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ECB

Unlike recent energy crises, today's geopolitical shock is destroying supply rather than rerouting it, exposing the limits of the standard policy toolkit.
COMMENTARY / World
Jul 22, 2026
Why this energy shock is different
Governments can mitigate its impact on those most exposed, but only if fiscal and monetary policy work in concert.
The European Union will move one step closer on Tuesday to creating a digital euro when EU lawmakers hold a long-awaited vote on the virtual currency.
BUSINESS / Markets
Jun 23, 2026
EU looks to digital euro to cut reliance on U.S. payment technology
European officials often point to Washington¡¯s 2025 sanctions against International Criminal Court judges to illustrate the grip of U.S. firms.
The Federal Reserve said on Wednesday that it needed to hold rates steady because ¡°developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.¡±
BUSINESS / Economy
May 2, 2026
The world¡¯s central banks are wrestling with a gigantic problem
Surging inflation, an economic slowdown, and uncertainty over how long the energy shock will last has forced central banks to adjust.
Bank of Japan Gov. Kazuo Ueda meets with European Central Bank President Christine Lagarde and U.S. Federal Reserve Chairman Jerome Powell at the Jackson Hole economic symposium in Moran, Wyoming, in August 2023.
COMMENTARY / Japan
Apr 24, 2026
Rethinking how Japan chooses its central bank governor
The future challenge for Japan is therefore not to depoliticize central bank appointments completely, but to build institutions that make expertise visible.
European Central Bank President Christine Lagarde is said to be considering stepping down early to deny euroskeptic leaders the chance to influence who follows in her role.
BUSINESS / Markets / ANALYSIS
Feb 27, 2026
Under pressure from populist politicians, central bankers face tricky trade-off
How can central banks defend their independence and their credibility without appearing political themselves?
Marine Le Pen arrives at court on Paris on Feb. 10.
WORLD / Politics
Feb 17, 2026
Le Pen¡¯s shadow is falling on ECB job succession to Lagarde
In the race to succeed Christine Lagarde, the question of when leaders choose the next European Central Bank president is looming almost as large as who they pick.
U.S.Treasury Secretary Scott Bessent brushed off fears of Europeans weaponizing bond sales at Davos, but his response hinted at unease over America¡¯s reliance on foreign capital.
COMMENTARY / World
Jan 27, 2026
After Davos, bond markets are wielding a new big stick
Many now agree with Canadian Prime Minister Mark Carney¡¯s assertion at Davos that the postwar international rules-based order has suffered a ¡°rupture,¡± not a transition.
The second Trump administration has challenged the European Union¡¯s hard-won market indispensability and forced it into a defensive posture.
COMMENTARY / World / Geoeconomic Briefing
Nov 7, 2025
Trump 2.0 diminishes European Union power
Despite the EU¡¯s large consumer market, the political and economic union has failed to fully exercise its strengths since the start of the second Trump administration.
(Left) Bank of England Gov. Andrew Bailey, European Central Bank President Christine Lagarde (second from left), Bank of Japan Gov. Kazuo Ueda (third from left) and U.S. Federal Reserve Chairman Jerome Powell pose for a picture during the Jackson Hole Economic Policy Symposium in Moran, Wyoming, on Friday.
BUSINESS / Markets
Aug 25, 2025
Central bankers fear being caught in Federal Reserve¡¯s storm
Politically motivated attacks on the Fed could spill over to the rest of the world.
Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, in Washington on June 24. The question of how to handle the fallout from White House decisions may loom large as Powell is set to speak on a panel with peers from the euro zone, Japan, South Korea and the U.K.
BUSINESS / Markets
Jun 30, 2025
Powell and Lagarde count cost of Trump¡¯s turbulence
At the halfway point of 2025, global policy is almost paralyzed by the need to navigate risks posed both to inflation and growth in the wake of Trump¡¯s actions.
The Federal Reserve building in Washington. Federal Reserve Chair Jerome Powell said last week he felt that the pre-pandemic years during which the Fed's rate hovered near zero for years and Europe delved into the exotic world of negative rates are gone for good.
BUSINESS / Economy
Sep 27, 2024
A global hunt for neutral rates to shape world finance costs
Policymakers are exploring whether the rates required to keep inflation in check and economies growing are higher now than the ultra-low ones before the pandemic.
Instead of entering its recent operating loss as negative retained earnings, the European Central Bank treated it as a positive asset on its balance sheet, which is being criticized as misleading.
COMMENTARY / World
Mar 28, 2024
Central banks need to be more transparent about losses
The ECB, Fed and other central banks would do well to abandon financial machinations, work out recapitalization agreements and prepare for large losses.
Japan Times
COMMENTARY / World
Dec 9, 2021
The end of free money
Rising inflation does not look to be a just a temporary problem, and supply bottlenecks are not the only cause.
Japan Times
COMMENTARY / World
Sep 20, 2021
Changing the climate of financial regulation
Despite the growing costs of climate change, U.S. financial regulators have yet to show they are thinking creatively about potential solutions.
Japan Times
COMMENTARY / World
Dec 6, 2020
Changes afoot in the world of central banking
Further monetary easing may become inevitable for the U.S. Fed to make inflation targeting effective, and for the ECB to justify greater emphasis on the environment.
Japan Times
BUSINESS
Jun 5, 2020
Europe also unites in stimulus zeal as Lagarde and Merkel team up
Joining the U.K. and Japan in emphasizing fiscal-monetary coordination, the two women put on an impresive show of financial force to get Europe past the pandemic.
Japan Times
WORLD / Politics / FOCUS
May 11, 2020
EU officials ask if they have the wrong person running the show
National governments are reasserting their power and the coronavirus is exposing the EU¡¯s old fault lines with a new ferocity.
Japan Times
BUSINESS
Mar 5, 2020
Follow the Fed? Why central banks won¡¯t be rushed on COVID-19 response
Will the world¡¯s big central banks leave U.S. Federal Reserve Chair Jerome Powell hanging? They¡¯re certainly going to try.
Japan Times
BUSINESS / Markets
Nov 7, 2019
ECB and Japan linked by pitfalls of Abenomics
When Mario Draghi ended his term as European Central Bank president last week with a call for government policies to be ¡°mutually aligned¡± with those of his institution, the message came with an unspoken caveat ¡ª it might not be enough.
Japan Times
BUSINESS / Markets
Oct 23, 2019
Christine Lagarde replacing bond angel Mario Draghi at ECB just as monetary policy nears limits
European Central Bank President Mario Draghi has been the bond market¡¯s best friend, but investors aren¡¯t expecting the same support from his successor, Christine Lagarde.

Longform

For many people, utility poles and power lines have become such a familiar part of Japan¡¯s landscape that they often go unnoticed.
Why Japan¡¯s utility poles won¡¯t be disappearing anytime soon

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