Blog

August 8, 2025

In Defence of Shock Therapy

After the collapse of the USSR, some countries experienced the best of times: economic freedom, low inflation, high growth, democratic institutions, and closer ties with the West. Others fell into the worst of times: runaway inflation, economic collapse, relapse into authoritarian regimes, and continued dependence on Moscow.
June 26, 2025

Central Banks’ Dangerous Mission Creep

The more tasks the Federal Reserve takes on, the more difficult it will be to maintain its independence. Especially if, in addition to ‘exercising powers that belong to the Treasury Department’, the central bank deals with ‘social problems’ such as climate change or inclusion, to which there are various policy responses but no technical, neutral approach.
June 6, 2025

Schuldenbremse: Taking the Foot Off the Brakes

In March, the incoming German coalition government led by Friedrich Merz from the right-leaning CDU/CSU – the Christian Democratic Union of Germany and the Christian Social Union based in Bavaria – worked with the SPD (Social Democratic Party) and the Greens to pass a historic legislative measure, loosening the stringent rules surrounding the country’s ‘debt brake’ constitutional amendment, known as the Schuldenbremse.