Key Takeaways The Eurodollar system remains a predominantly private, offshore network of dollar credit, but it can no longer be understood as wholly beyond the reach of the Federal Reserve. Since 2008, dollar shortages in that system have repeatedly drawn the Fed into the role of ultimate crisis backstop. Federal Reserve swap lines are the...Read More

Is Rooppur the foundation of Bangladesh’s energy future, or a costly monument to poor negotiation, foreign dependence, and missed renewable opportunities? Bangladesh stands at a critical juncture in its energy future as the Rooppur Nuclear Power Plant nears operation and discussions continue over further nuclear expansion. While nuclear power promises reliable baseload electricity, Rooppur has...Read More

In April 2023, Jake Sullivan, in a speech to the Brookings Institute, formally announced the replacement of what had become known since the1990s as the Washington Consensus with a New Washington Consensus. This paper defines and briefly describes the original Washington Consensus. It goes on to describe and discuss in detail the New Washington Consensus...Read More

The US Treasury Secretary Scott Bessent’s 22 April statement to the Senate Appropriations Subcommittee on Financial Services and General Government suggests a significant shift in US policy towards Bank Swap Arrangements (BSAs), the international role of the Fed, and indeed the extent of the central bank’s independence.[i] Comments that must be understood in the context...Read More

The United States stands at a critical juncture in the evolution of the global financial order. For decades, the dollar’s dominance has rested on two pillars: the unrivalled liquidity of the US Treasury market and the political confidence that America’s fiscal and institutional system would remain credible and thus supportive of the continuation of the...Read More

Marginalisation of Multilateral Crisis Finance? Since the 2007-8 Global Financial Crisis (GFC) the Global Financial Safety Net (GFSN) has both significantly expanded and diversified. This has seen a steep decline in the IMF’s share of international liquidity crisis funding capacity, which also includes Bank Swap Arrangements (BSAs) and Regional Financial Arrangements—such as the European Stability...Read More

A prolonged US-Iran war could unleash a severe economic shock and social turbulence for Bangladesh, driving up energy prices, straining foreign exchange reserves, disrupting exports, and threatening remittance inflows. Can Bangladesh withstand the financial turbulence ahead? The conflict involving the United States, Israel, and Iran has intensified since it erupted on 28 February 2026, and...Read More

The EU-India renewed strategic partnership marks a pivotal shift amid US isolationism under President Trump and rising Indo-Pacific tensions. This new Fondation Robert Schuman report, written by GPI Associate Director and Head of the Europe Programme, Karine de Vergeron, analyses how the landmark Free Trade Agreement (FTA) and Security Partnership bolster mutual stability, trade diversification,...Read More

Bangladesh–India relations have long been shaped by shared geography, cultural affinities, and deep economic interdependence. Yet these ties have oscillated between close cooperation and periodic tension, reflecting domestic political shifts and changing regional dynamics. The departure of Sheikh Hasina from Bangladesh’s political stage marks a watershed moment in South Asian geopolitics. For over a decade...Read More

Introduction Until recently, partly due to Gillian Tett, the 2024 economic policy paper by Stephen Miran appeared to have been read by few mainstream economists. However, it had been the topic of much discussion within one of the three Maga groups, loosely attached to President Trump. These are the populist nationalist group led by Steve...Read More