Research
- +16
Stewart Patrick, Erica Hogan, Oliver Stuenkel, …
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Source: Getty
In The Media
Whatever the Federal Reserve Just Did, It May Not Help Much
The global economy is on extended sick leave and central banks’ actions have failed to contain the contagion.
By Trinh Nguyen
Published on Mar 16, 2020
Source: Financial Times
The global economy is on extended sick leave and central banks’ actions so far have failed to contain the contagion. Despite aggressive measures to provide liquidity to markets, big central banks — from the US Federal Reserve and the European Central Bank to the Bank of Japan and the Reserve Bank of Australia — have not managed to stop big falls in asset prices or to shore up investors’ confidence. In the process, they have exposed three fundamental limitations of monetary policy.
About the Author
Trinh Nguyen
Former Nonresident Scholar, Asia Program
Trinh Nguyen was a nonresident scholar in the Asia Program at the Carnegie Endowment for International Peace.
- BRICS Expansion and the Future of World Order: Perspectives from Member States, Partners, and Aspirants
- Indonesia’s Controversial Fuel Price Hike Was Actually NecessaryCommentary
Trinh Nguyen
Recent Work
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
More Work from Carnegie Europe
- Europe and the Arab Gulf Must Come TogetherCommentary
The war in Iran proves the United States is now a destabilizing actor for Europe and the Arab Gulf. From protect their economies and energy supplies to safeguarding their territorial integrity, both regions have much to gain from forming a new kind of partnership together.
Rym Momtaz
- Taking the Pulse: Is France’s New Nuclear Doctrine Ambitious Enough?Commentary
French President Emmanuel Macron has unveiled his country’s new nuclear doctrine. Are the changes he has made enough to reassure France’s European partners in the current geopolitical context?
Rym Momtaz, ed.
- The Iran War’s Dangerous Fallout for EuropeCommentary
The drone strike on the British air base in Akrotiri brings Europe’s proximity to the conflict in Iran into sharp relief. In the fog of war, old tensions in the Eastern Mediterranean risk being reignited, and regional stakeholders must avoid escalation.
Marc Pierini
- The EU Needs a Third Way in IranCommentary
European reactions to the war in Iran have lost sight of wider political dynamics. The EU must position itself for the next phase of the crisis without giving up on its principles.
Richard Youngs
- Resetting Cyber Relations with the United StatesArticle
For years, the United States anchored global cyber diplomacy. As Washington rethinks its leadership role, the launch of the UN’s Cyber Global Mechanism may test how allies adjust their engagement.
Patryk Pawlak, Chris Painter
