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.
Shaping the future of global health: Who will make the rules?
English Summary
The global health architecture is shifting from multilateral cooperation toward transactional bilateralism, characterized by new strategies that tie health aid to commercial interests and strategic resource access. In response, Africa is pursuing 'health sovereignty' by prioritizing regional manufacturing, unified procurement mechanisms, and internal reforms to eliminate systemic inefficiencies and aid dependency. This transition signals a move away from traditional grant-based assistance toward a model of 'commercial diplomacy,' requiring recipient nations to leverage collective bargaining and domestic financing to maintain policy agency.
中文摘要
全球衛生架構正從多邊合作轉向交易型雙邊主義，其特點是將衛生援助與商業利益及戰略資源獲取相結合的新策略。為此，非洲正透過優先發展區域製造、統一採購機制以及旨在消除系統性低效和援助依賴的內部改革，來追求「衛生主權」。這一轉變標誌著從傳統的無償援助轉向「商業外交」模式，要求受援國利用集體談判和國內融資來維持政策自主性。
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