Contents
Special Column on Progress in BRICS Cooperation
Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance
Remarks by Chinese Premier Li Qiang at the Session on Peace and Security and Global Governance Reform of the XVII BRICS Summit by Li Qiang
Brics’ Daringly Autonomous Model for Financial Sovereignty by Udaibir Das
Brics Rio Declaration Offers No News on Finance by Herbert Poenisch
Shared Brics Money: A Basket Currency or A Basket Case? by Gary Smith
New World Order
Defining Transformation by Xu Xiujun
The Arc of Ascent of China’s Financial System by Udaibir Das
Southeast Asia’s Economies Can Gain Most by Packaging Ambitious Reforms by Anne-Charlotte Paret Onorato
Toward a New Era in East-West Connectivity by Djoomart Otorbaev
The Global Economy Enters a New Era by Pierre-Olivier Gourinchas
Colombia Joins Belt and Road for a More Equitable Global Economy by Zhang Xi
Recalibration of US-China Relations is Must for Stable Global Governance by Waseem Ishaque
The Era of Chain Connectivity: Strategic Significance of the ASEAN-China-GCC Trilateral Mechanism by Shao Zhicheng and Zhai Kun
Stablecoins
Are Stablecoins Ready for Payments? by Ousmène Mandeng
Building a National Stablecoin Strategy by Tony McLaughlin
Legislation on Stablecoins a Milestone for Hong Kong by Zhou Lanxu and Oswald Chan
Geopolitical Risks and Challenges
How Rising Geopolitical Risks Weigh on Asset Prices by Salih Fendoglu, Mahvash S. Qureshi and Felix Suntheim
US Tariffs can Boost China-ASEAN Trade by Amitendu Palit
Tariffs: Impact on MENA will be Indirect But Far from Irrelevant by Yara Aziz
Growth and Resilience in Central, Eastern, and Southeastern Europe in a More Fragmented World by Kristalina Georgieva
Emerging Markets and Tariffs: Asia will Bear the Brunt by Kirstie Spence
Monetary and Fiscal Policy
China | Stocktaking China’s New Toolkit in its Monetary Policy Framework by Jinyue Dong and Le Xia
Steering through the Fog: The Art and Science of Monetary Policy in Emerging Markets by Gita Gopinath
Public Investment should be at the Heart of Fiscal Narratives by Andrea Correa
Debt Management
Managing Director Remarks' at the IMF Conference on Public Debt Transparency—Aligning the Law with Good Practices by Kristalina Georgieva
Rising Global Debt Requires Countries to Put their Fiscal House in Order by Era Dabla-Norris, Vitor Gaspar and Marcos Poplawski-Ribeiro
Disclosing Public Debt Boosts Investor Confidence, Cuts Borrowing Costs by Yan Liu
AI Needs More Abundant Power Supplies to Keep Driving Economic Growth by Christian Bogmans, Patricia Gomez-Gonzalez, Giovanni Melina and Sneha Thube
Working Paper
Challenges and Policy Recommendations for Financial Support in China-Africa Industrial Cooperation by Tu Yonghong and Xia Zelong