The Bank for International Settlements has accused the world’s main central banks of incompetence

A pro-government activist throws a firework at policemen guarding the US embassy in Buenos Aires, during a protest against the US court ruling about “holdout” investors in Argentina. Photograph: Reuters/Enrique Marcarian

Opinion: mechanism to restructure sovereign debt is not optional in global capitalism

ExxonMobil says it does not envisage a low-carbon scenario of the kind many climate researchers advocate. The company believes the costs this would entail, and “the damaging impact to accessible, reliable and affordable energy resulting from the policy changes . . . are beyond those that societies, especially the world’s poorest and most vulnerable, would be willing to bear”. Photograph: Andrey Rudakov/Bloomberg

Opinion: humanity is making risky climate bets and ExxonMobil may be proved right

What the first World War had not done, the Great Depression, Nazism and the second World War did. By the time of D-Day the world economy had disintegrated. Photograph: EPA/Jamie Peters

If there is one lesson from the past 100 years it is that we are doomed to co-operate

“Mexico’s past offers a warning; its present offers hope. But it is far from certain that the programme of reforms will also be sufficient to generate the improved performance the country needs.”

Opinion: Mexico’s ‘productivity puzzle’ provides remarkable contrast with other emerging economies

 Former US treasury secretary Timothy Geithner discusses his new book ‘Stress Test, Reflections on Financial Crises’. Photo: Getty Images

Must the government rescue the system when huge crises occur?

Narendra Modi, the next prime minister of India, in Ahmedabad yesterday. He will change Indian politics and economics. Photograph: Amit Dave

Narendra Modi is promising to spread the perceived successes of Gujarat to the rest of the country

Mario Draghi, president of the European Central Bank. Photographer: Jasper Juinen/Bloomberg

The recovery in confidence is too fragile, and the revival of growth too feeble

The Gherkin and St Helens stand at the heart of the City of London. Photographer: Chris Ratcliffe/Bloomberg

Governments need to use their balance sheets to build productive assets

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