Until pandemic-related disruptions to supply chains and labor markets began fueling rapid price growth, inflation was well below target in major economies, and, sooner or later, the question of what to do in such situations will return.

At the global level, the gap between challenges and responses is large and growing. The COVID-19 pandemic exposed the inadequacies of international health machinery. We are entering the third year of the pandemic, but still do not know its origins, thanks to Chinese stonewalling.

An implicit bargain – finance in exchange for fossil-fuel reduction – underlies the current intellectual consensus on climate change: the rich provide the funding while the poor move to renewables.

The US wants to prevent anything like a repeat of the events of 2014 in Ukraine. This seems like the fair thing to do.