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*) The original Spanish-language version of this article was published in El Confidencial. After visiting China for the first time since the pandemic to discuss the Ukraine War and its effects on the new world order, one senses that the country is in a difficult situation, both geopolitically and economically. A few days ago, at […]
La entrada China and the war in Ukraine se publicó primero en Elcano Royal Institute.

Theme This analysis provides a reassessment of dollar hegemony and power relations in the international monetary system. Summary Despite renewed predictions that dollar hegemony has reached its peak, the greenback continues to dominate global trade, finance and the reserve portfolios of central bankers around the world. But can high inflation, geopolitical tensions and the sanctions […]
La entrada Is US dollar hegemony under threat? se publicó primero en Elcano Royal Institute.

ThemeThis paper looks at the challenges and opportunities offered to the Spanish private sector by a more geopolitical Europe, with a view to the new European institutional cycle. SummaryIn an international context dominated by growing geopolitical rivalry, the economic policies of the EU and its member states appear to be increasingly subordinated to geostrategic and […]
La entrada The Spanish private sector in a geopolitical Europe se publicó primero en Elcano Royal Institute.

"This book analyses how financial elites in the key dollar-holding emerging markets of China, Saudi Arabia, the UAE and Brazil, perceive the contest between the euro and the dollar for global currency status. It also assesses how far the Eurozone has gone in challenging US hegemony in monetary affairs through the prism of these elites"--

Many scholars have contributed to ongoing debates about the competition between the dollar and the euro for global monetary dominance. Few have added as much value as Miguel Otero-Iglesias with his systematic and original survey of the views of financial elites in major emerging market economies. Where conventional interpretations emphasize material ""reality, "" Otero-Iglesias''s ideational analysis clearly demonstrates how important it is to consider as well how ""reality"" is perceived and framed by key actors. The euro may be structurally weak, limiting its ""hard"" power. But at the cognit

Spain is experiencing a "watershed moment" of its own, with the public at times even favoring NATO's intervention should Vladimir Putin not stop Russia's offensive in Ukraine. There is also strong support for a geopolitical EU. To achieve it, widening and deepening must go together. (IPQ)

This article argues that contemporary optimum currency area (OCA) theory is limited in its capacity to understand the euro crisis because it emanates from the commodity-exchange theory of money and therefore under-estimates the necessity of a (sovereign) political authority to underpin any given monetary space. An alternative conception of money, based on the chartalist approach, is more useful for grasping the fundamental weaknesses in European monetary union (EMU). Overall, the argument is that EMU will remain a fragile edifice as long as the eurozone does not create a centralized and legitimate political authority capable of taxing eurozone citizens at the European level. In order for this to be achieved, France and Germany need to resolve the 'game of chicken' in which they are entangled and strengthen their co-operative efforts towards creating a European sovereign. Adapted from the source document.

AbstractThis article argues that contemporary optimum currency area (OCA) theory is limited in its capacity to understand the euro crisis because it emanates from the commodity‐exchange theory of money and therefore under‐estimates the necessity of a (sovereign) political authority to underpin any given monetary space. An alternative conception of money, based on the chartalist approach, is more useful for grasping the fundamental weaknesses in European monetary union (EMU). Overall, the argument is that EMU will remain a fragile edifice as long as the eurozone does not create a centralized and legitimate political authority capable of taxing eurozone citizens at the European level. In order for this to be achieved, France and Germany need to resolve the 'game of chicken' in which they are entangled and strengthen their co‐operative efforts towards creating a European sovereign.