Jason Thistlethwaite, Director of the Climate Change Adaptation Project at the University of Waterloo, joins podcast host and CIGI Chair of Global Security David Welch for a discussion on the relationship between financial risk and climate change.
It has been a remarkable few months for the euro. The unemployment rate continues to rise, reaching a new record it seems month after month. Austerity continues apace even if the same shenanigans used to destroy the credibility of the Stability and Growth Pact (SGP) are once again resurfacing as some countries strain to keep their promise to reduce deficits as required by the new and improved SGP negotiated last year.
Cyprus, a small island of one million people, has very large banks. In fact, the banks have the wealth of eight times the entire Cypriot economy.
Obviously, this doesn’t add up and that’s because Cyprus has become an offshore financial centre, offering a haven for money transfers, money laundering, and Internet banks. Foreigners from Russia, worth nearly €20 billion, have been attracted to these lax rules in setting up bank accounts that accompany low corporate tax rates.
The effects of the global financial crisis continue to be felt across a spectrum of issues five years later — the short-term outlook for global growth; the need for international cooperation; the strengthening of international financial regulation; financing sustainable development; and leadership in a turbulent world.
CIGI Senior Fellow Gregory Chin comments on the internationalization of China's currency, in the wake of recent offshore futures contracts deliverable in yuan by a Chicago-based exchange operator.
CIGI Senior Fellow Gregory Chin comments on the Chinese government loosening its grip on the country's capital account, giving foreign investors, manufacturers and traders greater incentive to hold yuan for investment or payment settlements.
The story thus far: The global economy faces large adjustment challenges that in some respects resemble the situation in the early years of the Bretton Woods era, albeit with different structural constraints.
By the time this post appears we may well know who will be nominated to replace the current governor of the Bank of Japan who, along with two deputy-governors, will relinquish his position a few weeks before his term is due to expire. Clearly, the current senior management is being swept away as a consequence of the recent change in government in Japan.
"The point is not whether the RMB will supplant the dollar as the de facto global currency in the immediate future. The question is whether we are seeing concerted steps forward in gradually expanding the international use of the RMB," says CIGI Senior Fellow Gregory Chin, commenting on the Chicago Mercantile Exchange's decision to launch deliverable offshore yuan futures in Hong Kong.