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This Suffering Is My Joy
Tracing the little-known history of the first underground Catholic church in China, noted scholar D. E. Mungello illuminates the period between the imperial expulsion of foreign Christian missionaries in 1724 and their return with European colonialism in the 1800s. Few realize that this was the first time in which Chinese, rather than Europeans, came to control their own church as Chinese clergy and lay leaders maintained communities of clandestine Catholics. Mungello follows the church in a time of persecution, focusing in particular on the role of Chinese clergy and lay leaders in maintaining communities of clandestine Catholics during the eighteenth century. He highlights the parallels be...
Is the Paris Agreement Working? A Stocktake of Global Climate Mitigation
Urgent and aggressive action to cut greenhouse gas emissions this decade is needed. As countries take stock of the Paris Agreement, this Note provides IMF staff’s annual assessment of global climate mitigation policy. Global ambition needs to be more than quadrupled: emissions cuts of 50 percent below 2019 levels by 2030 are needed for 1.5 degrees Celsius, but current targets would only achieve 11 percent. We provide options for ratcheting-up ambition equitably. Implementation could be accelerated via agreements on minimum carbon prices. Drastic increases in mitigation investment are needed, requiring policies to shift private sector incentives. Climate finance should be scaled-up, with a new goal aligned with needs in developing countries. The development and diffusion of low-carbon technologies should be accelerated collaboratively. Overall, the Paris Agreement is making progress, but a response to the Global Stocktake that prioritizes decisive action this decade is critical.
World Economic Outlook, October 2024
The latest World Economic Outlook reports stable but underwhelming global growth, with the balance of risks tilted to the downside. As monetary policy is eased amid continued disinflation, shifting gears is needed to ensure that fiscal policy is on a sustainable path and to rebuild fiscal buffers. Understanding the role of monetary policy in recent global disinflation, and the factors that influence the social acceptability of structural reforms, will be key to promoting stable and more rapid growth in the future.
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