Asia & the Pacific

Joseph S. Nye writes that If there is one person other than Vladimir Putin who can end Russia's war in Ukraine, it is Chinese President Xi Jinping. But Xi has so far remained on the sidelines and is likely to stay there, owing to various domestic political vulnerabilities and his own lack of courage and imagination.

Stephen Walt argues that as democracies falter, it's worth considering whether the United States made the right call in attempting to create a liberal world order.

Today’s economic crisis leaves us with an unsettling and perplexing regret. Why weren’t financial portfolios already adjusted for risks that stem from health events such as pandemics? After all, financial portfolios are adjusted for liquidity risks, market risks, credit risks, and even operational and political risks.

Could using the cash in your pocket have the potential to spread covid-19? That question has rarely appeared in the news, but many governments and leaders in the digital payments industry are wondering how the virus might impact the use of cash. Several countries have already taken drastic measures to limit circulation of bank notes. Could such interventions lead to the end of cash payments?

Because hand-to-hand exchange of physical currency could transmit the coronavirus, countries around the world are being forced to reconsider the use of cash. In fact, COVID-19 might turn out to be the catalyst that finally brings digital payments fully into the mainstream. Not surprisingly, the digital-payments industry is already focusing on the opportunities created by the crisis.

Stephen Walt writes that several important events occurred in 2019, but few did anything to significantly alter global trends.