The Polycrisis

December 19, 2025

Analysis

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When Emmanuel Macron observed last year that “our Europe is mortal; it can die,” he gave expression to long-gathering European anxieties about the bloc’s decline. Today, national politics and supra-national complacency leave the EU flailing, but there are opportunities to…

Covid is accelerating the transition away from cash and encouraging the development of state-backed digital currencies. In the past two weeks, the People's Bank of China launched a trial run for digital renminbis in three major cities, and the Boston…

In the past year, Modern Monetary Theory (MMT) has shifted the policy debate in a way that few heterodox schools of economic thought have in recent memory.