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Stefan Gerlach

Stefan Gerlach

13 commentaries

Stefan Gerlach, Chief Economist of EFG Bank in Zurich, is a former executive director of the Hong Kong Monetary Authority and a former deputy governor of the Central Bank of Ireland.

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  1. The Limits of Central-Bank Independence
    gerlach13_ROSLAN RAHMANAFP via Getty Images_central banks ROSLAN RAHMAN/AFP via Getty Images

    The Limits of Central-Bank Independence

    Aug 1, 2024 Stefan Gerlach reminds monetary policymakers that they are ultimately reliant on political consensus, not law.

  2. Inflation Targeting Isn’t for Everyone
    gerlach12_ROSLAN RAHMANAFP via Getty Images_MAS ROSLAN RAHMAN/AFP via Getty Images

    Inflation Targeting Isn’t for Everyone

    Mar 7, 2024 Stefan Gerlach thinks small, open economies would do better with strategies tailored to their own unique circumstances.

  3. Crunch Time for Central Banks
    gerlach11_getty images_green finance Getty Images

    Crunch Time for Central Banks

    Sep 15, 2020 Stefan Gerlach urges monetary policymakers to respond to shifting public sentiment on inequality and the environment.

  4. Who Can Influence the ECB?
    gerlach10_Sean GallupGetty Images_ECBsignbuilding Sean Gallup/Getty Images

    Who Can Influence the ECB?

    Oct 4, 2019 Stefan Gerlach urges eurozone governments not to nominate inflexible candidates to the European Central Bank's Executive Board.

  5. It’s Time for the ECB to Put QE on Hold
    gerlach9_Ralph OrlowskiGetty Images_eurozone Ralph Orlowski/Getty Images

    It’s Time for the ECB to Put QE on Hold

    Sep 9, 2019 Stefan Gerlach argues that the eurozone does not need additional monetary stimulus for the time being.

  1. klee23_Per-Anders Pettersson Getty Images_worldbank Per-Anders Pettersson/Getty Images
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    Has Escaping the Middle-Income Trap Become Easier?

    Keun Lee urges the World Bank to adopt a more reliable measure of economic development than nominal per capita GDP.
  2. fofack29_eric1513Getty Images_dedollarization eric1513/Getty Images
    1

    Trump Can’t Stop De-Dollarization

    Hippolyte Fofack thinks the benefits of reducing reliance on the greenback will outweigh the costs of retaliatory US tariffs.
  3. yoon32_Han Myung-GuGetty Images_southkoreaimpeachment Han Myung-Gu/Getty Images
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    South Korea’s Constitution Needs Fixing

    Yoon Young-kwan

    South Korea's latest political crisis is further evidence that the 1987 constitution has outlived its usefulness. To facilitate better governance and bolster policy stability, the country must establish a new political framework that includes stronger checks on the president and fosters genuine power-sharing.

     argues that breaking the cycle of political crises will require some fundamental reforms.
  4. vbadre2 image Frédéric BAZILLE, Edouard MANET, L’Atelier de Bazille Studio, 1870
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    The Lost Art of Collaboration

    Vanessa Badré mines a nineteenth-century painting for insights into trust-building, creativity, and cooperation.
  5. op_aschechter2_BRENDAN SMIALOWSKIAFP via Getty Images_trump Brendam Smialowski/AFP via Getty Images
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    PS Commentators’ Predictions for 2025

    PS editors

    Among the major issues that will dominate attention in the next 12 months are the future of multilateralism, the ongoing wars in Ukraine and the Middle East, and the threats to global stability posed by geopolitical rivalries and Donald Trump’s second presidency. Advances in artificial intelligence, if regulated effectively, offer a glimmer of hope.

     asked PS contributors to identify the national and global trends to look out for in the coming year.
  6. adebajo12_FADEL SENNAAFP via Getty Images_USmilitaryafrica Fadel Senna/AFP via Getty Images
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    What Trump’s Return Means for Africa

    Adekeye Adebajo expects a continuation of America's longstanding attitude of benign neglect toward the continent.
  7. hodgkins1_Ulet IfansastiGetty Images_mine Ulet Ifansasti/Getty Images
    Free to read
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    The False Promise of “Responsible Mining”

    Chelsea Hodgkins lambasts a corporate-led voluntary global standard that would harm communities and pose risks for automakers.
  8. elerian175_Spencer PlattGetty Images_nyse Spencer Platt/Getty Images
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    A Baseline Scenario for the Global Economy in 2025

    Mohamed A. El-Erian offers his predictions for the new year while acknowledging that the range of possible outcomes is widening.
  9. ruto6_LUIS TATOAFP via Getty Images_africafloods Luis Tato/AFP via Getty Images
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    A New Deal for Developing Countries

    William Ruto explains what climate-vulnerable Africa will need to strengthen their resilience and sustain economic growth.

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