Patrick O'Brien, Nuno Palma, 12 March 2022

Special wartime monetary policies have successfully been used on numerous occasions throughout history. This column describes how the Bank of England played a decisive role in supporting the British economy during the French Wars of 1793-1815. Rapid increases in military expenditure during wartime were supported by liquid and low-inflation government financing as well as reputable management of debt levels. In this light, current sanctions on the Bank of Russia could lead to long-term changes to Russia’s economy and political system as well. 

Thilo Huning, Nikolaus Wolf, 12 April 2019

State borders can change due to both political and economic disputes. This column shows how the formation of the German state can be traced back to British political intervention at the end of the Napoleonic War. In preventing Russia from gaining territory westwards, Britain set in motion a series of events that gave Prussia strategic trade advantages. This led to the formation of Europe's first customs union (the Zollverein) and prepared the political unification of Germany.

Events

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