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.
Hungary’s election looms – so does the far right challenge to Europe’s unity
English Summary
Europe faces a critical challenge from a second wave of nationalist populism that seeks to hollow out EU integration from within rather than pursuing an exit strategy. Supported by geopolitical shifts in Russia and the US, these far-right movements have normalized their agendas—particularly regarding migration and climate—within mainstream parties and are increasingly influencing EU-level legislation through deregulatory 'omnibus' packages. The upcoming 2026 elections, starting with Hungary, will determine if Europe can maintain the unity necessary to resist becoming 'easy prey' for foreign spheres of influence or if it will fracture into weakened, competing nationalist states.
中文摘要
歐洲正面臨第二波民族民粹主義帶來的嚴峻挑戰。這股浪潮旨在從內部掏空歐盟一體化，而非採取脫歐策略。在俄羅斯與美國地緣政治變局的推波助瀾下，這些極右翼運動已成功使其議程（特別是移民與氣候政策）在主流政黨中常態化，並透過旨在放寬監管的「綜合性法案」加強對歐盟層級立法的影響力。從匈牙利開始的 2026 年系列選舉，將決定歐洲能否維持必要的團結，以避免淪為外國勢力範圍下任人宰割的對象，或是會崩解為國力衰弱且相互競爭的民族主義國家。
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