International Selection

The centenary will allow Putin to strengthen his preferred narrative: that Russia is now returning to greatness, thanks to the power Putin himself has consolidated. A column by Andrei Kolesnikov.

While Germany’s external surplus, at 8% of GDP, is big – too big – it is not the result of currency manipulation by Germany. A column by Hans-Werner Sinn.

James Montier, member of the asset allocation team at the Boston-based asset manager GMO, is convinced that the US stock market is in bubble territory. However, European equities aren’t particularly cheap, either. Only emerging markets value-stocks appear vaguely attractive to him. Investors should be patient and hold a lot of cash in their portfolios in order to be able to buy when markets are correcting.

Near-term resilience and an inward-looking US appear to offer a tantalizing opportunity for China. But China should resist the temptations of global power projection. A column by Stephen S. Roach.

The low savings rate in the US, the large trade deficit and the Trump victory are closely linked, says Miles Kimball. The economist calls for a new policy framework to keep capital flows in check.

Trump’s domestic agenda is a response to a world in which a principle of openness – to foreign goods, capital, and people – coexists with a complex system for regulating these flows. A column by Harold James.

Decision makers ought to know that a country is likely to conduct more trade with big countries that have strong domestic demand, rather than with smaller countries that have weak demand. A column by Jim O’Neill.

Unless the Trump administration can translate market-motivating intentions into well-calibrated actions, the lagging hard data risks dragging down confidence. A column by Mohamed A. El-Erian.

A carbon tax is the simplest and economically most efficient way to limit CO2 emissions, better than cumbersome methods of regulation, more reliable than the «cap and trade» A column by Martin Feldstein.

In a very rare interview, Johann Rupert, the executive chairman of Swiss luxury goods behemoth Richemont, talks about his view on the market, high inventory levels, the threat of the Apple Watch and his greatest concerns.

Globalization surely does need rules and a recognized framework to ensure that it benefits everybody. But to abandon globalization altogether is the wrong answer. A column by Wolfgang Schäuble.

The presidential campaign in France is a mess. This is mainly due to the electorate's new and strange relationship to politics. A column by Bernard-Henri Lévy.