Policymakers face complex cost-benefit considerations when intervening in the market to mitigate perceived risks, from climate change to competition with China.

The alliance is bolstering its military deterrent in Europe amid Russia’s invasion of Ukraine and has expanded to include Finland and Sweden.

China is North Korea’s biggest trade partner and has leverage over Kim Jong-un’s regime, yet its policies focus more on border stability than nuclear threat.

Germans and Americans are pessimistic about their economies. While the European Central Bank and Federal Reserve remain committed to fighting inflation, the ECB faces a much tougher task.