Eurasia notes

THE FUTURE IS NOW – Eurasian central banks at the forefront of innovation

On the occasion of the Budapest Eurasia Forum 2022, the Magyar Nemzeti Bank (MNB), the central bank of Hungary published the new volume of studies within the unique series started back in 2021. The new issue is titled “The Future is Now –Eurasian central banks at the forefront of innovation”, and benefits from the strong international partnerships of the central bank, involving authors from China, Hungary, Republic of Korea, France, Germany, Portugal, Kazakhstan, and the Bank for International Settlements Innovation Hub. All the 11 studies discuss hot topics of the technological progress in Eurasia and present the activities of central banks that are now based on a long-term, innovative strategy that emphasises sustainable development. The study volume is helpful to look at the programmes and initiatives of the most significant central banks that address sustainability, green finance, digital transformation and increased social responsibility, which provide the foundations for a future based on long-term sustainable development.

AGE OF EURASIA - Future directions of knowledge, technology, money and sustainable geoeconomics

On the occasion of the Budapest Eurasia Forum 2021, the Magyar Nemzeti Bank (MNB), the central bank of Hungary published a unique volume of studies titled “Age of Eurasia – Future directions of knowledge, technology, money and sustainable geoeconomics”, which benefits from the strong international partnerships of the central bank, involving 32 authors from 7 countries (China, Hungary, Republic of Korea, Russia, Singapore, United States, Norway). All of the 19 studies discuss hot topics of our age, i.e. the age of Eurasia, presented in 6 chapters (geopolitics, multilateral cooperation, economy, finance, technology and infrastructure, as well as education). The various studies about multilateral cooperation formats, green transition, smart cities and the future of money etc. reveal many fields which offer promising opportunities to strengthen long-term sustainable development and mutually beneficial partnerships across Eurasia. 

(Financial and Economic Review, Vol. 21, Chinese Issue of Selected Studies, February 2022)

Energy prices may continue to fluctuate for some time – Interview with Simon Tay (Singapore Institute of Foreign Affairs)

We will have to get used to fluctuations in energy prices until there is a stable supply of renewable sources, Simon Tay, President of the Singapore Institute of Foreign Affairs, who was a speaker at the recent Eurasia Forum in Budapest organised by the MNB, told VG. As the world immerses in a green transformation, energy price volatility is causing a lot of headaches. Will we see this for a long time? 

Firm steps are needed – Interview with Yang Su Park (Bank of Korea)

As it was also stressed at the Budapest Eurasia Forum 2021, in the 21st century, the world may also need to cope with new, unpredictable challenges, just like the current pandemic – Yang Su Park, Director General of the Economic Research Institute of the Bank of Korea, told Magyar Nemzet. He highlighted that there is a debate on the extent to which central banks should play a leading role in this respect, and whether they have the ability to do so at all. – Personally, I do not have a clear answer to such questions. All I can say is that one point is clear: central banks should be more active and aggressive than in the past – he concluded.

The southern dimension of Sino–European relations – Mediterranean states in the crossfire of superpower interests

The relationship between Beijing and Washington is extensively discussed on a daily basis, and indeed we also often read about the relationship between China and the European Union. At the same time, less attention seems to be paid to the southern part of the EU, although the Mediterranean Member States, particularly the large economies of Italy and Spain, also play an important role in shaping EU–China relations. Typically, these countries strive to take the most optimal steps amid the economic difficulties and varying bloc interests, and their aspirations to strengthen the Eurasian partnership can also lead to interesting developments in terms of the geopolitical situation of the EU as a whole.

Infrastructure development opportunities in the CEE region in the context of US–China rivalry

“The Chinese are unable to effectively exist on the west coast of Eurasia without a strong presence and cooperation in CEE, and the US is unable to maintain its influence in Europe and the Middle East without this strategic region.” – Warsaw Institute Review

Cooperation on investment: a new instrument for geopolitical competitiveness

On 30 December 2020, the European Union and China reached an understanding on an investment pact, which could enable the creation of China’s most significant investment promotion agreement ever concluded with a third party. Hammered out in the exceptional geopolitical moment of the change in US presidency, the significance of that deal lies in the fact that it can guide the EU’s efforts, both geopolitically and economically, towards achieving strategic autonomy and the possibility of competitive cooperation in Eurasia. The question is whether the EU is ready to take advantage of this rare opportunity and to enter the 21st-century competition.

The rise of Eurasia: Genuine growth potential for Europe

Since the 2000s, the rise of the Eurasian supercontinent has been increasingly discussed around the world, including in the West. This issue has come to the forefront again due to Covid 19, as the various impacts of the pandemic and its potential long-term effects may change how we think about the world. The 21st century can truly be the century of a joint Europe and Asia, if the megatrends underpinning the future generate unique synergies in the four key areas of sustainability, technology, finance and geopolitics.

BOK Deputy Governor: the balance sheets of central banks are likely to expand continuously for the time being

The Deputy Governor of the Bank of Korea told novekedes.hu that most countries in the Asian region are expected to be less severely hit than the US or the Euro area. According to Kyuil Chung, the Korean New Deal with other relevant measures ensure that the great transformation toward a digital and green economy will lead to sustainable and inclusive growth.