The risk of social unrest in many countries should not be underestimated. - Hélène Rey

More vulnerable countries have a much harder time borrowing. Sometimes, financial actors do not want to lend at all and we are faced with episodes of "sudden stops" of capital flows into emerging markets with no way to roll over the debt.

China acts according to its interests, including on climate: short-term economic factors may dictate over anything else.

Debt distress, inflation and hunger in the world are linked to the Russian invasion of Ukraine.