Mutually assured constraint is the centrepiece of the European Central Bank’s device to ward off euro area fissures and quash any speculation about an unravelling of monetary union. But the details of the ‘transmission protection instrument’ unveiled on 21 July underline how the balance of power has moved firmly towards the monetary tightening faction on the ECB’s governing council. The TPI is designed to keep any new Italian government firmly on the path of economic orthodoxy.
Draghi’s downfall leaves Italy’s future in doubt By Antonio Armellini The staying power of a government led by the most internationally respected prime minister Italy has had for years finally yielded to a fragmented political system. Such are Italy’s political quirks that there are calls for a Draghi-led coalition from some of those who saluted his departure.
MEETINGS Future of the euro area: navigating uncertainty Wednesday 5 October, Seminar This high-level seminar discusses policy responses to rising inflation in the euro area, exacerbated by Russia’s invasion of Ukraine. Other topics include the transmission of monetary policy across the euro area and the green transition.
ON DEMAND Why the European Union is open for business and how Asia can benefit With the advent of the €800bn NextGenEU programme, Europe is investing heavily in its own future. The European Commission’s budget chief, Johannes Hahn, details how Asian corporates and investors can take part in and benefit from the investment drive.
LATEST REPORT Sustainable Policy Institute Journal In the summer edition of the journal, contributors lay out why the ‘S’ in ESG is becoming a priority for investors and why social and human rights issues are taking centre stage.
