Commentary

As Supply Shocks Multiply, Monetary Policy Will Shape Corporate Resilience

| 1 September 2026
Monetary, Commentary | Tags: Central Banks, Energy, Financial Stability, Insurance, Novel Risks
The ongoing disruption of wide-ranging commodities following the closure of the Strait of Hormuz is the latest in a series of supply-side shocks arriving with growing frequency and intensity. When such a shock hits, monetary tightening raises the cost of borrowing for exactly those long-horizon, ... continue reading

Bank of Japan Survey Reveals the Fragility of Climate-Risk Pricing

| 25 August 2026
Monetary, Commentary | Tags: Central Banks, Governing Finance, Japan, Systemic Risks
The Bank of Japan’s fifth "Market Functioning Survey concerning Climate Change", released on June 5, found that respondents’ assessment of how well climate-related risks and opportunities are reflected in equity and corporate-bond prices had deteriorated from the previous survey. ... continue reading

Japan’s GX Wager Will Test Its New Fiscal Doctrine

| 16 August 2026
Monetary, Commentary | Tags: Energy, Fiscal Rules, Industrial Policy, Japan
Japan's Green Transformation strategy aims to reduce energy dependence and support strategic technologies, without compromising fiscal control. The key challenge is ensuring government-backed capital delivers genuine economic and environmental returns ... ... continue reading

How Southeast Asia’s Central Banks Can Meet the Climate Challenge

and | 5 August 2026
Monetary, Commentary | Tags: ASEAN, Central Banks, Climate Risks, Targeted Refinancing Lines
Climate change is creating greater price and financial instability across Southeast Asia, from supply chain disruptions to increased default risks. Operating within their traditional mandates, the region’s central banks are monitoring these risks in a largely reactive manner. ... continue reading

Forget Stablecoins

and | 2 June 2026
Monetary, Commentary | Tags: CBDC, Central Banks, Financial Governance, Stablecoins
Modern banking systems are inherently fragile because they assign to private institutions the contradictory tasks of simultaneously creating money and financing risky lending. Digital innovation amplifies this fragility: stablecoins introduce new layers of runnable instruments, while digitization accelerates financial panics. ... continue reading

ASEAN Central Banks Need New Tools for New Risks

and | 13 May 2026
Monetary, Commentary | Tags: ASEAN, Central Banks, Energy, Systemic Risks, Targeted Refinancing Lines
Southeast Asia faces a growing exposure to novel interacting risks that drive inflation and financial instability. Under the Philippines’ leadership as 2026 ASEAN chair, there is an opportunity to strengthen the region’s response to reduce exposure to and manage the risks through the ASEAN Finance ... continue reading

Closing the Gap to Boost Asean Resilience Against Novel Risks

| 23 April 2026
Monetary, Commentary | Tags: ASEAN+3, Central Banks, Financial Supervision, Macroprudential Policy, Systemic Risks
The Philippines deserves genuine credit for its stewardship of this year’s Asean Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM). Various novel risks and challenges have been discussed – from geoeconomic and geopolitical risks to cross border payments, financial resilience and climate risk management. ... continue reading

Insurance Protection for Climate-Resilient Progress

| 27 March 2026
Fiscal, Monetary, Commentary | Tags: Climate Risks, Insurance, Vietnam
This op-ed was first published in the Vietnam Investment Review. The World Bank has estimated that about $300 billion of the country’s commercial and industrial assets are vulnerable to climate-related disasters. Patrick Lenain, senior associate at the Council on Economic Policies, looks at the gaps ... continue reading

Fortifying the Role of Finance After Indonesia’s Floods

and | 14 March 2026
Monetary, Commentary | Tags: Climate Risks, Financial Stability, Governing Finance, Indonesia, Macroprudential Policy
The floods are a stark reminder that finance is never neutral. When well governed, it can absorb shocks, speed reconstruction and strengthen resilience. When misaligned, it can amplify fragilities and lock in future risks. ... continue reading

Industrial Policy: ‘Europe Can No Longer Afford the Inefficiency of a National Patchwork’

and | 30 January 2026
Fiscal, Commentary | Tags: Competition, Decarbonization, Europe, Fiscal Space, Industrial Policy
Faced with American and Chinese competition, Europe must undertake a radical shift: move from a mosaic of national subsidies to a unified and more intelligent industrial policy, argue Patrick Lenain and Rens van Tilburg.  ... continue reading
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