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.
Securing Ukraine’s Future: Adapting to New Realities After Four Years of War
English Summary
As the Russia-Ukraine war enters its fifth year, a panel of CFR experts argues that Europe must transition from emergency response to a long-term, self-reliant security and recovery architecture. The recommendations emphasize integrating Ukraine’s innovative defense industrial base into European supply chains and preparing for overt Russian provocations that may require European action independent of U.S. support. Strategically, this necessitates balancing robust military deterrence with diplomatic dialogue and modernizing humanitarian aid through agile public-private partnerships to ensure regional stability during and after the conflict.
中文摘要
隨著俄烏戰爭進入第五年，美國外交關係協會（CFR）專家小組指出，歐洲必須從緊急應對轉向建立長期且自立的安全與復原架構。建議重點在於將烏克蘭創新的國防工業體系整合至歐洲供應鏈中，並針對可能需要歐洲在不依賴美國支持下採取獨立行動的公開俄羅斯挑釁做好準備。在戰略層面，這需要平衡強而有力的軍事威懾與外交對話，並透過靈活的公私合作夥伴關係推動人道援助現代化，以確保衝突期間及衝突後的區域穩定。
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