Publications

Over the past year, the global economy has once again shown that stability is always provisional. The economic policy measures of the U.S. administration, together with persistent geopolitical tensions, have substantially increased economic uncertainty.

Middle East War Escalates with New Strikes on Iran and Lebanon. Risk Spreads as Iran–Azerbaijan-Armenia Tensions Rise. Energy Market Shocked and Disrupted

If someone had said just a few years ago that “private tokens” could influence debates on global payments, financial regulation, or monetary sovereignty, it would have sounded like science fiction. In recent months, that conversation has become routine.

The global environment faces geopolitical risks and the onset of the Trump 2.0 administration. Although Latin America is no stranger to uncertainty, it has shown resilience. Colombia is recovering amid global and domestic challenges, with persistent inflation that led the central bank to begin a tightening cycle.

On February 20, the U.S. Supreme Court, in a 6–3 decision, ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to unilaterally impose broad-based tariffs. The decision struck down most “reciprocal” and emergency tariffs.

2025 was marked by a downward trend in oil prices, starting the year at around $75 dollars per barrel of Brent crude and closing at $61, with a full-year average of $68.

The effort to increase the military and security capabilities Europe needs will be more sustainable the more it supports economic growth.