Contents

Special Column on China's Energy Policy

    China's Policy Transition from Energy to Emission Control: An Evaluation of Provincial Trends and Potentials by Xinyue Li, Andy Miller, 

    Jenna Behrendt, Jiayi Zhang, Yang Liu, Ryna Cui

    How China Built the Energy System the World Now Needs by Kaiser Kuo

    China's Energy Fortress Was Built to Withstand just This Type of Oil Shock by Simone McCarthy

Energy Shock

    Southeast Asia's Resilience Tested by Deepening Energy Shock by Yasuto Watanabe

    Navigating Energy Shocks - Risks and Policy Responses by Christine Lagarde

    Toward a European Energy Union by Kristalina Georgieva

    UAE's OPEC Exit Is a Bet on Post-Hormuz Energy Power by Yara Aziz

    When Supply Shocks Outlast Conflict by Andrea Correa

    Central Banking in an Age of Global Supply Shocks by Şebnem Kalemli-Özcan

Geo-Economics

    The World Economy After the Trump-Xi Summit by Shang-Jin Wei

    Cushioning the Middle East War Shock by Kristalina Georgieva

    How to Navigate Geopolitical Turmoil in Central Banking? A European Perspective by Olli Rehn

    The Hormuz Crisis and the Fate of the Global South by Laura Carvalho

    The Geopolitical Battle Over Monetary Infrastructure by Camila Villard Duran

    A More Fragmented Global Economy Awaits after the Iran War by Dennis Shen

Global Trade

    US–China Trade Truce Holds, But for How Long? by Simona Mocuta, Elliot Hentov

    Navigating the Effects of Trade Protectionism by Wong Kan Seng, Robert Koopman, Daniel Palotai

Climate Changes

    Impacts of an Impending "Super" El-Niño on Global Supply Chains by Leigh Mante

    The Right Incentives for Climate Action by Paula Carvalho Pereda

    Sustainable Economies Will Own the Future by Bruno Bouygues and Bertrand Badré

    Ocean Resilience Means Financial Resilience by Maud Abdelli and Louise Heaps

    Sustainability Is Now a National Security Necessity by Jordan Nann

Working Paper

    Liquidity, Sentiment, and Global Spillover Across Financial Markets by Zeyun Beia, Liyuan Cuib, Yinggang Zhou