou

A proper reckoning with the past is long overdue for Europe's former colonial powers. But while toppling statues may be justified, it is more important for Europeans to understand how the political, economic, and social legacy of colonialism still operates today.

 trace the ongoing social, economic, and political consequences of the centuries-long exploitation of Africa.
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Crypto Crunch Time

Featured in this Big Picture
  1. Yanis Varoufakis Yanis Varoufakis ,
  2. Anne O. Krueger Anne O. Krueger ,
  3. Barry Eichengreen Barry Eichengreen ,
  4. Katharina Pistor Katharina Pistor ,
  5. Paola Subacchi Paola Subacchi ,
  6. Kenneth Rogoff Kenneth Rogoff

Digital-currency competition in the coming years will likely pit central banks against a host of private challengers. Will upstart cryptocurrencies have the firepower and the following to overturn the monetary status quo, or will the current financial establishment prevail?

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The Latin American Tinderbox

Featured in this Big Picture
  1. Javier Solana,
  2. Enrique V. Iglesias,
  3. Ana Palacio,
  4. Mauricio Cárdenas,
  5. Jorge G. Castañeda,
  6. Kenneth Rogoff

A toxic combination of COVID-19, economic anxiety, and mounting popular anger threatens to erode support for democratic institutions across the region. If national leaders and the international community fail to respond effectively, the wave of unrest that has gripped country after country will likely grow worse.

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