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Culture shock – Christine Lagarde is taking the ECB out of its comfort zone

CHRISTINE LAGARDE has been an outsider before. Speaking to The Economist, she relishes the memory of shaking up bureaucrats—“men in grey suits”—when she took over …

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Merchant bankers – Hawala traders are being squeezed by regulators and covid-19

PACKED TRADING floors are rare these days. An exception is the Shahzada currency-exchange market in Kabul. Seven days a week hundreds of men crowd into …

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Overdue action – Bad debts in China

DEBT-COLLECTION videos have become a popular subgenre on Chinese clip-sharing platforms. Many feature young men deftly fielding phone calls from aggressive collectors. Some portray the …

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Free exchange – Why it is misleading to blame financial imbalances on a saving glut

IN 2005 BEN BERNANKE, then a governor of America’s Federal Reserve, noted a “remarkable reversal in the flows of credit” to several emerging economies, especially …

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A clash over cash – Jerome Powell and Steven Mnuchin are at odds over emergency loans

AS COVID-19 spread across America, its fiscal and monetary tsars donned their masks, bumped elbows and presented a united front. Jerome Powell, the chairman of …

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