The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
Ukraine on the mental map of Europe
English Summary
This Brookings event examines how Ukraine has transformed from a peripheral 'blank spot' on Europe's mental map into a central pillar of European security, driven by its resistance to Russia's full-scale invasion. Historian Karl Schlögel argues that Ukraine's battlefield resilience and civil defense innovations have earned it a place in the European family, with countries like Germany now looking to Kyiv for strategic lessons. The discussion highlights that while Europe increasingly recognizes Ukraine's importance to its own defense architecture, Ukraine's path toward deeper institutional integration remains fraught with political and structural challenges, particularly amid a shifting transatlantic relationship.
中文摘要
本場布魯金斯學會活動探討烏克蘭如何從歐洲心理地圖上的邊陲「空白地帶」，轉變為歐洲安全的核心支柱——這一轉變源於烏克蘭對俄羅斯全面入侵的頑強抵抗。歷史學家卡爾·施勒格爾認為，烏克蘭在戰場上的韌性與民防創新使其贏得了歐洲大家庭的一席之地，德國等國如今反而向基輔汲取戰略經驗。討論指出，儘管歐洲日益認識到烏克蘭對自身防禦架構的重要性，但烏克蘭邁向更深層制度整合的道路仍充滿政治與結構性挑戰，尤其是在跨大西洋關係持續變動的背景下。
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