In April of this year, Christine Lagarde gave a speech before the Council on Foreign Relations in New York in which she warned that “ we are witnessing the fragmentation of the global economy into competing blocs”. Regular readers of this Daily will be familiar with the speech ; we made quite a big deal of it at the time, because it is a big deal ! We have been warning of this fragmentation for a number of years. Great Power competition is back, and we’re not going back to the halcyon days of US hegemony, ever-liberalising trade, secularly lower inflation and assumptions of the death of history anytime soon.
The Lagarde speech will be rightly viewed as a watershed in years ahead. Much like “whatever it takes”, or comments from Paul Volcker in the […]
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