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

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

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.

When the banking system goes down the drain, the economy goes down with it (2008 is still very fresh in our minds).