All articles tagged with #economic transition
U.S. Treasury Secretary Scott Bessent suggests that high interest rates have caused parts of the economy, especially housing, to enter recession, with low-end consumers hit hardest; he advocates for faster Federal Reserve rate cuts to stimulate growth, amid debates on the appropriate monetary policy stance.
Frans Timmermans, the architect of Europe's Green Deal and former European commissioner, is facing scrutiny over the potential dislocation and suffering caused by the sweeping climate policies he has championed. Timmermans, who has spoken about the fate of his hometown Heerlen as a cautionary tale, acknowledges that the transition to a greener economy will be difficult and sacrifices will be required. However, concerns are growing that the cost of achieving climate goals, such as job losses and economic disruption, may not be adequately addressed. Many communities across Europe, particularly those reliant on industries tied to fossil fuels, could face similar fates as Heerlen if the transition is not managed effectively. The challenge lies in ensuring that no one is left behind and that communities are supported during this transformative process.