Replacing the Chair is not enough to change monetary policy, as Trump would like — namely, to lower interest rates to boost economic growth. A commentary by Lorenzo Bini Smaghi

April’s US inflation data will offer the first glimpse of the real impact of the global trade war that the US administration launched on the “Liberation Day”. A commentary by Ignazio Angeloni

A rise in US Treasury yields would immediately feed through into other countries’ borrowing costs, tightening global financial conditions. A commentary by Lorenzo Bini Smaghi

There are immediate liquidity problems, and then the choice between lowering inflation risk or supporting the economy. A commentary by Ignazio Angeloni

Tariff moves have also compromised the rest of the Trump administration’s strategy, from taxes to energy. A commentary by Lorenzo Bini Smaghi

The ECB might counterbalance the impact of tariffs by steering the exchange rate, but that would be a mistake. Maintaining a focus on price stability is paramount.

The administration’s emphasis on stablecoins risks eroding the Federal Reserve’s independence and could weaken the dollar’s global standing. A commentary by Ignazio Angeloni

Trumponomics Faces Market Test: Implications for Europe

The heightened risk aversion triggered by Trump's policies has not spread to Europe, where optimism prevails regarding more cohesive and responsive policymaking. A commentary by Lorenzo Bini Smaghi

After the 2008 financial crisis, the ECB's supervision restored the soundness of euro area banks. Now, it has the opportunity to build a banking sector of continental dimension. A commentary by Ignazio Angeloni.