Jean Pisany-Ferry, “The Great Macro Divergence” A bit dry maybe, but this is a useful read to understand why all advanced economies are neither structurally nor cyclically aligned. As a consequence, they are unevenly vulnerable to recession, making international policy coordination both more necessary and more difficult. The main risks that could intensify the current slowdown: a more aggressive US monetary tightening; a further escalation of protectionism; a harder-than-expected economic landing in China; and a return of tensions in the Eurozone (reads in 5-7 min).
To access this content, you must log in or purchase a membership.